What is Ethical Procurement?
Ethical procurement refers to a wide range of issues that can impact the ethical and sustainability goals of a business. Examples include the monitoring of unethical or illegal supplier business procedures and practices that can impact your organization’s procurement efficiency and reputation. A bribery scandal, for example, may cost the business heavy fines and lasting reputational damage.
Ethical procurement outlines a company’s code of conduct and commitment to social, environmental and legal ethics, and it requires a thorough understanding of your company’s social responsibility, societal obligations and expectations. Its successful implementation requires the adoption of a practical approach to eliminate unethical practices from procurement. Read more to learn about GEP’s procurement software and procurement services.