ESG And Bribery Risks In Supply Chain Management
Insights from the Webinar “Discover How To Navigate ESG And Bribery Risks In Your Supply Chain” held on 22 May 2024, hosted by Neotas.
Introduction:
London, 22 May 2024 – Today, industry leaders gathered to explore the critical importance of managing environmental, social, and governance (ESG) factors, alongside mitigating bribery risks within supply chains. Our webinar, “Discover How To Navigate ESG And Bribery Risks In Your Supply Chain,” highlighted the transformative power of Open-Source Intelligence (OSINT) in enhancing cost-effective risk management.
During this informative session, experts presented real-world examples demonstrating how accurate data and advanced analytics can significantly improve risk assessment and management strategies. Attendees gained actionable insights on integrating OSINT into third-party due diligence processes, combatting greenwashing, and managing 4th party risks.
Our Expert Panelists:
The panel of speakers include:
Craig Fitzpatrick, Director, Forensic Services – PwC UK
Patricio Roffo, Director, Risk & Compliance – TIER Mobility
Ian Howard, Director – Neotas
Michael Harris, Financial Crime Compliance – FCC Training & Consulting
Key Takeaways from the Webinar:
Utilising OSINT for Effective Risk Management:
- Benefits of OSINT: Attendees learned how OSINT can provide comprehensive risk assessments by leveraging publicly available data to uncover potential issues within the supply chain.
- Integration into Due Diligence: The session highlighted practical steps for incorporating OSINT into existing third-party due diligence processes, ensuring thorough vetting and monitoring of suppliers.
- Data Accuracy and Analytics: Emphasis was placed on the critical role of accurate data and robust analytics in identifying risks and making informed decisions.
Combating Greenwashing and Managing 4th Party Risks:
- Identifying Greenwashing: Strategies were shared to help businesses detect and address misleading claims about the environmental benefits of products and services within their supply chains.
- Significance of 4th Party Risk: The importance of understanding and managing risks associated with suppliers’ suppliers (4th parties) was underscored, along with methods to ensure these entities uphold ethical standards.
- Sustainable Practices: Guidance was provided on verifying that suppliers adhere to sustainable and ethical practices, reinforcing the integrity of the entire supply chain.
Driving Competitive Advantage Through Transparency:
- Commitment to Sustainability: The webinar showcased how demonstrating a commitment to sustainability and ethical practices can appeal to boards, investors, and employees, strengthening internal and external stakeholder relationships.
- Gaining a Competitive Edge: Businesses were encouraged to leverage their transparent supply chain management practices as a competitive differentiator, enhancing brand reputation and stakeholder trust.
Our expert panel facilitated a detailed discussion on the importance of transparent and ethical supply chain management, providing attendees with the knowledge and tools to effectively navigate ESG and bribery risks. By embracing OSINT and prioritising transparency, businesses can not only mitigate risks but also drive long-term value and competitive advantage.
Watch the Webinar Recording:#
At Neotas, we remain committed to excellence in Third Party Risk Management and ESG Due Diligence Solutions.
Thank you for your continued support and engagement with Neotas. Should you have any questions or require further information, please do not hesitate to reach out.
ESG Due Diligence and Supply Chain Risk Management Case Studies
- ESG Risks Uncovered In Investigation For Global Private Equity Firm
- ESG Risk Investigation uncovers supply chain risks
- ESG and The Power Of Open-Source Intelligence (OSINT)
- Enhancing ESG Risk Management Framework with Neotas’ OSINT Integration
- Creating an effective framework for managing risk with suppliers and third parties using open-source intelligence (OSINT)
