Reducing Risks in the Automotive Industry

The Automotive Industry is entering a new era, driven by an increasing shift towards electric and hybrid-powered vehicles, artificial intelligence and automation in manufacturing. In this new era, the emergence of fast-evolving digital technologies, increased regulatory pressure, supply chain interruptions and global economic uncertainty are key factors on the risk landscape.

It’s clear that failure to implement risk-based thinking and/or an effective risk management platform in an organization causes risks to go unaddressed and can lead to missed production targets, safety incidents and vehicle recalls.

The Automotive Sector has experienced a backlash in the past few years due to the many high profile brands being accused of prioritizing profits over ethics. In 2015, Volkswagen found itself the target of intense public ire. The global scandal revealed that VW diesel cars were emitting 40 times the legal standard of nitrogen oxide, causing smog and posing risks to public health. This lead to VW stock price falling in value by a third within three days after the news, along with large scale vehicle recalls, plummeting sales with falling profits following and costing them $18bn to rectify the emission issue. In 2017, Volkswagen pleaded guilty and a US federal judge ordered Volkswagen to pay a $2.8 billion criminal fine for “rigging diesel-powered vehicles to cheat on government emissions tests”.

Tesla CEO Elon Musk’s firm has been hounded by numerous accidents, all of which question the safety measures in the vehicle’s most popular feature, the autopilot. Now, the California-based firm is facing yet another backlash, and this time it concerns cutting measures that the company had to do in order to sustain the production line of Tesla’s most in-demand vehicle – the Model 3. Both cases are shining examples of the staggering costs of non-compliance in comparison to maintaining compliance.

To overcome these, organizations must choose the right strategy or ERM platform that can encompass both strategic risks and opportunities, creating an integrated approach to risk management. In such a lucrative industry, this is paramount in order to remain competitive and grow.

AuditComply’s Enterprise Risk Management (ERM) platform is a powerful, scalable and advanced risk data engine trusted by high profile organizations worldwide. By working closely with one of the world’s largest automotive safety suppliers, we are able to provide bespoke functionality for supply chain management within the automotive sector.

Supply Chain Disruptions Become Rare

AuditComply’s Enterprise Risk Management (ERM) platform can dramatically improve the visibility of your supply chain. We provide a 360-degree overview of your organization’s processes, generating real-time data across multiple sites and locations. Employees are able to capture data offline on a mobile application which is reflected in multiple easy-to-consume dashboards in one centralized, secure system.

Supply Chain auditing is revolutionized with supplier access for self-assessments, tasks and non-conformance management making supplier performance monitoring more reliable and effective. AuditComply provides real-time data and communication so that issues can be located and dealt with instantly whilst giving companies the ability to track supplier compliance.

Removing the Pressures of Regulatory Compliance 

Compliance is made easy in a highly regulated environment with AuditComply! Maintain quality standards to IATF and VDA 6.3 with bespoke assessment models, decision trees and built-in supplier module. AuditComply’s detailed risk analysis dashboards and reports are designed to provide users with an extensive view of their organizational risk profile. With charts and graphs, users are able to track submitted, pending, in progress and any overdue assessments & non-conformances.  Reports can also be exported as both a PDF document or CSV file for further analysis and presentation.

Increasing Productivity 

AuditComply increases productivity through efficient data collection, instantaneous reporting, issue tracking and data analytics. Identify and manage risks that could limit your organization’s ability to achieve its strategic objectives. Using compliance, quality and risk to boost overall organizational performance. AuditComply ensures a more robust and efficient supply chain by providing organizations with full traceability of process stages through the supply network. Enable your organization to make smarter decisions and drive operational performance in the ever complex automotive industry!

With the AuditComply Enterprise Risk Management (ERM) platform, your investment and value are realized from day one. To avail of a free trial of the AuditComply platform, or to discuss a potential partnership, contact the team at info@auditcomply.com.

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