SINGAPORE, October 7, 2013 /PRNewswire/ --
New collaboration provides governance, risk and audit assessments to aid legal and regulatory compliance throughout the procurement life cycle
Xchanging, the business process, procurement and technology services provider, and Protiviti, a global consulting firm, today announced a strategic collaboration to help customers in Southeast Asia achieve better compliance and governance in their procurement and supply chain management processes.
With Protiviti's consulting services, Xchanging will be able to support its customers to ensure they are compliant with regulatory requirements, internal policies and standard operating procedures."Compliance with contracts and procurement policies is a fundamental requirement in any organisation. Companies are increasingly realising the value of integrating processes and technology to support this need and achieve greater operational efficiency," said Joe Poon, President of Xchanging Southeast Asia. Poon continued, "By collaborating with Protiviti, a firm that has an excellent track record in Governance, Risk and Compliance consulting and internal audit services, we are able to enhance our strategic sourcing capabilities with best practice compliance management. It is an ideal relationship that brings together core strengths from both companies to serve the procurement function's most pressing needs in a seamless way." "Many organisations face the challenge of achieving the right balance between compliance and value creation," said Sidney Lim, Managing Director, Protiviti Southeast Asia. "Our collaboration with Xchanging delivers a holistic solution to help organisations take a disciplined approach to managing credit, market and operational risks, especially in the procurement process." Xchanging's full source-to-pay offering currently helps companies reduce costs and manage spend by streamlining the procurement process. Together with Protiviti, Xchanging will be able to provide additional services such as the Revenue Assurance Program, which enables organisations to prevent financial leakages in the purchase to payment (P2P) process. Xchanging's customers will also benefit from services which increase adherence to regulation throughout the procurement cycle.