How Automated ESG Due Diligence Makes the German Supply Chain Act More Manageable
5 minute read
November 2022
Over the past few years, Environmental, Social, and Governance (ESG) regulations have become increasingly rigorous and commonplace. Between the Modern Slavery Acts passed in the UK and Australia, France’s Corporate Duty of Vigilance Law, and Germany’s recent Supply Chain Due Diligence Act, it’s clear that international businesses must take an active role in managing ESG risk if they want to keep up with regulators.
This blog will walk readers through key details of the recently-passed German Due Diligence Act, including the organizations that fall under its jurisdiction, the practices it covers, and five steps that your organization can take to ensure ESG compliance.
Who does the act apply to?
As of January 1, 2023, the Supply Chain Due Diligence Act will apply to all German companies with 3,000 employees or more. On January 1, 2024, the act will be extended to organizations with 1,000 or more employees. Still, this law is relevant to more than just German companies: any supplier for an organization that falls under this act must be ready to assess their own due diligence practices. Otherwise, their customers can be found non-compliant, leading to a loss of business and reputational damage. If your organization does business with a German company, you need to stay on top of your ESG practices.
What is covered by the German Supply Chain Due Diligence Act?
The German Supply Chain Due Diligence Act, effective January 1, 2023, requires that companies operating in Germany take responsibility for the practices of all the third parties on their supply chain. Ignorance isn’t innocence in ESG: Rather than sitting back and waiting to remediate malpractice until it is unearthed in your supply chain, this law encourages organizations to take an active role in vetting third parties for unacceptable ESG practices.
Banned Practices include:
- Child labor, forced labor, slavery
- Hazardous workplace environment
- Indecently low wages
- Contamination of soil, water, and air
- Noise pollution
- Manufacture of mercury-added products
- Use of pollutants
The Supply Chain Due Diligence Act also specifies penalties for non-compliance, including fines of €50,000 in administrative enforcement costs and up to €8 million for organizations whose revenue is below €400 million. Organizations with more than €4 million in earnings will be fined 2% of their average annual revenue. If such steep fines were not incentive enough to encourage good ESG practices, organizations found in violation of the act can be taken to court by their victims, who may be represented by trade unions, NGOs, and competitors of the non-compliant organization. By granting affected individuals recourse to civil action, this law both addresses the concerns of victims and stiffens the potential penalties for non-compliance. Finally, non-compliant organizations can be banned from public contracts in German for up to three years.
How do I ensure my organization is compliant?
1. Specify the ESG risk areas that you need to evaluate for
The German Supply Chain Act is focused on environmental and social practices, meaning those are the two key domains for organizations aiming to reach compliance. Environmental risk covers issues like the effects of material sourcing, pollution, and the use of harmful materials. If your organization extracts resources from the environment, it’s important to understand the quantity of resources being removed, the materials used in the extraction process, and the effect that your operations have on the surrounding environment. Organizations involved in manufacturing must consider the waste produced by their operations and any hazardous materials that may be involved in its operations. Social risk, by contrast, covers the organizational and labor practices in place in your organization and on your supply chain. To ensure compliance in this area, it is imperative that you keep track of practices like modern slavery, child labor, and the operation of hazardous workplace environments when choosing potential vendors. These issues cannot be left up to trust: before working with a supplier, you must determine where they stand on these issues.
2. Capture ESG concerns in assessment questionnaires
Due diligence questionnaires should be scoped to the specific ESG risks your organization seeks to manage. You don’t want to fatigue your vendors by sending them irrelevant questions, but you also want to ensure compliance in any area that may result in regulatory penalties. When scoping your questionnaires, it is important to consider which suppliers are at risk for which violations: while it may be most important to inspect the environmental policies of an American energy corporation, a manufacturer in Malaysia is more likely to introduce social risk by way of its labor policies. Similarly, timing may play a role in scoping your questionnaires: if you work with a German company with more than 3,000 employees, it is imperative that you achieve compliance by the end of the year. If the company has 1,000 employees, then it is more important that you achieve visibility in the short term to enable compliance by 2024.
3. Assign risk ratings to third parties
By rating your third parties according to ESG risk, you can focus your efforts on remediating the vendors who are most likely to violate the Supply Chain Act. Once you’ve gotten assessments back from your vendors, you can start to prioritize according to key ESG concerns: Do any of your suppliers use child labor or modern slavery? Do any of them use hazardous materials as part of the production process? Organizations found in violation of these basic principles should be the focus of your remediation efforts. While it may be daunting to face all of the ESG risk that exists on your supply chain, prioritizing high-risk vendors enables your organization to take the actions that are most likely to produce significant ESG impact.
4. Conduct ongoing monitoring of third parties
Due diligence isn’t a one-and-done operation. Check-box compliance might prevent violations in the short term, but strong ESG means continuing to demand evidence that your third parties have kept up with regulatory changes and have prevented backsliding in their environmental and social practices. For this reason, it’s helpful to think of ESG as an ongoing conversation between your organization and your suppliers. Regular questionnaire cadences and organizational touchpoints can build your ESG program from a periodical pass/fail evaluation to an ongoing inter-organizational project.
5. Use an automated TPRM platform with integrated ESG ratings
Regular questionnaires and ongoing monitoring can be labor-intensive processes. Between scoping assessments, routing questionnaires, and chasing down responses, Excel-and-email based ESG programs can quickly evolve into rigorous operations. Luckily, with an automated Third-Party Risk Management platform that integrates ESG ratings into your vendor profiles, these challenges are entirely manageable. ProcessUnity Vendor Risk Management with Vendor ESG Intelligence (VEI) incorporates Ecovadis’ business sustainability ratings into the ProcessUnity VRM platform. This platform automates key TPRM practices, including questionnaires scoping, assessment scheduling, and alerts for due diligence deadlines—by offloading these functions to automated processes, your organization can quickly reduce the labor hours involved in ESG management. Additionally, with Ecovadis sustainability ratings at your fingertips, you can quickly evaluate the practices of potential vendors using externally validated metrics.
In the coming years, it will only become more important for your organization to maintain strong ESG practices. While this can be a daunting task, the right solution can result in an efficient and cost-effective program that keeps ahead of the regulatory curve.
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3 Questions Healthcare Organizations Should Consider...
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Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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Webinar: Cyber Risk Intelligence and the...
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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Understanding Your Cybersecurity Risks During the...
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War in Ukraine: Monitoring Resiliency in...
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Log4j Vulnerability: A Lesson in Third...
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Log4Shell and Threat Profiles
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Predictive Risk Profiles Data Sheet
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Expert Interview: Continuous Monitoring of Third-Party...
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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Supplier Risk Management Strategies for Healthcare...
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Risk Assessment Methodology Data Sheet
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Checklist: TPCRM in the Retail Industry
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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Cybersecurity Risk has Changed the Chief...
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What is a Cybersecurity Framework?
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CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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In May of 2017, it was discovered that an exposed data repository, an AWS S3..
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Third-Party Risk Management Best Practices
New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes A robust, effective, and..
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Blackstone ROI One-Pager
Contact us today CyberGRX’s platform has helped Blackstone create a more efficient third-party risk management..
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Why Vendor Risk Management Should Be...
As the severity and cost of data breaches continues to increase, Vendor Risk Management has never been..
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Auto Inherent Risk Data Sheet
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Compliance Week Recognizes Abercrombie & Fitch’s...
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Pandemic Questionnaire Guidance & Vendor Assessment...
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How Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
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Solix Case Study
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The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
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CCPA and GDPR Compliance for IT...
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Hey Third Parties! Here's How to...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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Creating a Third-Party Cyber Risk Management...
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Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
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Trust, But Validate: Building Confidence in...
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How ComplySci Spends Less Time on...
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How Blackstone Assessed 3x More Vendors...
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5 Reasons to Accept a CyberGRX...
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Third-Party Management Maturity Model White Paper:...
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
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New Report Predicts Significant Market Growth
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
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Incorporating Content Services into Your Vendor...
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Regulatory and Management Reporting for Vendor...
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SLAs and Vendor Performance Management
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Formalizing Vendor Risk Management - Keep...
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Six Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
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The 2017 State of Third Party...
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eBook: 8 Reports for Effective and...
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.