Eight questions to ask yourselves:

. Does your business as standalone or as part of a group have an annual
turnover of > £36 million?
. Do you have a client or clients that has/have an annual turnover of > £36
million?
. Are you aware of your suppliers’ HSE or sustainability track record?
. Are you aware of your suppliers’ approach or policy with regard to trading?
. Do you unknowingly deal with suppliers that have been prosecuted for
indulging in criminal or unethical trading practices?
. Do you conduct audits on your suppliers to understand fiscal capability and
viability?
. Are you aware of the rules, regulations and processes required for dealing
with public sector?
. Do know or are you aware of how you legally and fiscally treat your
suppliers that could influence your being regarded as a customer of choice?

If the answer to any of these questions is negative then you may run the risk of legislative or fiscal sanctions for reason that you might be unaware of, however the root cause being that you might not have taken the necessary action to staff a professional procurement or supply chain management function (irrespective of size) that would be tasked, amongst some of the other (nicer) KPIs to fully be au fait with all legislation thus able to minimise all risks with non adherence or knowledge of these matters.

There is a host of legislation together with instructions as how to deal with each out there that require focused attention and reporting obligations. Ignorance is not an excuse in the eyes of the law. Each non adherence shall carry its respective penalty or sanction that might range from just a ticking off to full blown loss of business certification or criminal charges.

The questions posed are a sample of the more obvious ones. There are more that shall require knowledge of and processes in place to mitigate associated risks. Your business health may very well depend on it!

This all may sound very alarmist and “over the top”. It is real, however.