Know Your Supplier (KYS) reports are another one of GCS’ verification services that can help minimize the risk your business is taking. If your business is getting involved with a new supplier it is important to have detailed information about their operations so that you can make educated decisions. A supplier can have a huge impact on your business, especially if they are supplying products, materials or ingredients that are crucial to your operations. Global Credit Solutions’ Know Your Supplier Reports should be used by any business that wants to limit the risk and liability involved with using a supplier.
KYS reports are also called Due Diligence Reports and involve the checking of facts regarding logistic data about your potential suppliers. If you get involved with the wrong supplier your business could be put at risk, which is why it is so important to have all of the information necessary to make informed decisions. GCS will fact check your suppliers so that you know what you are getting into and that they will be able to meet the demands of your business.
We can answer important questions about your supplier’s operations such as:
- Are they registered?
- Are they legitimate?
- Do they have any legal cases pending against them?
- Will they be bankrupt soon? Are they solvent?
- What do their existing clients say about them?
These are just a few of the questions that will be answered in a GCS Know Your Supplier report. The answers to these questions will go a long way to determining whether this is a supplier that you want to work with and can meet the needs of your business. After all, a poor supplier could leave you without the stock or supplies you need to operate and could even open you up to financial liability and legal risk.
GCS will not only do due diligence on your suppliers but can even undertake physical site checks. We will visit sites in person to confirm the existence of operations, assets and equipment. GCS can also do regular audits of your suppliers to ensure consistency, quality and to assess gaps in their operations.
Knowing about your suppliers is not just important for smooth operations but will also protect your brand and help identify grey market activity that could be damaging to your business. It only takes one bad supplier to do irreparable damage to the reputation of your business. With GCS’ Know Your Supplier reports you will ensure that you are only doing business with reputable partners.
If you have any questions about our Know Your Supplier reports or any of our other risk management solutions please contact us by phone or email. If you would like a free quote simply click on the “Request a free quote today” button at the bottom of the page. Today’s business world is fraught with risk, which is why you need to partner with Global Credit Solutions to minimize and manage this risk. Global Credit Solutions has a number of solutions that will arm you with the information you need.Request a Free Quote Today