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perform due diligence on human rights and the environment , including analysing possible risks , taking measures to prevent and mitigate any violations , setting up grievance mechanisms , and reporting on relevant activities .
Compliance will require additional resources for companies that are affected , but those complying with similar laws in other countries have a head start , especially if they have automated due diligence and risk management processes .
Businesses still relying on manual or homegrown risk-management systems can expect a steep learning curve .
HOW DO YOU HELP FIRMS ADAPT TO NEW SUPPLY CHAIN LEGISLATION ?
» Staying on top of ESG regulations is already very important for organisations , and it will become even more important over time . The new German supply chain law is part of a wider movement that ’ s likely to bring more ESG regulations .
For example , the EU Supply Chain Directive , once approved , will mandate extensive due diligence requirements . Ethixbase360 helps by automating manual processes and providing a single platform for risk assessment , risk ratings , and other risk management workflows . It allows clients to replicate existing
22 May 2023