Third-Party & Supply Chain

In the ever-evolving landscape of modern business, third-party relationships have become increasingly integral to organizations across industries. To ensure resilience and minimize potential risks associated with these partnerships, companies are placing a growing focus on Third-Party Risk Management (TPRM). The results of the EY 2023 Global Third-Party Risk Management Survey underscore the critical role of TPRM in today's business environment.

U.S. lawmakers have turned up the heat on the National Basketball Association (NBA) and the National Basketball Players Association (NBPA), urging them to sever their ties with Chinese sportswear manufacturers allegedly connected to forced labor practices in China's Xinjiang region.

Consumers in the United States are increasingly pushing for transparency in supply chains, as indicated by the 2023 Fairtrade America Consumer Insights report. This report, conducted by a prominent U.S. sustainability organization, sheds light on a rising desire for products sourced ethically and sustainably. It highlights the growing recognition of the Fairtrade label, with 61% of Americans now familiar with it, representing a significant increase from 2021.

As the UAW expands its strike at auto manufacturing plants around the country, US auto companies Ford, GM, and Chrysler are beginning to feel the pressure as the walkouts continuing to mount, leading to layoffs increasing, and the lights going out at factories.

Amidst an ongoing legal battle with ICTSI that has gone on for more than a decade now, the ILWU who represents longshore and warehouse workers all along the west coast has filed for chapter 11 protection in an effort to fend off the impending damages that will need to be paid in the lawsuit filed by the Oregon division of the shipping company that operated out of Portland.

As the European Union prepares to usher in the first enforcement phase of its Carbon Border Adjustment Mechanism (CBAM) on October 1, a new report from The Conference Board sheds light on the far-reaching implications of this groundbreaking initiative. The CBAM, designed to curb carbon emissions, will impose tariffs on carbon-intensive imports, equalizing the playing field with EU-made products. The Conference Board's report, titled 'Navigating Europe's Carbon Tariff: What is CBAM and What Does it Mean for Business?' draws attention to how this measure will impact businesses and supply chains.

In a firm stance against forced labor practices and to address ongoing human rights violations against Uyghurs and other ethnic and religious minorities in the Xinjiang Uyghur Autonomous Region, the U.S. Department of Homeland Security (DHS) has announced significant enforcement actions. These measures aim to eradicate the use of forced labor within the U.S. supply chain and hold accountable those responsible. The DHS-led interagency Forced Labor Enforcement Task Force (FLETF) has added three People's Republic of China (PRC)-based companies to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List, bringing the total number of entities designated to 27.