BERLIN, GERMANY — July 10, 2024 – NAVEX, the global leader in integrated risk and compliance management software, today announced the availability of its Supply Chain Due Diligence Solution in Germany to assist companies in addressing complex regulatory requirements. As global regulations such as the Corporate Sustainability Due Diligence Directive (CSDDD) and German Supply Chain Act (LkSG) continue to emerge that mandate the unified protection of human rights, the solution helps businesses meet core compliance requirements quickly and easily through third-party due diligence software and a whistleblower hotline.
“Protecting human rights throughout the supply chain continues to be a cornerstone of GRC programs,” says Florian Haarhaus, International General Manager at NAVEX. “Therefore, it is crucial that German organisations can easily understand whether their third parties are compliant, as well as implement a hotline for reporters to identify any potential concerns.”
According to NAVEX’s 2023 Global Whistleblowing & Incident Management Benchmark Report, third parties are far more likely to report environment, health, and safety (EHS) and business integrity issues than employees, highlighting the importance of making a reporting avenue available for third parties. Helping organisations conduct the environmental and human rights due diligence in their supply chains required by LkSG and the forthcoming CSDDD, the NAVEX Supply Chain Due Diligence Solution offers third-party screening and monitoring to rapidly onboard third parties and surface the risks they may present.
Specifically, the solution empowers:
- Supply chain due diligence assessment – Capture third-party commitment to protecting human rights throughout the supply chain.
- Screening and ongoing monitoring – Uncover potential risks third parties present and receive real-time reputation alerts when new risks are identified.
- Enhanced due diligence – Gain additional insight into risks when needed and make informed decisions on whether and how to engage with a third party.
Whistleblowing & Incident Management Software
A robust whistleblower program is vital to ensuring transparency, both internally and for third parties, as it allows organisations to manage risks that could result in financial, reputational, and business damage. Both CSDDD and LkSG call for a reporting channel. LkSG requires reports from outside the company be made possible within the internal reporting channel. Whilst CSDDD requires companies to establish reporting channels for concerns raised by workers and stakeholders.
To help companies comply with these requirements, the NAVEX solution provides:
- Accessible intake channels – Consolidate hotline and web-based reports into a single database for secure review, investigation, reporting and analysis.
- Anonymous reporting – Empower reporters to identify their concerns confidentially and, if needed, anonymously.
- Customisable workflows – Develop a bespoke process for the organisation’s unique requirements. Tasks and reminders help administrators work through incidents consistently and expeditiously.
The NAVEX Supply Chain Due Diligence Solution can also be enhanced with an integrated risk management program or policy and procedure management software to drive GRC program maturity.
To learn more about NAVEX Supply Chain Due Diligence Solution, visit our website for more information.
About NAVEX
NAVEX is trusted by thousands of customers worldwide to help them achieve the business outcomes that matter most. As the global leader in integrated risk and compliance management software and services, we deliver solutions through the NAVEX One platform, the industry’s most comprehensive governance, risk, and compliance (GRC) information system. For more information, visit NAVEX.com and our blog. Follow us on Twitter and LinkedIn.