By Andrea Brody, CMO, Riskonnect
Published by Supply & Demand Chain Executive, February 17, 2023
Companies often overlook a key factor of their environmental, social, governance initiatives: their third-party relationships.
Eighty-two percent of organizations plan to focus on ESG issues, but many don’t have a formal mechanism to assess or prioritize ESG risks across their extended enterprise.
That’s a problem because while third parties are essential for business success, they also bring considerable risk. Your company could be confident about managing ESG risks within its four walls, but one misstep by a supplier or partner could cause damage to your brand, financial standing, ability to deliver products, services, and more.
The value chain accounts for 41% of a company’s ESG impact. Supply chain leaders have a tremendous opportunity to help their organizations advance ESG performance and reduce risk through the way suppliers and other third-party relationships are selected and managed.
Read the full article in Supply & Demand Chain Executive for four steps to take now to ensure you’re accounting for ESG risks across your extended enterprise.>>
