Only 29% of companies have the systems in place to handle ESG assurance, survey finds
At least 75% of organisations must now report ESG data or will soon be required to do so, according a new KPMG survey, yet only 29% actually have the resources in place to meet the ESG assurance required.
Companies are often ill-prepared to meet ESG reporting requirements due to issues like challenges with data quality and management, evolving regulations and complexity of various ESG standards.
Addressing these challenges requires a targeted effort, including investing in technology and expertise, implementing robust strategies, and staying ahead of regulatory developments. By doing so, companies can better prepare themselves to meet ESG reporting requirements and leverage the benefits of enhanced transparency and sustainability performance.
Contact us to learn how you can stay up to date with regulatory requirements and integrate the necessary procedures to improve your risk management: Contact LRQA
New report reveals top ESG risks impacting global supply chains
Our new Supply chain ESG global risk outlook is available now for download. This comprehensive report gives you unique insights into this year's supply chain ESG risk landscape, supporting you in enhancing your responsible sourcing approach.
Using insights derived from our EiQ supply chain due diligence platform, the new report highlights:
- Key sourcing markets showing higher risk for forced labour violations
- Troubling trends of lower audit transparency among suppliers and what this means for your risk exposure
- The top health and safety violations found in factories worldwide
As supply chain due diligence regulations rise and businesses face increased scrutiny over their human rights and environmental impact, our downloadable resource gives you an upper hand to proactively manage your ESG risks.
Forced labour violations uncovered in key markets
Our Supply chain ESG global risk outlook report indicated forced labour-related violations were uncovered in at least 40 sourcing regions in 2023 alone, many of which are considered key trading partners for global supply chains.
Data showed in which countries certain production sites unlawfully retained documents from workers. This practice of withholding or manipulating essential documentation related to migrant workers’ employment, rights, and welfare within the supply chain violates human rights standards and industry regulations, posing significant risks to both workers and companies involved in the supply chain.
Download your free full copy of the report here to get the deep dive into forced labour risk and more: Supply Chain ESG Global Risk Outlook Report 2024 | LRQA
Engaging suppliers to improve supply chain risk monitoring
Improving and mitigating your supply chain ESG risks requires an end-to-end transformation, including engaging suppliers to better understand and align with risk mitigation strategies.
Our digital learning service empowers suppliers to implement business best practice and offers training courses in local languages on various supply chain ESG topics.
Our Supply chain monitoring course, for example, teaches brands, retailers and suppliers how to monitor their suppliers’ performance and manage risks in their supply chains.
This course teaches the importance of monitoring suppliers’ performance to better understand and manage risks within your current supplier base. This training offers information on how to on-site assessments, questionnaires, risk maps, and key performance indicators to monitor supply chains effectively.
The course also covers how to assess supplier risk and prioritise risks, and how to choose effective monitoring approaches.
To watch this course and receive free trial access to our course library, click here and enter the code 'demo' during registration.
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