Transport for NSW will implement an automated system to make sure the companies that supply it with goods and services are complying with their contractual obligations.
It will also undertake an audit of historical contracts to find any cases of over or under-payment.
Audit services and compliance provider Profectus Group has signed a deal the TfNSW to manage supplier contracts, including an initial compliance audit of around twenty of the transport agency’s biggest suppliers across technology, materials, maintenance and cleaning.
Profectus says it will cross-reference contract terms with invoices to identify irregularities and provide ongoing intelligence to support TfNSW.
Profectus Group CEO Chris Hutchins says the deal will streamline the compliance process and support the chief procurement officer.
“Any organisation with multiple suppliers understands how difficult the process of compliance can be, particularly when that process is manual,” Mr Hutchins said in a statement.
“When the organisation is as large and important as Transport for NSW, stretching across a state and featuring hundreds of complex contracts and agreements, and the task becomes more complex.
“Our role will be to streamline this process and remove the manual nature of the process while providing the CPO and their team granular visibility over complex contract terms and associated costs.”
Profectus has previously worked with listed companies and NZ and global organisations in the mining, banking, manufacturing and retail sectors.
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