In 2016, PNC took another step forward in minimizing business risk by deploying a new enterprise third-party management system.
This platform helps the company identify, manage and mitigate third-party risk and comply with regulatory requirements. It also demonstrates PNC’s commitment to providing the tools and resources that support a holistic approach to managing risk across the organization.
Moving into 2017, our supply chain organization will begin deploying a procure-to-pay model to facilitate the end-to-end management of the third-party life cycle.
By supporting this type of procurement structure, which leverages technology to streamline the entire process—from supplier selection to payment—PNC will be better positioned to further deliver on its commitment to create a sustainable supply chain.
Our suppliers also will benefit from this new model, specifically through more efficient processing and invoicing that will result in fewer inquiries and improved response times. Furthermore, our customers will benefit from our ability to track supplier performance and to measure and improve departmental performance and customer service. The streamlining of our procurement functions, as well as the elevation of our accounts payable department from a back-office operation to a strategic component of our overall supply chain, are key steps toward creating and maintaining a more sustainable operation.
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