Published: December 21, 2011
New Supply Chain Act Requires Companies Doing Business in California to Disclose Vendors and Suppliers are Compliant
CARLSBAD, Calif. - (BUSINESS WIRE) - The
Savii Group, a spend management firm, is warning companies to pay
closer attention to their vendors and suppliers in light of the recently
enacted California Transparency in Supply Chains Act of 2010 (S.B. 657).
Beginning January 1, 2012, all retailers and manufacturers doing
business in California that have worldwide gross receipts of over $100
million, will be required to disclose their auditing of vendors and
suppliers.
Companies subject to the Act must clearly disclose on their websites the
steps taken to evaluate their supply chain and address risks defined in
the Act. These steps include audits, certification, internal
accountability standards and training.
"The only way for a company to ensure and verify compliance is to start
screening their vendors and suppliers," said Gina Manis-Anderson, CEO of
Savii Group, which specializes in assisting corporations with risk
mitigation and cost containment strategies. "We offer a Vendor Screening
Program that is a perfect tool to provide third party verification and
independent auditing of vendors and suppliers."
Most companies find it difficult to keep track of and manage the
complexities of ever changing state and federal compliance regulations.
The most common are Sarbane's Oxley and Patriot Act. However, businesses
must comply with many other state and federal regulations as well.
"Just trying to manage the certificate of insurance, licensing,
credentials and stability of thousands of vendors and suppliers within a
single data repository is a daunting task for most companies," said
Manis-Anderson. "We help our clients develop an auditable process to
ensure compliance with all applicable state and federal regulations
through vendor screening. This process helps to protect brands and
eliminates the risk of being levied hefty government fines for
non-compliance."
To find out more about vendor screening and S.B. 657 California
Transparency in Supply Chain Act, please visit www.saviigroup.com.
About Savii Group:
Savii Group is dedicated to helping companies find and actualize their
passions by helping them to grow their financial, human and social
capital. The foundation for this new thinking is Savii Group's approach
to Spend Management and risk mitigation. A team of Subject Matter
Experts, equipped with decades of experience, helps companies see
spending in a whole new way. This results in dramatic savings leading to
a reclaim of financial capital for reinvestment in programs that benefit
the employees, stakeholders and society. For more information, please
visit www.saviigroup.com.
Savii Group
Gina Manis-Anderson, CEO
Email: gina@saviigroup.com
Phone:
310-422-8364
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