Understanding your corporate responsibility and providing the controls you need to comply with the requirements of the Sarbanes-Oxley Act and other similar European specifications is an important part of the role of the Corporate Procurement Officer. How closely can you control the buying habits of your staff? How easy is it to manage maverick spend? Balancing ease of shopping with the rules that you need to impose is a tightrope that must be walked in order to allow people to do their job within corporate constraints.
Transparency of process during the transaction with a full audit trail demands a world-class software implementation and a methodology that is itself fully auditable. How can we encourage vendors to take responsibility for their data, under your control and without compromising firewall standards? What processes should be put in place to manage price controls? Does the user profiling in Procurement match that in my other systems? The questions go on...
Proactis helps you tackle these difficult issues:
Sarbanes-Oxley in the USA, and similar specifications in European legislatures, require that executives must publicly state their responsibility for establishing and maintaining an adequate internal control structure and procedures for financial reporting…Proactis delivers full accountability and visibility for Corporate Spend throughout its transaction workflow. The reporting and analysis capabilities of the Proactis solution are unparalleled and provide drill-around availability of all spend data passing through the process.
Starting from the initial expression of need, Proactis begins to collect the information it needs to automatically assign corporate rules to the transaction. The account coding structure can be applied as rigidly and automatically as you wish, buying limits can be imposed, graded authorisation structures followed and encumbrance and budget checks enforced throughout the process. Catalogue access can be managed down to the most granular level and each transaction type can specify who can buy what, from whom and for what price. Unlimited authorisation structures and workflow allow you to control spend in the most refined way.
Complex procurement standards and rules are often difficult to enforce. Leading the buyer through an assisted process, Proactis helps them to easily follow such rules and presents them with only the sources available to them with the options available prioritised to further assist the purchase. Guidelines are set globally and managed with business rules within the procurement process to provide the Corporate Risk Officer with both the control mechanism and visibility of this important process.