Society of Corporate Compliance and Ethics: Clearing Away Opacity in Global Supply Webs; Our Obligation to Act

Snowballing modern issues have forced governments to increase the pressure on companies to know their supply chains

From Russia Sanctions, the Uyghur Forced Labor Prevention Act, German SupplyChain Act, UK Modern Slavery Act, ESG / climate change regulation, cyberattacks and cryptocurrency use ––modern issues have forced governments to increase the pressure on companies to know their supply chains.

It has never been more important for management, much less Compliance teams, to have a truly clear picture of the strands of the modern supply web. The idea of a supply web as opposed to a chain is not a new one, but it helps us better understand the variety of third parties with whom businesses interact every minute of every day around the world. Having a strong understanding of that web has always made good business sense – after all, keeping quality high with dependable logistics and relatively low cost contributes directly to the bottom line. However, given geopolitical realities, things will never remain as simple as keeping a sharp eye on Cost of Goods Sold.

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“It has never been more important to have a truly clear picture of the strands of the modern supply web”

Erika Peters & Pete Viksnins in an article for The Compliance & Ethics Blog