Tips for the B-BBEE sector…
What is B-BBEE?
B-BBEE ie Broad-based Black Economic Empowerment is a strategy developed to give opportunities to the majority of citizens in South Africa.
Through employment equity, socio-economic development, preferential procurement, and enterprise development, B-BBEE aim to allow the entry of black entrepreneurs, especially in small and medium enterprises into the mainstream of economic activity.
B-BBEE Verification
Verification agencies have been tasked with the verification of companies trading in South Africa’s B-BBEE.
With strict compliance as set out by SANAS and the DTI – these verification agencies play a critical role in the economic transformation which has been set by the South African government.
There are many processes involved that must be adhered to in the strictest manner and follow all the prescribed processes, both in the verification and requirements thereof.
Electronic Signatures for B-BBEE Verification
The current systems used by verification agencies have a lot of room for improvement and adaptation with a bit of digital transformation.
Paper-based systems have many risks for all parties involved during the verification process.
Due to the multitude of documents moving between parties, which require strict protocol and processes.
Accuracy, speed, and verifiability are crucial.
With electronic signatures and electronic forms, these protocols and processes can be shared, reviewed, approved, and securely signed.
Electronic methods make for more cost-effective and time-efficient processes – and electronic signatures are also accepted under South African law.
Electronic signatures and forms are also fully traceable in a workflow process. They are tamper-proof with the use of cryptographic digital signatures that offer validity of the signer and ensure that the document is unchanged from the time of signing.
Conclusion
Electronic signatures have also been used in the banking sector for decades. This is proof of the traceability, accountability, and auditability of documents used with electronic signatures and/or forms. The legal weight, data integrity, and individually signed approval, together with the easy-to-access workflow process evidence and cryptographic digital signatures – make these solutions ideal for use in the B-BBEE verification processes.
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