Third-Party & Supply Chain

The Federal Reserve Board has taken a significant enforcement action against Metropolitan Commercial Bank, based in New York, New York, imposing a substantial fine of approximately $14.5 million. This action stems from violations of customer identification regulations and deficient third-party risk management practices in connection with the bank's issuance of prepaid card accounts.

The world’s largest logistics company, Prologis, said that the demand for industrial properties is remaining steady even as the market has made a shift away from consumer goods.

Flexport, a prominent American supply chain and logistics company based in San Francisco, has embarked on a substantial workforce reduction, aiming to cut 20% of its employee count, which currently stands at around 4,500. This bold move reflects the company's commitment to returning to profitability and ensuring long-term sustainability in a dynamic market.

A recent report by Sonatype reveals that open-source software (OSS) supply chain attacks have tripled, emphasizing the need for improved practices and vigilance. The 9th Annual State of the Software Supply Chain Report presents alarming trends in open-source software (OSS) and software supply chain security, highlighting the importance of better tools and practices for developers to save time and money.

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.