LONDON, Jan. 27, 2020 /PRNewswire/ — The Red Flag Group®, a leading compliance technology and due diligence firm, today released its latest guide for helping organisations identify the top five integrity risks that are likely to be hiding in their supply chains.
The newly-published whitepaper, entitled ‘Top Five Integrity Risks’, is designed to provide practical tips for establishing an integrity risk assessment programme that enables transparency into unexamined compliance and integrity areas, while guiding companies on identifying and prioritising the risks that exist in their suppliers. The paper not only includes advice on exploring these risks, but also presents real-life examples, case studies, tips and takeaways to help companies consider integrity challenges and compliance risks that can have a significant business impact.
The supply chain has never been under the level of scrutiny that it is today, and the risk of engaging integrity-challenged third parties is more public than ever before, with government regulators, the media, non-governmental organisations and the public increasingly exerting pressure on companies to closely monitor their suppliers. The new whitepaper points out that while many companies regularly examine the traditional and obvious set of risks when conducting due diligence on their third parties, they fail to consider the social and environmental integrity challenges that can have a significant business and reputational impact.
Rich Hoffecker, Product Director at The Red Flag Group® and co-author of the whitepaper, said, ‘Risk detection is no longer a check-the-box process; it involves a combination of techniques and technologies to match. The initial starting point to knowing your suppliers is understanding how they operate, the work they do for you, the common risks that they have, and how such risks may affect you. As such, you need to understand them just as you do your own business. Understanding your suppliers will help you to ascertain your risk exposure, identify potential risks and impact, and prioritise risks based on your tolerance.’
The Red Flag Group has been helping global companies identify and deal with risks for almost 15 years.
According to the firm’s CEO and Chairman, Scott Lane, ‘It is clear that knowing who you are doing business with is absolutely key for any company operating in a global business. You are, and you will be, held responsible for the companies and people that you engage as customers, partners, suppliers, vendors, distributors and resellers. Like it or not, your customers, your regulators and your investors expect you to be constantly checking for red flags and dealing with them before they become an issue.’
The full whitepaper can be downloaded at https://insights.redflaggroup.com/whitepapers/top-5-integrity-risks.
About The Red Flag Group®
The Red Flag Group® helps companies select the best customers, suppliers and business partners by providing data, intelligence and rating solutions across all industries and countries. With our curated data, intelligence and rating solutions, our clients make Better Decision when selecting companies and people they engage with, allowing them to not only meet their own statutory compliance obligations, but also drive up standards and improve society’s future outlook. We believe that organisations recognise their critical role in ending corruption, money laundering, and child and forced labour with a commitment to the highest standards of ethics, compliance and social governance to make a significant contribution in society. For more information, go to https://www.redflaggroup.com.
Contact:
Maria Girald, +34 673 839 491
View original content:https://www.prnewswire.com/news-releases/the-red-flag-group-publishes-the-top-five-integrity-risks-in-2020-300993621.html