British Standards Institution (BSI) is in the process of developing a new specification called PAS 7000 that will aid organizations in selecting supply chain partners that comply with their own Governance Risk and Compliance (GRC) policies.
The new specification will be developed as a BSI Publicly Available Specification (PAS) and will focus on safety and quality issues that take place within the supply chain.
According to the Institution, the benefits of PAS 7000 include, providing guidance for any sized organization in the planning and implementation of basic GRC guidelines throughout their supply chains, and promoting appropriate business relationships with supply chain partners.
The standard also aims to support the development of a common and easily accessible database, with input from potential supply chain partners that is manageable. The new PAS will also allow organizations to easily acquire knowledge of GRC capability for their supply chain.
BSI is currently looking to work with international topic experts to reach an agreement on GRC implications for the supply chain, and stakeholders in the global supply chain, to help develop the standard.
“We believe the PAS will be particularly beneficial for organizations that have complex supply chains. It is certain that any organization operating procurement processes for materials, components, products or services will find the topic relevant,” BSI noted in a statement.