Themis, a supplier of anti-money laundering (AML) software program, has launched a brand new provide chain threat evaluation software. Corporations can use the platform to map out high-risk areas and sectors, and fight monetary crimes corresponding to bribery and corruption, fraud, cash laundering, human trafficking, arms trafficking and wildlife crimes.

Quite a few advisory our bodies, together with the United Nations, the Organisation for Financial Co-operation and Growth, and the Worldwide Labour Organisation, advocate provide chain due diligence as step one.

Themis’ threat evaluation helps companies to grasp their high-risk areas, together with these associated to environmental, social and governance (ESG) points.

Companies can use the software to remain compliant with new rules and laws. These embrace the EU Company Sustainability Due Diligence Directive, the EU import ban on items produced with compelled labor, in addition to the UK Trendy Slavery Act’s Transparency in Provide Chains Provision.

The software additionally helps companies adjust to the US Uyghur Compelled Labor Prevention Act and the Monetary Conduct Authority (FCA) SYSC-8 Guidelines for normal outsourcing necessities.

Dickon Johnstone, CEO of Themis, stated: “In a globalised society, the place nearly all of firms and shoppers are linked to a world provide chain, organisations run a far better threat of publicity to monetary crime.

“With every new layer of sub-contraction, revenue margins tighten and the inducement and scope for fraud, corruption and corner-cutting will increase. Our provide chain threat evaluation is a superb software for firms making an attempt to grasp the breadth and depth of their provide chains – and the dangers they pose – in a coherent manner.”

Utilizing the software, firms may also monitor modifications or set a benchmark for steady enchancment; generate reviews to allow administration to make knowledgeable selections and work with their suppliers to enhance their compliance and cut back their threat publicity.