The winner of the Innovations in Governance and Compliance Award is General Electric for a master supplier data portal project.
GE believes simpler compliance is better compliance. Through the creation of a single supplier master data portal, GE simplified the supplier onboarding process with the goal of reducing workflows from 160+ to one. This centralization drives increased compliance through a single entry point where suppliers are routed for various reviews and approvals based upon a smart system risk analysis that reviews the type of supplier being onboarded. The system drives watchlist screening, bank screening, third party cybersecurity, due diligence, and environmental, health, and safety. Additionally, the portal puts supplier data in the hands of the supplier, reducing GE’s risk for phishing attempts. To date, the portal has 45,000 suppliers onboarded, a ~50% reduction in supplier base due to data cleanup of duplicate and inactive suppliers.
Other finalists included: