How To Protect Public Interest With Purchases Based On Reliable Vendor Information
To effectively manage public projects, government bodies need access to reliable and official information on Singapore companies as well as from across the globe. This is especially so in vendor assessment before awarding contract and in monitoring changes in the vendor's business throughout the performance of the tender, to mitigate the risk of project failure due to the vendor's business changes.
How can CRIF BizInsights help you?
In Vendor/Bidder Risk Management
When entities bid for critical government projects, you need to understand the bidders' relationships across various department in your own organisation. This helps you to optimise procurement process and enhance your negotiating power that can result in significant savings.
Uncovering risks and dependencies on vendors is a vital factor especially in sensitive areas such as defence, energy, health etc. While there are existing policies and processes in place, it is critical to be vigilant as company changes may have happened during long tender evaluation and post contract awarding. Do the following before and after awarding tender:
- Verify information and document provided by bidder against the latest from official sources.
- Review company linkages at corporate and individual level to identify potential conflict of interests.
- Independent compliance check to avoid dealing with questionable entities.
- Monitor significant company profile and financial information changes and be alert to potential supply or project failure risks after tender is awarded. This is imperative for project of national interest.