Compliance

Compliance in procurement involves steadfast adherence to predefined rules, encompassing laws or established standards. Specifically, contract compliance within procurement ensures active management of expenditures through negotiated contracts with approved suppliers.

It entails conforming to predetermined legal agreements or established standards for services, goods, and processes. Buyers or their agents may conduct compliance audits on suppliers or within the supply chain to verify adherence. Essentially, compliance guarantees that business processes, products, and services align with federal, state, and local regulations.

Learn more about Ivalua's Compliance Risk Management Solutions.