Automate due diligence checks on suppliers, streamline policy management, and give stakeholders ways to report human rights and environmental violations.
Consolidate supplier inventory and easily identify, analyze, and mitigate risks throughout the supplier lifecycle to implement a risk management method compliant with LkSG.
Leverage our Dow Jones market-leading data integration to screen third parties for potential risks before engaging in business and monitor your third parties for any changes that may require remediation.
Create and publish your internal policy statement, distribute policies to internal and supplier stakeholders, and document stakeholder attestations to set expectations for human rights and environmental practices.
Publish your complaints procedure and enable individuals from internal and supply chain operations to report human rights and environmental violations through a confidential and secure portal.
Create transparency by maintaining documentation of your supply chain due diligence and risk management activities. Easily generate and export audit-ready reporting with out-of-the-box templates.
Driving excellence in third-party risk management: An in-depth look at different due diligence approaches
We address some of the basics below to help you along your LkSG compliance and trust transformation journey.
The German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz or “LkSG”) is a corporate due diligence act focused on sustainability and protecting human rights in supply chains. It requires companies to identify any human rights violations and environmental risks with their direct suppliers as well as their indirect suppliers if needed. Enforcement begins on January 1, 2023, and applies to German companies as well as foreign companies that operate branch offices in the country.
Applicable companies must perform regular risk assessments, establish preventative measures to mitigate potential risks, create complaint procedures, and take immediate remedial action if violations were found. They must appoint a risk management administrator and adopt a corporate human rights strategy. Companies must also document their progress and make annual reports to the Federal Office for Economic Affairs and Export Control (BAFA).
We help streamline your risk management system by operationalizing the statutory requirements. You can centralize your vendor inventory, automate risk analyses and due diligence checks on your suppliers, manage and publish policy statements, and empower reporters through secure and confidential complaint channels. Automated recordkeeping documents each step of your compliance journey while our regulatory database keeps you updated with the law’s amendments and rule changes.
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