A growing number of large legal entities expect all actors in their supply chain to comply at least to some extent with the legal regulations, ISO standards or operating rules that such systems impose on their suppliers.
Assessment is one of the most reliable ways to collect information about the development of professional competencies of a supplier company. Competencies are defined as the ability of a company to apply its knowledge, policies, structure, and capabilities in performing business on a particular market.
It is carried out by various methods, and is most common through a questionnaire, and most of the answers need to be supported by adequate evidence such as policies, internal acts, implementation records or other valid documents.
The assessment questionnaire usually raises several questions about the method of organization of work, processes, applied procedures and, most importantly, evidence of the application of the rules thus set in everyday business.
Topics covered by the questionnaire by clients according to their supply chain vary from IT security compliance, environmental protection, occupational safety and protection of employees’ human rights, anti-corruption measures applied and conflicts of interest, and increasingly the overall ESG approach to business.
The business of a company is thus assessed through evidence-based business policy of the company, its structure, business policies towards employees, suppliers, clients, the environment in which they operate, legal compliance, but also the ownership and implementation of standards, internal acts and procedures within the business itself.
It investigates how aware the company is of risk and willing to prevent risk from occurring or has the tools ready to defend itself if an unexpected or unwanted case occurs.
For years, Boost d.o.o. has been helping legal entities from the EU and USA to evaluate potential and existing suppliers/partners (questionnaires, auditors, market analyses), and in the service portfolio we can prepare questionnaires on several topics if your company wants to check its supply chain in the context of what is important to you and the safety of your business.
The advantages of such questionnaires, in addition to the fact that the company that sent the questionnaire will get an insight into the company’s operations through it, is that the company itself that received the questionnaire will become aware of whether and to what extent they are in line with legal regulations, but also standards (eg.ISO norms) that can improve business, but also reduce the risk of negative external and internal impacts and how ready the company itself is to adequately respond to such risks and the dangers they could bring, financial, business, reputational, fiduciary… damage.
With its knowledge and experience, the company Boost d.o.o. assists companies in fulfilling Assessment and analyses and advises companies on further steps needed to improve their operations either through compliance with legal regulations or through implementation of certain standards that would increase the competitiveness of the company itself, but also reduce its sensitivity to potential risks.
Whatever role you are in, contact us with confidence at the info@boost.hr
