Liquidity Services- January 15, 2014
As a leading global provider of reverse supply chain services to Global and Fortune 1000 companies, compliance and ethics are of the utmost importance throughout all client industries we serve. Our clients need to know that we can be trusted to look after their interests. That is why integrity is the first of our Core Values. We see compliance as more than staying out of trouble, but as a differentiator to provide value for our clients.
We strongly implement and adhere to policies and procedures across our business to ensure compliance with legal and client requirements. Our leadership at all levels regularly communicates and rewards ethical behavior. Creating and supporting a strong ethical culture that values integrity ensures that, from our warehouse and valuation team on the front lines to our sales team working directly with our clients, compliance and ethics are at the forefront of every decision we make.
At Liquidity Services, we design and implement our own compliance and ethics initiatives. We also work with the business to support our clients’ need. For example, we:
- Regularly speak with account executives and sales teams to track which compliance issues are most important to our clients.
- Ensure that client service teams have the tools to recognize critical compliance issues for clients and inform clients about our solutions to support compliance efforts.
- Participate in team calls with clients to design specific procedures that meet their compliance needs.
One key compliance risk our clients face is Data Privacy. Because we work in the business of surplus assets, we are mindful of the regulations and potential issues surrounding each item. Whether we are managing or selling surplus assets from the federal government or a top retailer, any information that was previously stored on an electronic device is private information that should be wiped or removed before it is sold to the next owner. Electronics, laptops, military, and medical devices are especially important because of the potential for those devices to store sensitive or regulated personal, financial, medical, or confidential data. The Liquidity Services’ team provides services — including wiping or removal and destruction of hard drives, as well as counsel to clients on the execution of those processes. These services help to ensure that sensitive data is removed from assets and inventory before marketing the items on relevant channels.
For more information on compliance trends in surplus asset management, contact us.