ESG and Third-Party Risk Management
The European Union (EU) Corporate Sustainability Due Diligence Directive, or CSDDD, outlines specific obligations for companies to perform due diligence on their operations and supply chains to identify, prevent, mitigate, and account for adverse impacts on the environment, and labor and human rights.
Related to the EU Corporate Sustainability Reporting Directive (CSRD) and the Corporate Due Diligence and Corporate Accountability Directive, this act is meant to address growing concerns around environmental, social, and governance (ESG) concerns that lead to an unjust society.
The Prevalent Third-Party Risk Management Platform can help you get ahead of sustainability reporting requirements with capabilities to assess third-party suppliers and vendors against a number of ESG topics and validate the findings with continuous external monitoring of supplier practices.
Relevant Requirements
- Integrate environmental and human rights due diligence into corporate policies according to Amendment 85, Article 5
- Publicly report on due diligence findings and impacts pursuant to Amendment 92, Article 11
- Monitor the effectiveness of due diligence measures in the supply chain
- Prevent environmental and human rights impacts from materializing or mitigate actual impacts pursuant to Amendment 45, Recital 34 of the Directive
- Identify human rights and environmental impacts in operations and supply chains according to Amendment 40, Recital 30
- Engage with critical supply chain partners to reduce ESG risks
Meeting European Corporate Sustainability Due Diligence Directive Requirements with the Prevalent Third-Party Risk Management Platform
Supplier Pre-Screening
Centralize a supplier’s demographic information, 4th-party technologies, ESG scores, business and reputational insights, data breach history, and financial performance in a single supplier profile to inform risk-based supplier selection decisions.
Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers, tiering and categorizing suppliers according to their criticality to the business.
Built-in Remediation Guidance
Take actionable steps to reduce ESG risk with built-in remediation recommendations and guidance.
Risk Assessment Library
Leverage 600+ assessment templates, including ESG-specific assessments, industry-standard questionnaires, and Prevalent Compliance Framework (PCF).
Document & Evidence Management
Store and distribute energy, pollution, diversity, accounting, and conflict of interest policy documents and more for dialog and attestation.
Supplier Reputation & Sanctions Monitoring
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, sanctions, adverse media, OFAC violations, conflicts of interest, and more.
Contract Lifecycle Management
Centralize the onboarding, distribution, discussion, retention, and review of supplier contracts, and leverage workflow to automate the contract lifecycle, ensuring enforcement of ESG requirements.
Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.
Event Reporting
Enable vendors to submit proactive event assessments related to environmental disclosures, board changes, notifications and other events – and dynamically update their risk scores based on the results.
Financial Governance & Transparency Monitoring
Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds, and more.
Politically Exposed Persons (PEP) Screening
Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to instantly identify potential leadership risks.
Risk & Compliance Reporting
Identify, alert, and communicate exceptions to common behavior with built-in report templates. Automatically map results to common global ESG frameworks such as:Global Reporting initiative (GRI) ISO 26000 Sustainability Accounting Standards Board (SASB) Task Force on Climate-Related Financial Disclosure (TCFD) *United Nations Global Compact (UNGC)
Schedule a free, personalized solution demonstration to see if Mitratech Prevalent is a fit for you.
Who Wins
Procurement
Centrally manage vendors and monitor their performance against contractually established SLAs and KPIs using a customizable survey with built-in workflows.
IT Security
Get unparalleled insights into risk trends, status and outliers with the latest machine learning analytics, leveraging from the most risk intelligence sources available.
Risk Management
See which vendors pose the most risks and in what areas, helping to align your overall enterprise risk management strategy.
