PSCI subject the same supplier to duplicate audits. With more than 1,500 audits on the platform, this translates to nearly 8,000 audit findings analysed over five years to identify systemic supply chain challenges and target collective action.
“ Hundreds more audits are added to the platform annually by PSCI members. It’ s the results of those audits that are being shared across the industry so that neither party, the supplier or the buyer, needs to repeat that audit in, for example, the same year because somebody else in the industry has already done it,” says Lucy.“ They can then spend that investment with another supplier that actually should be audited.”
Lucy says this ability to centralise audit results is one of the big reasons companies join PSCI.
“ It has enabled us to move the industry onto the PSCI Audit Protocol, which has been put together by experts from across many peer companies and is regularly updated with the latest best practices. It ensures that auditors are always asking the questions they should be asking. And also the supplier knows what to expect because there’ s an industry standard set by PSCI.”
PSCI’ s platform now receives roughly 300 audits annually. This collected data allows PSCI to understand what good looks like and to continually update the audit protocol as technology, regulation and risks evolve.
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