Supplier Verification

Supplier verification allows you to showcase your adherence to industry-recognised standards, and highlight your experience and reliability.

By becoming a verified supplier through Compliance Chain, you can show your legitimacy to potential buyers, who could then choose to engage with your services.

Buyers are more likely to choose you as a supplier when they have access to your Company Information, documents, policies & procedures, third-party accreditations and historical project case studies.

All of which can increase your chances of gaining new work opportunities and winning more tenders. We’ll be discussing the importance of supplier verification and how Compliance Chain can help you.

What is Supplier Verification?

What is supplier verification? Supplier verification is the process of demonstrating to an employer that you’re trustworthy, reliable, and legitimate. Suppliers must meet the requirements of clients, demonstrating your competence in this area is crucial.

Through supplier verification, you can showcase your experience, with an increased chance of building great relationships with organisations. Verification proves that you can successfully provide goods or services that a buyer requires.

Using Compliance Chain, you can create a portfolio of your previous experience and also present the accreditations your organisation holds.

Our platform allows you to safeguard your reputation and grow your business by becoming SSIP accredited – which helps you win more tenders. Becoming an approved supplier with us comes with a range of benefits:

• You’ll save time and resources
• You’ll be pre-vetted for tenders
• There’ll be no need for repeated pre-qualified questionnaires (PQQs)
• Verification only takes 48 hours

Companies face serious risks working with suppliers who might be non-compliant. Suppliers should have the correct insurance, documentation, and overall experience.

By choosing Compliance Chain, you can upload, store, and track your compliance records – giving peace of mind to organisations looking to work with you.

The Verification Process

At Compliance Chain, we provide a streamlined supplier verification process. The process initially begins by collecting key information from you (such as your name and phone number).

This will enable you to create an account with us. Once you’re logged in to the Compliance Chain platform, the verification process goes as follows:

• Navigate to the dashboard – from here, you can select the cards which relate to each compliance area

• Select the compliance area – within the dashboard section, select the specific compliance area included in your membership (for example, financial information)

• View your compliance details – click the view button in the bottom right corner on the card of the selected compliance area

• Fill out your forms and documents – you’ll be directed to a form for your selected compliance area. Simply fill it out and upload any relevant documents required for compliance (for example, certificates or financial statements)

• Document review – our team will review your documents. The Service Level Agreement (SLA) for document review is around 48 hours

• Await outcome notification – you’ll receive an email once we’ve reviewed your documents. If approved, we’ll confirm your documents are up to date. If declined, we’ll let you know the details as to why they were rejected and how to rectify any errors

• Approval – once all the required sections have been completed and approved, your profile will be updated and your status will show as ‘complete and compliant’. This shows that you’ve met compliance requirements

Why is Supplier Verification Important?

If you’re a supplier in the UK wishing to work with public sector bodies or on public sector contracts, supplier verification is vital.

Not only does becoming a verified supplier position you as more trustworthy and experienced to take on new projects, but clients will know that there’s a lower chance of risks occurring in the supply chain.

When a supplier is verified, they can showcase their expertise and provide proof of adherence to regulations within the industry.

Reduce Overall Risk

47% of companies report suffering from fraud from 2018 – 2020. 39% of these cases are due to vendors, suppliers, customers and hackers.

Supplier verification can help to put clients’ minds at ease. It can identify potential risks within the supply chain, helping prevent any possible disruptions.

As a verified supplier, you can demonstrate to clients that your organisation has the required competence to complete the work.

Using Compliance Chain, our wide range of clients looking for compliant suppliers can assess criteria and review important documents and accreditations, all in one place.

This is why it’s essential for you, the supplier, to remain compliant and showcase your accreditations to enhance your chance of winning more work.

Adherence to Regulations

Supplier verification demonstrates your adherence to regulations within the construction industry.

By providing contract references, insurance, and compliance with set standards, you can prove yourself as a trusted supplier. As a supplier, you should be familiar with some key regulations and compliance requirements, such as:

• Anti-money laundering regulations
• Modern Slavery Act compliance
• Environmental regulations
• Health and Safety regulations

Failing to demonstrate your compliance as a supplier can lead to fines and penalties. Apart from these negative and sometimes costly consequences, non-compliance will ruin your reputation and suggest that you’re unsafe to work with.

Supplier verification at Compliance Chain helps prove that you are demonstrating compliance to the premier standard through 14 risk areas, including:

• Insurances
• Financial information
• Accreditations
• Data protection
• Health and Safety
• Sourcing

Improve Supplier Relationships

When clients know that they can trust you as a supplier, you’re able to build close and long-lasting relationships. Ultimately, this allows for clearer communication between both you and your client.

Clients need suppliers to meet their standards continuously – if you can show that this can be done, they’ll put trust in you to work on their projects. Reliable partnerships between both yourself and your clients help maintain a strong supply chain.

Cost Control

When you can prove yourself as a verified supplier, it allows for risk mitigation. Companies don’t want any risks to occur – when you’re a verified supplier, you can showcase your compliance with regulations and risk management.

If risks were to occur, it could cause expensive disruptions throughout the supply chain – something that can be difficult for any organisation to deal with. By reducing risks in the supply chain, businesses can effectively control costs and improve both their profitability and yours.

Supplier Verification Checklist

The supplier verification process covers key areas to ensure you’re a reliable and trustworthy supplier who satisfies industry-recognised standards.

Typically, the main components included in a supplier verification checklist include:

• General information
• Certifications
• Legal compliance
• Financial stability
• Skill levels
• Health and Safety
• Risk management

Streamline The Verification Process With Compliance Chain

At Compliance Chain, both principal contractors and public sector bodies can search for new and existing suppliers.

Allow us to streamline the verification process – we encourage you to become an approved supplier with us and have the best chance of finding new opportunities by demonstrating your compliance and experience. Becoming a verified supplier with Compliance Chain means:

• Winning more work
• Increased visibility
• More opportunities
• Optimised accreditations

You will also receive automated expiry notifications that keep you updated when renewals are due for your compliance records.

This allows for the chance of finding new opportunities and being chosen to provide goods and services for upcoming construction projects. In short, this means that by being verified with Compliance Chain, you’ll have an increased chance of winning bids.

Once you’ve fully registered for your membership with us, you’ll have instant access to your online profile. Once all your information has been provided, we aim to have you verified within 48 hours, compared to competitors who usually take up to two weeks.

To find out more about our supplier solutions, please don’t hesitate to get in touch today.