Third-Party & Supply Chain

The German supply chain due diligence act (SCDDA) was passed a year ago, and as far-reaching as it was last year it has become even more so with the start of this year. The SCDDA, called Lieferkettengesetz (LkSG) in German, requires that companies operating in Germany exercise due diligence in supply chain when it comes to all aspects of environmental, social, and governance (ESG), which includes everything from human rights violations to compliance with environmental standards.

A surge in supply chain attacks has been fueled by the widespread use of open-source code and legitimate hacking tools, according to a report done by ReverseLabs. Cybersecurity company ReversingLabs highlights the rising popularity of a once-rare and intricate form of cyberattack, attributing the increase to cybercriminals' increased proficiency in executing software supply chain attacks.

Sphera, one of the world’s top environmental, social and governance (ESG) performance and risk management software providers announced on Wednesday that it had acquired SupplyShift who is considered by many to be a pioneer in supply chain sustainability software.

In a bid to enhance supply chain resilience, nearly half of European businesses are prioritizing nearshoring and reshoring strategies, according to a recent survey conducted by Inverto, an international management consultancy specializing in procurement and supply chain management.

In a joint effort to enhance the resilience of the UK's financial sector, the Bank of England (BoE), Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) have unveiled proposals to oversee critical third parties (CTPs) providing services to regulated financial services firms and financial market infrastructure entities.

A recent report from global assurance specialist LRQA sheds light on the persistent issue of child labor within supply chains, identifying it as the primary ESG (Environmental, Social, and Governance) differentiator between top-performing and low-performing countries. The report draws attention to the alarming presence of child labor in supply chains, emphasizing its impact on the overall risk assessment in the ESG domain.