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Supply Chain Diligence
Monday, 25 February 2013 10:51

Research from Ernst and Young's Fraud Investigation and Dispute Services team has revealed that less than half of UK firms carry out due diligence in their supply chain.

Investigating supply chain risk management practices of UK businesses, the research found that 48% of firms carry out due diligence in their supply chain, with a further 30% never doing any checks.

The current issues around contamination of meat products have highlighted the importance of understanding and ensuring the integrity of the supply chain. John Smart, Partner and UK head of Ernst and Young's Fraud Investigation team states "in the case of packaging, when stating the provenance and integrity of products, companies must be able to stand by their claims, requiring transparent disclosure of the entire supply chain. Companies need to be able to defend such statements and to demonstrate traceability of the data and declarations upon which it relies and which form the basis of the trusted relationship it attempts to build with its customers". Therefore, it is surprising that over half of UK firms across a wide range of sectors are not carrying out the necessary checks.

The research, which studied procurement managers and directors of UK companies operating across a range of sectors and countries, further revealed that 14% were unaware as to what third-party due diligence meant, which is concerning as companies are, in most cases, responsible for the actions of third parties acting in their name.


 

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