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Coyle Group launches industry leading third-party risk assessment
The model has been launched with construction giant Multiplex. Coyle Group experts have advised Multiplex on their greatest areas of risk in the areas of quality, reputational damage, workers’ status and conditions and data protection related to their third-party risk management. This allows Multiplex to be on the front foot in addressing their risk.
Gavin Coyle, CEO of Coyle Group, explains,
“There have been some very high-profile cases of labour exploitation within the construction sector in the past 24 months which has resulted in financial and reputational damage to companies who would be seen as tier one companies. We need to adapt a maturity model in this area which has meaningful data that can be actioned and monitored. We are delighted that Multiplex have seen our vision and have decided to move forward with our team. We are excited to make real progress and add value in this area and we will be updating you in the near future.”
Businesses are increasingly dependent on third parties to deliver their complex projects. PWC, a management consultancy, estimates that over 70% of organisations have a moderate to high level of dependency on third party agencies. Businesses performing the role of principal contractor are responsible for ensuring that their third-party contractors are adhering to legal requirements related to workers’ rights and working conditions. This means that risk in the supply chain is a growing concern for construction businesses.
If businesses are found to be in breach of third-party legal requirements, such as the Modern Slavery Act 2015, this can be seriously damaging to the business. Not only will they have to pay fines that can cost millions, but it can cause significant reputational damage, resulting in the loss of work and clients and eventually the demise of the business.
Coyle Group can help avoid this; their pioneering risk capability maturity model enables businesses to demonstrate their commitment to high standards not only in their own business but across their sub-contractor landscape.
In the coming year Coyle Group will continue to develop the framework, making it accessible to a greater number of clients through greater breadth, use cases and a technology solution. Coyle Group’s ambition is for the framework to become a recognised and a proven third-party standard, which is known and trusted across the construction industry.
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