5 top-of-mind matters for supply chain risk management
Former vice president and general counsel of GE Oil & Gas Kenneth Resnick discusses top-of-mind supply chain concerns for compliance officers
For large multinational companies, the supply chain can be one of the most critical risk areas. It is, after all, where the money is. As companies engage with vendors and subvendors, they have certain responsibilities up and down the chain. They have their own business and reputational interests to protect, but they also have a responsibility to the communities they affect. Inside Counsel recently spoke with Kenneth Resnick, president of ATRQ Global, an ethics and compliance consulting firm and former vice president and general counsel for GE Oil & Gas about supply chain risk and how to manage it. Click through the slideshow to see his advice.
Biggest concerns
Resnick feels there are four major areas of concern for compliance officers concerned about supply chain issues:
- Conflicts of interest – kickbacks, fraud and the like
- Corruption – moving people and things across borders, skirting customs and immigration issues
- Reputational concerns – human rights issues, environmental health and safety matters and working conditions
- Data/tech transfer issues – dealing with suppliers that have to transfer data back and forth, risking IP, trade secrets and personal data
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