• GRMS - Global Risk Management SolutionsTM

    GRMS' Supplier Risk Assessment Services are designed to assist our clients to significantly reduce supplier risk on a global basis.

     

    Highlights include:

    • Recognized leader in providing global enterprise-wide supplier risk assessment programs of suppliers, contractors and service providers in over 120 countries.
    • Service vs. Data Source - The primary difference from data only providers like D&B, Thompson Rueters, etc. is that our solution is not a "data source or searchable database" but rather a "technology driven service company".
    • Supplier Risk Assessment Services are designed to assist our clients to significantly reduce supplier risk on a global basis.

    Insurance Management & Supplier Risk

    Proactively Manage Supplier RiskTM

    Verify the A.M. Best® ratings of insurance carriers, insurance limits, insurance policies and additional insured language against your company's business criteria.

  • Core Competency

    GRMS is a compliance management service that is powered by technology not a technology company trying to provide compliance services.

    Clients

    GRMS serves a global clientele of companies and organizations in many diverse industries ranging from mid-sized businesses to Fortune 50 companies.

    Platform

    The proprietary SaaS platform Veritas™ helps clients to highlight and mitigate supplier risk. Veritas can also integrate into most leading supplier management and ERP solutions via our REST API allowing clients to have all of their important supplier management information in one secure location.

    The Problem

    Supplier risk management is a top corporate objective but identifying and monitoring supplier risk on an enterprise wide basis is a difficult challenge for most companies. Managing suppliers in multiple countries as well as staying knowledgeable about the myriad of ever-changing global watch lists and compliance regulations is nearly impossible. Resources are limited, consistent standards are not applied, and consolidated reporting is difficult at best.

    The Solution

    GRMS' Risk Assessment Programs are designed to assist companies to identify and reduce risk in their supplier base on an enterprise wide basis. GRMS has specifically designed eight modules to mitigate and continuously monitor risk for U.S. based and internationally located suppliers. Each module provides consistent measurable standards which can be focused on strategic suppliers or can be tailored for a wider group. Each module can be easily implemented and includes robust reporting functionality.

  • Program Benefits

    1

    Reduce Risk

    By systematically assessing current and potential suppliers based on a pre-defined set of risk components, clients can mitigate risk by identifying and correcting potential issues with their suppliers before it becomes an issue.

    2

    Continuous Monitoring

    GRMS continuously monitors key risk components such as financial stability, adverse media, watch lists and insurance.

    3

    $ Lower Costs

    By outsourcing to an expert, clients save administrative costs and time trying to manage supplier on-boarding and ongoing compliance.

    4

    Consistent Standards

    Clients choose the risk components and the assessment criteria for their program which is then applied consistently to selected suppliers on a global basis.

  • GRMS' RISK MODULES

    GRMS has created eight primary modules that are comprised of a subset of risk components targeting key areas of supplier risk. Each client can select the modules and/or components which best meets their needs based on factors such as geography, risk and spend.

  • Industries

    Manufacturing

    As the global economy continues to expand, many U.S. based companies are using off-shore suppliers to manufacture, assemble and ship their products to distributors and customers around the world. Many of these suppliers are newly formed and located in remote areas of the world which are recently developing and have little regulation. Frequently, information about these companies is difficult to obtain. In most cases, business is transacted with these companies over the telephone and via email which increases risk substantially.

     

    As a result of these dynamics, the U.S. Federal Government and other governmental agencies globally have enacted laws such as the California Transparency in Supply Chain Act of 2010 (SB 657) and the UK Modern Slavery Act that require companies to know who they are doing business with and to ensure they are conducting business fairly and ethically. Additional governmental regulations which require companies to certify their supply chain is free of Conflict Minerals and are compliant with REACH and RoHS requirements are difficult to manage.

     

    Learn how the GRMS Supplier Risk Assessment Program helps many of the nation’s top manufacturers mitigate these issues on a global basis.

    Healthcare

    Recent changes to federal healthcare reform laws have added numerous regulations relating to healthcare fraud, abuse and program integrity. In addition, every company, including healthcare providers and facilities, that conducts business in the United States is required by federal law to comply with the multitude of domestic and international anti-terrorism and money laundering laws. Healthcare institutions must meet these strict regulatory requirements to avoid exposure to the potential of substantial legal and financial ramifications. These new laws require the healthcare industry to implement enhanced compliance policies and programs, including the screening of suppliers.

     

    The GRMS Risk Assessment Program focuses on the business entity of healthcare suppliers to determine if they are included on the U.S. Department of Health & Human Services OIG List of Excluded Individuals and Entities (LEIE). The list provides information to the healthcare industry regarding individuals and entities currently excluded from participation in Medicare, Medicaid and all other Federal healthcare programs. Violations can put healthcare reimbursements at risk and may result in substantial penalties for each item or service furnished by excluded entities or individuals.

     

    The GRMS Supplier Risk Assessment Program is designed to provide financial and legal due diligence in addition to regulatory compliance and enhance any salesperson credentialing service a healthcare organization may have already implemented.

     

    Learn how the GRMS Supplier Risk Assessment Program helps many of the nation’s top healthcare organizations mitigate these issues.

     

    Facility Management

    In today’s high risk business environment, establishing a contract without accurately assessing a supplier’s financial stability, licensing, insurance coverage and regulatory compliance can result in significant financial and public relations ramifications for both you and your client. Managing the overall compliance of large numbers of suppliers serving multiple locations is difficult, time consuming and expensive for facility management organizations to conduct internally.

     

    Tracking insurance requirements for different types of suppliers serving various locations is cumbersome and complex. A lapse in your supplier’s insurance coverage can create an enormous risk for your company as well as your clients.

     

    GRMS' Supplier Risk Assessment Program provides facility managers with a global solution for conducting the on-going compliance management of current and potential suppliers, contractors and service providers.

     

    Learn how the GRMS Supplier Risk Assessment Program helps many of the nation’s top facility management companies mitigate these issues on a global basis.

    Retail

    As the global economy continues to expand, many retailers scour the world to find suppliers that offer the best products and services at the lowest cost. Many of these suppliers are newly formed and located in remote areas of the world which are recently developing and have little regulation. Frequently, information about these companies is difficult to obtain. In most cases, business is transacted with these companies over the telephone and via email creating a great amount of risk for retailers.

     

    As a result of these dynamics, the U.S. Federal Government and other governmental agencies globally have enacted laws such as the California Transparency in Supply Chain Act of 2010 (SB 657) and the UK Modern Slavery Act that require companies to know who they are doing business with and to ensure they are conducting business fairly and ethically.

     

    Learn how the GRMS Supplier Risk Assessment Program helps many of the nation’s top retailers mitigate these issues on a global basis.

    Construction

    The construction industry inherently contains a high level of risk. Hiring a contractor who is experiencing financial distress, does not have a valid contractor license or proper insurance coverage can be devastating to the job and to the general contractor.

    The GRMS Risk Assessment Program can provide financial due diligence of prime contractor and subcontractor companies as well as the management of licensing and insurance certificates on a job-by-job basis. GRMS’ continuous monitoring of subcontractors allows property development companies and general contractors to focus on managing projects with peace of mind and significantly reduce potential risks such as:

    • Delays
      Replacing a subcontractor in the middle of a job creates lengthy delays that may have a huge ripple effect among other trades creating major issues and monetary losses for everyone involved.
    • Penalties
      Most contracts contain significant penalties for completion delays that could substantially erode the projected profits from the job.
    • Bonding Company Issues
    • Any major delay or issues with a project may have an adverse effect on a general contactor's ability to bond for future projects.
    • Client Relationships
      A major issue in the middle of a project such as a subcontractor bankruptcy or uninsured loss can have a significant negative affect on the business relationship with a client and an overall loss of reputation. As a result, the general contractor may not receive the opportunity to bid the next project.
    • Inadequate Insurance Coverages
      If an underinsured or uninsured subcontractor has a workers compensation claim or is responsible for an accident that destroys all or part of the project under construction, serious liabilities can result with losses across the board. In most cases, the general contractor’s insurance coverage will be the next in line to cover the loss which will result in deductibles to be met as well as potential increases in premiums going forward.
    Learn how the ContractorShield™ Risk Assessment Program helps many of the nation’s top general contractors mitigate these issues.