Teck is Canada’s largest diversified resource company, committed to responsible mining and mineral development with major business units focused on copper, steelmaking, coal, zinc and energy. The company owns, or has an interest in, 13 mines in Canada, the United States, Chile and Peru.
The Challenge: Manual Compliance Processes, Slow Verification
Teck’s Anti-Corruption Compliance Counsel is required to ensure that the company’s service providers comply with all statutes and regulations related to preventing corruption, fraud and similar types of criminals activities. However, Teck’s process for collecting the necessary compliance information required that the information be sourced manually from a variety of sources. Not only was this labor intensive, but it did not provide accurate or up-to-date information on each service provider.
Teck wanted to implement a third-party solution that would not only automate and record the compliance verification process, but would also provide a means to screen and monitor each service provider. The solution also had to provide the procurement staff at each location easy access to this vital information.
The Solution: Access to Comprehensive Business Insight
After a rigorous review of competitive solutions, Teck selected Dun & Bradstreet’s Compliance Check and Supplier Risk Manager.
Compliance Check taps into numerous databases—such as global watch lists, regulatory authority actions, law enforcement sources and global news sources—that are updated daily to provide in-depth, comprehensive insight that enables Teck to monitor service providers for corruption and anti-fraud compliance.
Supplier Risk Manager leverages Dun & Bradstreet’s global database of business information to give Teck the ability to screen and onboard new service providers, as well continuously monitor existing service providers for operational and financial changes, thus reducing Teck’s own anti-corruption compliance risk.
Implementing these solutions also included the development of a standardized compliance workflow that can be used by any compliance group within the company.
The Results: Automated Processes, Reduced Risk
Compliance Check met all of Teck’s requirements. As a result, the company has automated and streamlined its anti-corruption compliance process and enabled full compliance with internal policies. The combination of Compliance Check and Supplier Risk Manager has helped Teck significantly reduce its anti-corruption risk.
For more information on Teck please visit http://www.teck.com/