You may have read or heard the term ‘net zero’ in energy and climate change discussions. This term is used in several circles, such as climate science, energy companies, organisations, and government agencies, but a clear-cut definition of what the term means can be challenging to define due to its complexity and the various […]
ESG stands for environmental, social, and governance. ESG risk management measures the sustainability and ethical impact of an investment in a business or company. Risk management refers to the process of identifying and addressing environmental, social, and governance factors that can impact an organisation’s financial performance and reputation. The goal is to evaluate the behaviour […]
ESG stands for the three sustainability criteria—environment, social, and governance—and refers to the sustainability criteria that companies should take into account in their business activities. The “E” stands for “environment,” which means protecting the environment and the climate and making the best use of resources. The “S” stands for “social,” and it refers to things […]
Risk management is an important sub-area of a company’s management that deals with the identification, assessment, and handling of risks. Risks are events or circumstances that can disrupt a company’s business operations and jeopardise or impair the achievement of business goals and results. The goal of risk management is to minimise or eliminate these risks […]
The Trustnet.Trade® widget is a real-time compliance status indicator that can be embedded on a customer’s website. The widget displays information related to four key areas of compliance: sanctions screening, adverse media and PEP because of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations, Supply Chain Due Diligence, and local audit on social due diligence […]
In our connected world, we source supplies globally in many countries. We face different values in different cultures. How does this affect communication with business partners, and how does it affect how “our” approach to strengthen human rights and protecting the environment is perceived? In a globalized world, it is common for companies to source […]
Just as most businesses are concerned with the ethical practices of their suppliers, suppliers should be taking a closer look at those of their clients. But why should your supplier care about your business practices? Reputation can make or break a business overnight. When thinking about brand reputation, suppliers understand the consumer, as possibly the […]
Why should we care about human rights and the environment in the supply chain, and what are the benefits for my business?
Why care about human rights and environmental protection in your supply chain? There’s an increasing awareness of the impact supply chains have on environmental health along with human rights implications. Placing focus on these efforts allows you to position your company as an ethical business and separates you from your competitors that aren’t doing so. […]
Why should non-US companies adhere to OFAC and US sanctions? Who enforces UN and nation state sanctions against other nations, companies, and individuals?
Why should a company outside the US adhere to US Sanctions and OFAC regulations? Companies outside of the US should obey the US Sanctions and the Office of Foreign Assets Control (OFAC) because refusing to do so will cause major penalties and other sanctions. OFAC is a US government agency that enforces economic trade sanctions […]
How do I weigh compliance costs, such as conducting comprehensive KYB vetting with UBO identification, against the risks of non-compliance? You should weigh the costs of compliance against the risks of non-compliance. While being compliant with regulations may require you to carry out a complete “Know Your Business” vetting with ultimate beneficial owner identification, the […]