The Faculty’s Post

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/geFdUDUu #Procurement #SupplyChain #RiskManagement

The latest Economist Impact report reveals that procurement is gaining prominence in the C-suite by playing a pivotal role in managing risks and driving sustainability initiatives. With a growing focus on ESG objectives, supply chain visibility, and technology, procurement is proving essential to business resilience. 👉 Ready to explore how procurement shapes the future of risk management and sustainability? Check out the full report now! https://bit.ly/4e5FE28 #Procurement #Sustainability #RiskManagement #ESG #SupplyChain

Supply Chain ESG Global Risk, outlook 2024. Businesses hold a responsibility to reduce negative impacts from their operations, be it through lessening environmental impacts or mitigating violations of basic human rights for workers. This is the foundation of supply chain Environmental, Social and Governance (ESG) due diligence and should be the driving force behind enhancing a responsible sourcing program. Our 2024 Supply Chain ESG Global Risk Outlook report sheds light on the highest-risk sourcing geographies posing significant threats to global supply chains and illustrates how trends are evolving. Drawing on 75+ million data points from 25,000+ annual audits, our industry-leading supply chain intelligence platform, EiQ, reveals insights that businesses can use to inform their critical due diligence programs. This year, our report highlights alarming trends, including a rise in forced labor violations across key markets and a worrying drop in supplier transparency levels. These findings are particularly of concern given the increased regulatory focus and increase in supply chain legislation globally. Through our data-driven insights, businesses can gain a deeper understanding of their risk exposure and improve responsible sourcing decision-making and risk management. We update our risk ratings bi-annually to support ongoing monitoring of supply chain ESG issues and identify emerging risk hotspots. Download our latest report here: https://lnkd.in/g-VdQ7cx #ESG #Trends #SupplyChain #SocialResponsibility #ForcedLabor #HumanRights #Assessments #EiQ #LRQA

💡 Curious about how companies use our supply chain intelligence platform EiQ? Read our latest blog to find out how our innovative system informs data-driven decision making and ESG risk management for businesses looking to prioritise human rights and adhere to evolving regulatory requirements ⬇ https://lnkd.in/e4WsZ67A

Vendor risk management is about more than just dollars and cents. It’s also about ethics. When evaluating vendors, financial stability and operational efficiency are important, but so are things like human rights, fair labor practices, and environmental sustainability. This is where ESG (Environmental, Social, and Governance) factors come into play. They add another layer to your vendor assessments, making sure you’re partnering with organizations that align with responsible business practiceBy doing this, you’re not only protecting your organization from reputational risks, but you’re also contributing to a more sustainable and ethical future. It’s a win-win. So, when you think about your own vendor partnerships, what ethical considerations stand out to you? Do you prioritize ESG factors in your risk management strategy? I’d love to hear your thoughts below. #VendorRiskManagement #ESG #Sustainability #Ethics #ResponsibleBusiness #RiskMitigation #VendorManagement

🚨 Your biggest #ESG risks may be located outside of the walls of your organization. 💡 That's why it's imperative to integrate third-party #RiskManagement into your #ESGstrategy. 📄 Read our latest whitepaper on third-party risk in the context of ESG and learn more about: • Examples of the ripple effect of third-party actions on major corporations • Common obstacles companies face to comply with ESG regulations • A three-step process to manage ESG objectives in the #SupplyChain • The role of technology and automation for #ESGmanagement and compliance Download it here: https://lnkd.in/eJkn4E9Z

Our latest Supply chain ESG global risk outlook report is available! The report "underscores several of the most salient ESG issues infiltrating supply chains such as forced labour, unfair wages, and excessive overtime hours - and from which regions these threats are the highest". The report is based on the data from our supply chain due diligence platform EiQ and insights from our experts all over the world. You can download it from the link below!

In spite of rising government mandated due diligence legislation, we have found a clear increase in ESG risk within key sourcing regions since 2023. At the issue level, this includes higher forced & child labour risk, & inhumane treatment. Businesses must stay vigilant and proactive in managing these risks while gaining greater visibility over their end-to-end operations. Within our 2024 Supply Chain ESG Global Risk Outlook, our proprietary data & analysis can help you navigate these challenges effectively. #ESG #Sustainability #HumanRights

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

❗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