Braddon Consulting’s Post

#ESG goals are a #riskmanagement necessity — An interview with Peter Smith: The coronavirus pandemic and recent weather catastrophes have made the case for most types of risk management and what one can do to mitigate the risk more obvious. If you do not have accurate information and alternatives of supply in place, the fallout from a sudden flood will drown you. In ESG-related issues, and in the case of forced labor in particular, the discussion around the risks these pose is more nebulous. Yet it is a risk that #procurement professionals must be prepared for and manage. The saliency of forced labor, human rights and other ESG concerns in supply chains continues to increase and poses a major risk to procurement practitioners and the business. Bertrand Maltaverne, Spend Matters Lead Analyst for Upstream Procurement, explained in the second part of our series on forced labor that these regulations, which have for so long been a patchwork of various laws from different countries, will only grow more headache-inducing as even more laws pass and preexisting ones become farther reaching and stricter. So, we talked to Peter Smith, ex-President of CIPS - The Chartered Institute of Procurement & Supply, ex-MD of Spend Matters Europe and author of Bad Buying, about what procurement practitioners can do. The post ESG goals are a risk management necessity — An interview with Peter Smith appeared first on Spend Matters. #ProcurementLeaders #SupplyChain

Stay ahead of the curve with effective risk mitigation for your supply chain!  Managing environmental, social, and governance (ESG) risks effectively is crucial for ensuring your business’s long-term success in today’s dynamic world. _______________ Why risk mitigation matters? Risk mitigation is all about foresight, anticipating potential issues and addressing them before they escalate. Proactively managing supply chain risks safeguards your operations, enhances ESG credentials, and strengthens your brand’s reputation. _______________ How we can help you? Through our partnership with QIMA, we give you direct access to an exceptional suite of ESG risk management services: 🔵 Onsite supplier audits : QIMA’s global auditing teams perform in-depth environmental and ethical assessments to ensure your suppliers meet the highest standards. 🔵 Supplier training: Empower your suppliers with tailored training on supply chain due diligence, compliance, and sustainability best practices, fostering sustainable growth. 🔵 ESG country risk dashboard: Gain a comprehensive view of your supply chain with QIMA's customizable dashboards, combining external ESG data with supply chain insights for rapid risk detection and mitigation. _______________ Acting now is essential for securing a resilient future. Robust risk management has become a strategic advantage in the face of increasing disruptions. With QIMA, you can develop a sustainable supply chain that is equipped to tackle future challenges effectively. Learn more here https://lnkd.in/dBQTpKYx. Get in touch today, and let us help you confidently navigate ESG risks for long-term success. For more info, contact us directly at info@supplysphere.dk #SupplyChain #RiskMitigation #ESGCompliance #Sustainability #SupplierAudits #SupplyChainResilience #QIMA #SustainableGrowth #BusinessSustainability #FutureProof #SupplySphere™

The coronavirus pandemic and recent natural disasters have underscored the critical importance of risk management in procurement. Supply chain disruptions from events like floods are immediate and visible. Still, ESG-related risks, like forced labor, are more complex and just as critical for procurement professionals to address. In this interview with Spend Matters, Peter Smith emphasizes a shift in strategy. The old playbook of cutting ties with "bad" suppliers is outdated. Now, it's about collaboration and creating real change. This approach requires balancing incentives and consequences for suppliers, such as using business opportunities as a lever for positive change. CPOs must connect ESG goals to clear business priorities, such as regulatory compliance and risk mitigation. Success lies in sustained commitment, supported by tools and technology but ultimately driven by organizational buy-in and purpose-led leadership. #ProcurementWithPurpose #ESG #Sustainability #RiskManagement #SupplyChain #Technology #procurement https://lnkd.in/dubSDeMT

It was really interesting to join the Supply Chain Risk Management course with Institute of Risk Management and Grant Griffiths to learn more about current Risk Management approaches in multinational supply chains. So cool to work with a diverse cohort from across industries with very different supply chains. Some key takeaways for me: > Tools for procurement due diligence like Risk Ledger and SecurityScorecard where due diligence documents can be uploaded by suppliers and checked by procurement seem a useful way to streamline efficiency. However, procurement/risk still need to verify these DD systems beyond the documents themselves (unless an independent verification would be added to systems like these further down the line, which would reduce some of the burden on procurement) --> Would love to see more of this in the NGO/UN sector, following Adeso Africa´s successes. > Generally, there is a big expectation on procurement to assess supplier risk, and risk professionals aware of new regulations (ie. those coming from #CSDDD and #CRSD) can support procurement due diligence and assessment processes/tools to incorporate #ESG risks, performance metrics, and double materiality of these factors for the company. (The double materiality of ESG factors are becoming more and more apparent now that climate change is becoming more apparent and the public has increased awareness of fair labour practices/social effect- eg. farming practices in cotton crops in a textile supply chain can influence soil quality which can mean more risk of flooding in the area, which directly impacts supply of cotton and of course has reputational and legal risk attached too) > Incorporating sustainability risks will mean more #futuresthinking, more #complexsystems approaches (eg. scenario mapping, stakeholder relationship mapping, environmental and social systems mapping related to the supply chain). > It was cool to work through current Risk Management approaches and tools for Third Parties/Fourth Parties/Nth Parties. We learnt that only 10% companies assess risk on parties beyond third party, and only 50% companies assess 15% of their third parties. Implementing the new EU Directive #CSDDD, disclosure of the entire supply chain will become mandatory. > Talking about #humanrightsduediligence #hrdd we discussed the importance of partnership with CSOs / NGOs who workers trust, and also the challenges in some countries where NGOs/CSOs are not accepted politically/socially (largely due to authoritarian regime). Ready to get into a new year of #ESG and #RiskManagement with the Institute of Risk Management ESG Special Interest Committee with Anita Punwani 🌍 Abdul Mohib (Dr) CFIRM Alex Hindson Lisa Khan Rahat Latif HonFIRM Lisa T Lewis Sainath Jamdadwar. Follow us for events, updates and discussions: https://lnkd.in/gKxZN-Kq Risk and Complexity Guidelines are coming out in Q1 including our ESG chapter! Graeme Miller BA MSc. PgD CFIRM Tessa Gough-Allen Andrew Wallis OBE

Many companies are unprepared for climate-related risks in their supply chains. A report from Supplier.io and Impak Analytics reveals that 45% of companies face serious consequences due to inadequate ESG risk management, impacting cost efficiency, operational continuity, and compliance. To mitigate these risks, businesses must centralize supplier data, collaborate on emissions reductions, and adopt sustainable sourcing strategies for long-term resilience.

New Survey Insights: Environmental Risk Disclosure in Israeli Companies A recent survey by the Israel Securities Authority, covering 445 traded companies, reveals concerning results in environmental risk management in Israel Here's a snapshot of the findings: 🌍 70% of companies acknowledged environmental risks. ⚠️ Of those, 56% only mentioned risks in vague terms without rating them. ❓ The remaining 30% didn't address the risks at all. Most companies in the survey have not conducted thorough risk assessments or implemented actions to evaluate financially these risks. This underscores a significant gap in environmental risk management that needs urgent attention. Shibolet & Co. Shibolet ESG – Shibolet Consulting Ltd. Ofir Gal Naous Mark Steinsapir Briseño Navonel Glick Galit Ofer Leeshai Koren #EnvironmentalRisk #CorporateResponsibility #Sustainability #RiskManagement #Transparency

Explore the top risk drivers impacting procurement and supply chain today, including ESG, regulations, and building resilient relationships, and gain practical advice from experts on effectively managing these challenges: https://lnkd.in/gZQ4cDqU #Procurement #SupplyChain #RiskManagement

🌱 Environmental Risk Management Strategy: Supporting Business Sustainability 🌱 In today's rapidly changing climate, environmental risk management is no longer an option but a necessity for businesses aiming for long-term success. While companies often focus on financial and operational risks, environmental risks, such as natural disasters and climate change, are becoming increasingly significant. 🌍 Ignoring these risks can have a serious impact on business continuity, assets, and reputation. So how can businesses develop a solid environmental risk management strategy? Here's a breakdown: 1️⃣ Risk Identification The first step is identifying potential environmental risks, including physical risks (like natural disasters) and transition risks (such as policy and market changes). By knowing where the threats lie, businesses can take targeted action. 📊 2️⃣ Scenario Analysis Conducting a scenario analysis helps businesses assess the potential impact of environmental changes. For example, the Task Force on Climate-Related Financial Disclosures (TCFD) recommends analyzing scenarios with a 2°C temperature rise, which could lead to substantial economic and environmental changes. 🌡️ 3️⃣ Risk Mitigation Strategies Based on the identified risks, companies can create mitigation strategies to reduce their exposure to environmental threats. This might involve shifting investments toward sustainable solutions or changing operational practices to be more environmentally conscious. 🌱 As we face more unpredictable environmental challenges, adopting a proactive approach to environmental risk management is essential for ensuring business resilience and contributing to global sustainability efforts. Want to learn more about implementing effective risk management strategies? 👉 Discover how BGP Consultant can help your business navigate environmental risks by visiting https://t.ly/ZBbRR today! #EnvironmentalRiskManagement #BusinessSustainability #RiskMitigation #ClimateChange #TCFD #Sustainability #GreenBusiness #BGPConsultant

❗Nearly half of key sourcing regions are showing higher risk for ESG violations than in 2023. This comes from our latest Supply chain ESG global risk outlook report, which provides comprehensive insights into the most pressing ESG risk trends affecting global supply chains in 2024. Discover the regions with the highest risks for critical issues such as forced labour and health and safety violations and gain actionable insights to enhance your responsible sourcing programs and proactively manage risks. Download the full report👉 https://lnkd.in/eUSuBzi9 #ESG #SupplyChain #Sustainability #ResponsibleSourcing #RiskManagement #LRQA #2024ESGRiskOutlook

Connection between corporate administration and SDGs Continued....... 3. Reporting and Transparency: Corporate sustainability reporting is becoming increasingly important for organizations. Knowledge of the SDGs enables corporate administrators to identify relevant indicators, track progress, and report on their company's contributions to the global goals. This promotes transparency, accountability, and enhances the company's reputation. 4. Risk Management: Environmental, social, and governance (ESG) risks are major concerns for companies worldwide. By integrating the SDGs into risk management practices, corporate administrators can identify potential risks and develop mitigation strategies that align with sustainable development principles. Follow for more........ #SDGs #SustainableDevelopmentGoals #CorporateAdministration #Sustainability #BusinessImpact #nigerianlawyer #lawyersinnigeria #digitallawyer #digitallawyersnetwork #corporatelawyer #corporateadministrator #sdg #esgadvisory #preciousalafe #OperationsManager #StartupSuccess #Efficiency #Compliance #Teamwork