Many companies suffer legal and reputational damage because of unethical sourcing and lack of adherence to procurement-related laws and regulations. However, adhering to ethical and legal practices is critical to the business, consumers, and society as a whole.-By Cecil Parang

Unethical procurement practices are not always obvious. They range from showing bids to a preferred vendor to bribery to knowingly utilizing suppliers that violate company values and policies on ethical sourcing and manufacturing. The importance of ethical sourcing and adhering to laws and regulations cannot be overstated because violations mean people, communities, and businesses....