Be prepared for these legal issues in 2018, advises Sam De Silva.
With new global standards adding guidance detail and encouraging use of tools to develop a framework for managing legal risk, procurement needs to shift from using gut instinct to advise on critical issues.
It is worth understanding its unique characteristics, which are about establishing a network of trust and could add significant value for procurement professionals.
EU digital single market
Be prepared for considerable legislative activity, ensuring fair competition for supply of digital content and online and distance sale of goods, irrespective of a business’s nationality or location.
The General Data Protection Regulation takes effect in May, and procurement teams must help businesses establish new governance and work with IT to specify third party compliance.
To deal with changes as they come, ensure you have an accurate overview of contracts, and tools ready to audit the corporate structure and track compliance and processes to mitigate risk.
Procurement practices, contract negotiation and relationship management functions need to transform to work in parallel with multiple parties and truly benefit from cloud computing.
By Sam De Silva, partner at CMS Cameron McKenna Nabarro Olswang LLP