Maintaining compliance in the financial services industry is crucial to avoiding penalties and reputational risks and building trust and transparency with stakeholders.
With complex regulations governing supply chain and procurement activities, financial institutions must adhere to stringent standards and reporting requirements. Compliance challenges are further heightened by the need to manage third-party relationships, ensure data security, and promote diversity and sustainability.
This compliance checklist is designed to help financial services firms navigate these key regulatory requirements:
- Dodd-Frank Act
- Sarbanes-Oxley Act (SOX)
- General Data Protection Regulation (GDPR)
- Office of Foreign Assets Control (OFAC)
- Environmental, Social, and Governance (ESG) reporting standards.
By leveraging automated platforms like SupplierGateway, financial institutions can streamline compliance processes, reduce manual effort, and improve overall procurement efficiency.
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1. Dodd-Frank Act (Section 342) Compliance
- Develop and document procurement standards for supplier diversity.
- Report on supplier diversity spending, including with minority-, women-, and veteran-owned businesses.
- Automate and validate supplier diversity data to ensure accurate reporting.
How SupplierGateway Helps:
SupplierGateway utomates collection, validation, and reporting of supplier diversity data and provides accurate insights into Tier 1 and Tier 2 diversity spend.
2. Sarbanes-Oxley Act (SOX) Compliance
- Ensure transparency and accountability in all procurement-related financial reporting.
- Maintain an audit trail for supplier contracts, purchase orders, and invoices.
- Document all supply chain and vendor payment activities comprehensively.
How SupplierGateway Helps:
The SupplierGateway platform provides a transparent audit trail for all procurement activities to maintain SOX compliance.
3. General Data Protection Regulation (GDPR) Compliance
- Monitor supplier data privacy practices to ensure GDPR compliance.
- Enforce strict data privacy protocols for suppliers handling sensitive information.
- Regularly audit supplier data handling practices.
How SupplierGateway Helps:
SupplierGateway tracks supplier compliance with GDPR and other data privacy regulations. SupplierGateway is also SOC II Type 2 Certified as well as ISO/IEC 27001 Certified, ensuring your supplier data is treated with the utmost of care
4. Office of Foreign Assets Control (OFAC) Compliance
- Conduct regular screenings of suppliers against OFAC watchlists.
- Flag suppliers involved in sanctioned activities.
- Maintain records of OFAC compliance checks.
How SupplierGateway Helps:
SupplierGateway offers automated OFAC screening to flag non-compliant suppliers proactively.
5. Environmental, Social, and Governance (ESG) Reporting
- Measure and report supplier sustainability practices, diversity metrics, and governance standards.
- Track carbon emissions and other environmental impact metrics.
- Ensure suppliers align with corporate ESG goals and standards.
How SupplierGateway Helps:
SupplierGateway provides tools to track and report on supplier ESG performance metrics.
SupplierGateway Support Features for Reporting Compliance
- Automated Data Collection and Enrichment
- Automatically collects and enriches supplier data, ensuring up-to-date information on diversity certifications, compliance statuses, and performance data.
- Comprehensive Reporting Tools
- Generates real-time reports for critical metrics like supplier diversity spend, carbon emissions, and contract compliance for internal audits and regulatory submissions.
- Risk Mitigation with Automated Screening
- Integrates automated risk management tools, including OFAC screening and compliance checks, to proactively manage supplier risks.
- Customizable Dashboards and Alerts
- Offers customizable dashboards to track key compliance metrics and set real-time alerts for potential non-compliance issues.
- Seamless Integration with Existing Systems
- Integrates with ERP, procurement, and risk management systems to streamline data entry and ensure comprehensive reporting across departments.