iFACTS External Services
Web based governance, maintenance and control
To control the value chain, or supply chain, it is important to include external parties and services.
Controlling the External services has become an important part in Risk Management (Supply chain) and Business Continuity. It is of interest for insurance companies as well since there is an important connection to the insurance line Business Interruption.
Other aspects are Corporate Social Responsibility (CSR) and Sustainability. We might not want to do business with companies that don’t share our values in terms of child labor, tax law, environment or gender.
Examples of External Services:
- Bank services
- Real estate contract
- Advertising agency
- Office Security
- Staffing company
- Offshore development
“Regions” are another perspective of External Services. The importance of securing the main value flows where several actors are involved, such as transport, power, banking, telecom etc. becomes evident.
A frequently used technique is to create tailor made control programs for each category of External Services. The iFACTS module Check & Control supports this.
Web technology helps the External service responsible with documentation and analysis. Common work steps are to document the External service in terms of description, content, rating, delivery record, dependencies, control program, responsibilities or classification.
The External service can be given a performance score. The list below shows examples of measures to define the score and status.
- Inventory status
- Governance compliance status
- Risk assessment status
- Control program status
- Dependency status
- KPI measures such as supplier index
- Non-conformity status
- Dynamic setup of structure and roles
- Dynamic setup of inventory content
- Dependency functionality
- Documentation center
- Non-conformity handling
- Master data, API, Integration
- Report generator