Generic selectors
Exact matches only
Search in title
Search in content
Sign In

Mitigating Cyberattack Fallout

How Trust Your Supplier Could Safeguard Pharmacy Operations

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In the wake of the recent cyberattack disrupting US pharmacies’ prescription filling processes, it’s evident that the healthcare sector remains vulnerable to digital threats. The incident, as reported by major news agencies, underscores the critical need for robust cybersecurity measures to protect sensitive patient data and ensure uninterrupted healthcare services.

The cyberattack, which targeted a major supplier, has caused significant delays in prescription filling across numerous pharmacies nationwide. Such disruptions not only inconvenience patients but also pose serious risks to their health, particularly for those dependent on timely medication refills.

Amidst this tumultuous landscape, Trust Your Supplier (TYS) emerges as a beacon of hope for pharmacies striving to fortify their supply chain resilience and security protocols. TYS, a blockchain-based platform designed to enhance supplier qualification processes, offers several key advantages in mitigating the aftermath of cyberattacks:

1. Verified Supplier Networks: Trust Your Supplier leverages blockchain technology to establish a trusted network of suppliers vetted through stringent qualification processes. By onboarding verified suppliers, pharmacies can minimize the risk of engaging with potentially compromised entities, thereby safeguarding their supply chain integrity.

2. Enhanced Transparency and Traceability: With Trust Your Supplier, pharmacies gain unprecedented visibility into their supplier ecosystem. The platform facilitates transparent communication channels and real-time tracking of transactions, allowing pharmacies to identify and address vulnerabilities promptly. By fostering transparency and traceability, TYS empowers pharmacies to proactively mitigate cyber threats and respond effectively to disruptions.

3. Immutable Data Integrity: The immutable nature of blockchain ensures the integrity and immutability of critical data stored on the Trust Your Supplier platform. By leveraging blockchain’s tamper-resistant architecture, pharmacies can trust the accuracy and reliability of supplier information, mitigating the risk of data breaches and unauthorized access.

4. Streamlined Compliance Management: Trust Your Supplier simplifies compliance management by standardizing supplier qualification processes and documentation. Pharmacies can effortlessly verify suppliers’ compliance with regulatory requirements and industry standards, thereby reducing the likelihood of regulatory violations and associated penalties.

5. Resilient Supply Chain Operations: In the face of cyberattacks and other disruptions, Trust Your Supplier enables pharmacies to maintain continuity in their supply chain operations. By leveraging blockchain’s decentralized architecture, TYS mitigates the single point of failure inherent in traditional supply chain systems, ensuring uninterrupted access to critical medications and healthcare supplies.

In conclusion, the recent cyberattack targeting US pharmacies underscores the urgent need for proactive cybersecurity measures and resilient supply chain solutions. Trust Your Supplier offers pharmacies a comprehensive framework for enhancing supply chain security, fostering trust among stakeholders, and safeguarding patient well-being in an increasingly digital healthcare landscape. By embracing innovative technologies like blockchain, pharmacies can navigate the challenges of cyber threats with confidence and resilience, ensuring the uninterrupted delivery of essential healthcare services to those who depend on them most.

Discover how Trust Your Supplier can revolutionize your supply chain security. Contact us today to learn more or to schedule a demo. 

April Harrison Blog, Pharmaceutical, Risk Management, Supply Chain, Value Engineering 0 Comments , , ,

Revolutionizing FMCG Procurement and Compliance

A New Era of Efficiency, Transparency, and Sustainability

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

Unlock Efficiency, Transparency, and Trust
In the fast-paced world of Fast-Moving Consumer Goods (FMCG), procurement and compliance teams face unique challenges. From ensuring a steady flow of quality supplies to adhering to stringent regulatory standards, the demands are relentless. That’s where Trust Your Supplier (TYS) comes into play, offering an innovative solution that transforms the way FMCG companies manage their supplier relationships. 

Why Trust Your Supplier? 

  1. Enhanced Transparency and Trust
    Trust Your Supplier provides a comprehensive digital passport for suppliers, offering real-time insights into their operations, compliance status, and more. This transparency fosters trust between FMCG companies and their suppliers, ensuring that procurement decisions are based on accurate and up-to-date information. 
  1. Streamlined Supplier Onboarding and Management
    Gone are the days of cumbersome onboarding processes. TYS simplifies and accelerates supplier integration, allowing FMCG companies to quickly benefit from their services. With TYS, managing supplier information becomes effortless, enabling procurement teams to focus on strategic decision-making rather than administrative tasks. 
  1. Risk Management and Compliance Assurance
    In the FMCG sector, ensuring compliance with regulatory standards is paramount. Trust Your Supplier not only facilitates easy access to supplier compliance documentation but also provides tools for monitoring and managing risk. This proactive approach to compliance helps FMCG companies avoid costly penalties and reputational damage. 
  1. Improved Operational Efficiency
    By automating key procurement processes, TYS significantly reduces manual workload, leading to improved efficiency and cost savings. Procurement and compliance teams can allocate their resources more effectively, optimizing their supply chain operations. 
  1. Building Sustainable Supply Chains
    Sustainability is a pressing concern in the FMCG industry. Trust Your Supplier supports the development of sustainable supply chains by enabling companies to identify and collaborate with suppliers that adhere to environmental and social standards. This alignment with corporate sustainability goals not only benefits the planet but also enhances brand reputation. 

The Future of FMCG Procurement and Compliance
In an industry where speed, quality, and compliance cannot be compromised, Trust Your Supplier stands out as a beacon of innovation. By leveraging blockchain technology and a network of trusted information, TYS is redefining what’s possible in FMCG procurement and compliance. 

Join the Revolution
For FMCG procurement and compliance teams looking to enhance their operations, reduce risk, and build stronger, more sustainable supplier relationships, the choice is clear. Trust Your Supplier is not just a platform; it’s a strategic partner in your supply chain transformation journey. 

Discover how Trust Your Supplier can revolutionize your procurement and compliance strategies. Contact us today to learn more or to schedule a demo. 

April Harrison Blog, ESG, Risk Management, Supply Chain, Value Engineering 0 Comments , , , ,

Trust Your Supplier’s Michelle Armstrong Featured in CIO Business World

Exciting News! Trust Your Supplier (TYS) is proud to announce that Michelle Armstrong, our Global VP of Value Engineering, has been featured in CIO Business World for her insightful article on Scope 3 emissions!

Scope 3 emissions, a critical aspect of greenhouse gas accounting, pose unique challenges for organizations. Michelle explores key factors such as voluntary vs. mandatory reporting, standards and protocols, and the growing pressure from investors and stakeholders to address these emissions.

Check out the full blog to gain insights into:
Voluntary vs. Mandatory Reporting
Standards and Protocols
Investor and Stakeholder Pressure
Sector-Specific Guidelines
Local and National Regulations
Integration with Broader ESG Goals

 

cioBW
April Harrison Blog, ESG, News, Value Engineering 0 Comments , , ,

The Hidden Environmental Cost of Financial Laundering as a Service (FLaaS)

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In the digital age, the “as a Service” model has revolutionized how we access technology, from software to infrastructure, making it easier and more efficient for businesses and consumers alike. However, this model’s darker iteration, Financial Laundering as a Service (FLaaS), poses significant challenges not just to the global financial system but also to environmental sustainability efforts, particularly in managing Greenhouse Gas (GHG) emissions. While the connection between financial laundering and environmental degradation might not be immediately obvious, the ripple effects of FLaaS can undermine global efforts to combat climate change in several ways. 

Diverting Crucial Resources
The fight against FLaaS requires substantial financial, technological, and human resources. Governments and businesses must invest heavily in detecting, preventing, and prosecuting financial laundering activities. These resources could otherwise be allocated to renewable energy projects, conservation efforts, and the development of low-carbon technologies. The diversion of such resources compromises the effectiveness of GHG management initiatives, delaying progress in the transition to a sustainable and low-carbon economy. 

Undermining Regulatory Frameworks
Financial laundering is often linked with environmental crimes, such as illegal logging, wildlife trafficking, and unregulated mining. These activities directly contribute to GHG emissions and are driven by the profitability enabled by laundering illicit proceeds. FLaaS, by facilitating easier and more accessible financial laundering, can exacerbate these environmental crimes. It undermines regulatory efforts aimed at promoting sustainability and holding businesses accountable for their environmental impact, making it more challenging to enforce laws designed to reduce GHG emissions. 

Impact on Corporate Governance and Investment
The involvement of any business in FLaaS, directly or indirectly, can lead to significant reputational damage. This undermines corporate social responsibility (CSR) efforts, including commitments to environmental sustainability and GHG emission reductions. Furthermore, the opaque nature of financial flows resulting from FLaaS can lead to investments in industries with high GHG emissions, rather than in clean energy and green technologies. Strengthening anti-money laundering (AML) measures can redirect investments toward sustainable initiatives, promoting environmental stewardship and reducing GHG emissions. 

Economic Stability and Environmental Policy
A stable and transparent financial system is foundational to effective environmental governance and the implementation of GHG management policies. Financial laundering, particularly through FLaaS, threatens this stability, potentially corrupting the political processes essential for environmental policy-making. The destabilizing effect of laundered money can impede the allocation of public funds to critical environmental projects and weaken international cooperation on climate change mitigation. 

The Path Forward
Combating FLaaS is not just a financial imperative but an environmental necessity. Strengthening AML measures, enhancing international cooperation, and fostering transparency in financial transactions can mitigate the adverse effects of FLaaS. By ensuring that financial systems are not exploited for laundering activities, we can secure the resources and stability needed to address GHG emissions effectively. Investments can be channelled into sustainable industries, driving innovation in green technologies, and supporting the global transition to a low-carbon economy. 

Trust Your Supplier (TYS) stands as a critical tool in the arsenal against the environmental degradation exacerbated by FLaaS. By leveraging blockchain technology, TYS provides a secure and transparent platform for managing supplier information, ensuring that data integrity is maintained across the supply chain. This level of transparency is vital in identifying and mitigating the risks associated with suppliers that may be involved in environmental crimes or lack proper compliance with environmental regulations. Through comprehensive MDM capabilities, TYS allows companies to maintain an accurate and up-to-date repository of supplier data, including their environmental compliance records. This data can be instrumental in making informed decisions about which suppliers to engage with, prioritizing those that adhere to sustainable practices and contribute positively to GHG management efforts. 

TYS’s robust risk and compliance monitoring features enable businesses to proactively assess and manage the environmental risks associated with their suppliers. By setting criteria for compliance with environmental standards, TYS can help flag suppliers that fall short of these benchmarks, allowing businesses to take corrective action before any reputational or regulatory consequences arise. This is particularly relevant in industries prone to high GHG emissions, where selecting environmentally responsible suppliers can significantly contribute to a company’s overall sustainability goals. 

In the battle against FLaaS and its indirect facilitation of environmental harm, Trust Your Supplier emerges as a potent solution to ensure that businesses do not inadvertently support activities contributing to GHG emissions. By fostering a more transparent, compliant, and sustainable supply chain, TYS not only aids in the fight against financial crimes but also aligns with global efforts to mitigate climate change. This dual function underscores the importance of integrating advanced supplier management tools like TYS in strategic efforts to secure a sustainable future, making it clear that the fight against financial laundering is inextricably linked with the broader struggle for environmental sustainability. 

April Harrison Blog, Financial, Risk Management, Value Engineering 0 Comments , , , , ,

Shielding the Financial Frontline

Master Data Governance and Continuous Monitoring in the Battle Against FLaaS

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

The digital age has ushered in unparalleled opportunities for the banking and insurance sectors, driving innovation and customer convenience to new heights. However, this transformation has also opened the door to sophisticated financial crimes, notably Financial Laundering as a Service (FLaaS). This emerging threat utilizes the digital world’s complexity to obscure illicit financial flows, posing significant risks to the integrity and stability of financial institutions and insurance companies. Addressing this challenge requires more than traditional measures; it demands a strategic approach centered around master data governance and continuous monitoring.

The Growing Threat of FLaaS
Understanding FLaaS: Financial Laundering as a Service represents a sinister evolution of money laundering, exploiting digital platforms to clean dirty money. By offering laundering services as a package, FLaaS operators provide criminals with anonymity and operational ease, complicating the task of tracking and combating these activities for financial bodies.

Impact on Banking and Insurance Markets: The banking and insurance sectors, integral to the global financial ecosystem, are particularly vulnerable to FLaaS. The potential for regulatory penalties, reputational damage, and financial losses from FLaaS activities is immense. The intricate nature of these markets, combined with the volume of transactions, creates numerous blind spots that FLaaS exploits.

Master Data Governance: A Shield Against FLaaS
Defining Master Data Governance: Master data governance refers to the management and oversight of an organization’s critical data to ensure accuracy, consistency, and security. In the context of combating FLaaS, it serves as a foundation for integrity and transparency across financial transactions and relationships.

Role in Combating FLaaS: By implementing robust master data governance, banks and insurance companies can significantly enhance their ability to detect and prevent money laundering activities. This approach ensures that all transactional data is accurate and traceable, making it more difficult for FLaaS operations to succeed.

Continuous Monitoring: The Watchful Eye
The Need for Continuous Monitoring: Given the dynamic nature of FLaaS, static security measures are insufficient. Continuous monitoring provides real-time oversight of transactions and activities, enabling the early detection of suspicious patterns that may indicate money laundering.

Benefits for the Financial Sector: Continuous monitoring, supported by advanced analytics and AI, allows for the automatic identification of anomalies in transaction data. This capability is crucial for maintaining compliance with evolving regulatory requirements and protecting against the reputational risks associated with FLaaS.

Conclusion
The battle against Financial Laundering as a Service is complex and ongoing. For the banking and insurance sectors, the stakes are high, with the integrity of the financial system and the trust of customers in the balance. Master data governance and continuous monitoring emerge as essential weapons in this fight, offering a path to safeguard operations and ensure compliance. As the landscape of financial crime continues to evolve, so too must the strategies to combat it. Embracing these advanced measures is not just a regulatory necessity; it is a strategic imperative for survival and success in the digital age.

April Harrison Blog, Financial, Risk Management, Value Engineering 0 Comments , , , , ,

Material Sourcing: The Ethical Heartbeat of Super Bowl Rings

by April Harrison, TYS Marketing Director

While the specific details of the sourcing practices for Super Bowl rings may not be publicly disclosed or standardized across all teams, in recent years, there has been a growing trend in various industries, including jewelry and luxury goods, towards ethical and responsible sourcing of materials. 

Many organizations and consumers place increasing importance on sustainability, ethical mining, and fair labor practices. Various certifications, such as the Kimberley Process for diamonds, aim to prevent the trade of conflict diamonds. Additionally, some jewelry companies and manufacturers commit to using recycled metals and responsibly sourced gemstones. 

Here’s what a Super Bowl ring creation process looks like when the journey truly begins with a commitment to ethical and responsible material sourcing.  

1️⃣ Gold and Platinum Elegance: The materials at the core of these coveted rings are often gold and platinum. The quest for perfection starts with the careful selection of these precious metals. Responsible mining practices and the traceability of the metal’s origin are paramount. This ensures that the journey from the earth to the ring is marked by environmental sensitivity and ethical labor practices.  

2️⃣ Diamonds and Gemstones with a Conscience: Adding sparkle to the equation, diamonds and gemstones are chosen with meticulous attention. The focus extends beyond their brilliance to the ethical mining and sourcing of these gems. Conflict-free diamonds, adhering to the Kimberley Process, and responsibly sourced gemstones underscore the commitment to a supply chain free from ethical concerns.  

3️⃣ Sustainable Practices: The commitment to sustainability doesn’t end with responsible sourcing. Efforts are made to reduce the environmental footprint throughout the production process. From using recycled metals to implementing energy-efficient manufacturing techniques, the goal is to create a tangible symbol of victory without compromising the planet’s well-being.   

4️⃣ Community Impact: Beyond environmental considerations, ethical material sourcing extends to the impact on local communities. Partnerships with communities near mining sites contribute to social development initiatives, ensuring that the journey of creating these rings leaves a positive footprint on the lives of those involved. 

5️⃣ Transparency and Certification: To instill confidence in the authenticity and ethical standards of the materials, Super Bowl rings often come with certifications. These certifications not only vouch for quality but also affirm the commitment to responsible and ethical practices, allowing wearers to proudly showcase their rings with a clear conscience.  

To determine the exact ethical sourcing practices of Super Bowl rings, you would need to check with the specific teams, manufacturers, or organizations involved in their creation. For any organization, becoming more transparent about their supply chain shows commitment to ethical and sustainable practices. To amplify the impact, collaboration with emerging technology providers like Trust Your Supplier, equipped with compliance and risk management features, ensures a supply chain in harmony with regulatory requirements and industry benchmarks. 

When responsibly sourced, these Super Bowl rings become more than mere symbols of victory; they transform into emblems of ethical origins and meaningful community contributions, resonating far beyond the boundaries of the football field. 🏈💎🌍 

 #EthicalSourcing #SuperBowl #SustainableSourcing #ethicalmining #fairlabor #ConflictFreeDiamonds #KimberleyProcess #Compliance #SupplyChain

 

April Harrison Blog, Consumer Products, ESG 0 Comments , , ,

Navigating the ESG Landscape: How Financial Services Can Thrive in a Changing World

by Nick Picone, TYS VP of Advisory Practice, and Michelle Armstrong, TYS Global VP of Value Solutions Consultant

The financial services industry has officially passed a critical inflection point. Climate change and ever-changing environmental, social, and governance (ESG) requirements have quickly reshaped the operating landscape. This accelerating shift demands a proactive approach from banks and other large financial institutions to meet regulatory expectations and harness ESG principles for economic resilience and innovation.

It is no longer an option to sit back and ignore these challenges with regulators, investors, customers and stakeholders who are increasingly scrutinizing ESG integration and climate risk management. The imperative to change becomes even more compelling when confronted with an uncertain economic climate like we face today – where a strategic posture supporting sustainability has proven to foster operational resilience against economic downturns and inflationary pressures.

This article delves into the evolving regulatory landscape, the importance of supplier compliance, and how forward-thinking institutions can leverage emerging technology to navigate this transformative period, thereby driving the results that society now requires and ensuring economic sustainability.

The Coming Regulatory Storm: From OCC to Global Framework
The recent final guidance from the Office of the Comptroller of the Currency (OCC) in the United States and similar global initiatives in the EU underscore the growing focus on two distinct areas climate change and ESG integration. With guidance emphasizing the need for large banks to manage climate-related financial risks more effectively, the message is clear: financial stability and responsible lending practices are now critical business requirements. This regulatory push, combined with the resilience ESG-focused companies have shown during economic downturns, highlights the financial imperative to integrate sustainable practices.

Key Statistics:

Moving Beyond Compliance: Embracing ESG as a Core Business Strategy
For financial institutions, integrating ESG into the business extends far beyond compliance; it presents a strategic opportunity to innovate, mitigate risks, and enhance financial performance. Organizations are being presented with a golden opportunity to become more operationally fit. An additional value driver all organizations will benefit from is the enhanced ability to weather economic shocks and inflationary pressures by reducing operating costs and fostering resilience. Aligning with global standards like the EU Taxonomy and SFDR not only demonstrates a commitment to transparency but also attracts eco-conscious customers, offering a competitive edge in an increasingly discerning customer base.

Key Statistics:

  • A significant majority of global consumers are willing to pay a premium for sustainable products and services, highlighting the economic benefit of ESG integration. (Source: McKinsey, 2023)
  • Companies with robust ESG performance consistently outperform their peers (MSCI, 2023), underscoring the financial rationale for sustainability.

Leveraging Emerging Technology for Transformation
Effective ESG assessments and climate risk management require innovative solutions. Technologies that streamline data management and enhance risk assessment enable financial institutions to navigate the complexities of the ESG landscape quickly and efficiently. By automating compliance and leveraging advanced analytics, institutions can ensure they meet evolving regulatory requirements while driving sustainable growth.

Key Benefits:

  • Streamlining data management: Eliminate data silos and consolidate insights from diverse sources, providing a holistic view of ESG performance and climate risks. (Source: McKinsey, 2023)
  • Enhancing risk management: Utilize advanced analytics and scenario planning tools to quantify climate-related risks and inform sound decision-making. (Source: McKinsey, 2020)
  • Ensuring regulatory compliance: Automate data collection, reporting, and disclosure processes to guarantee adherence to evolving regulations like the EU Taxonomy and SFDR. (Source: Deloitte, 2022)

The Business Case To Support Change
The financial services industry plays a pivotal role in building a sustainable future. Embracing ESG and climate-conscious strategies enables long-term success, mitigates risks, and unlocks future growth. It’s also critical to partner with an emerging technology provider who will support your initiative to integrate ESG into your operational environment. Partnering with a company like TYS and leveraging a best-of-breed approach through third-party data providers like Moody’s, EcoVadis, Rapid Ratings, and Dunn & Bradstreet will ensure your organization not only aligns with regulatory requirements but also contributes to a more sustainable and economically stable future.

April Harrison Blog, Financial, Value Engineering 0 Comments , , ,

A Second Chance at Glory: Turning Defeat into Compassion and Inspiration

by April Harrison, TYS Marketing Director

Continuing my exploration of the Super Bowl supply chain, what becomes of the championship shirts and hats for the losing team? These brand-new garments, seemingly destined for obscurity, lead into the next part of our series, A Second Chance at Glory: Turning Defeat into Compassion and Inspiration.

In a heartwarming twist of fate, the losing team’s championship gear transforms from a symbol of defeat into an extraordinary opportunity for compassion and inspiration. Here’s how this second chance at glory unfolds:  

Upon the conclusion of the Super Bowl, humanitarian organizations and charitable foundations swiftly step into action. Partnering with the league or the sports apparel companies responsible for manufacturing the gear, these organizations see beyond the game’s outcome and recognize the transformative potential of these items. The losing team’s championship gear embarks on a new journey, transcending borders to reach communities facing hardships around the world. Whether it’s in regions affected by natural disasters, impoverished areas, or communities dealing with various challenges, the gear becomes a beacon of support and inspiration.   

Distributed by these humanitarian organizations, the gear takes on a new purpose: to empower and uplift. T-shirts and hats that once symbolized a moment of disappointment now become symbols of resilience and shared humanity. The recipients, often facing adversity, find warmth and encouragement in the unexpected gift, fostering a sense of community and connection. Each piece of championship gear carries with it the stories of determination, teamwork, and sportsmanship that define the Super Bowl. These narratives resonate with individuals who receive the gear, reminding them that, even in the face of setbacks, there is a shared human spirit that unites us all.  

While it’s uplifting to see these garments finding a meaningful second purpose, authentic corporate responsibility begins by ensuring that every procurement decision resonates with a commitment to ethics and sustainability. Visibility into a company’s supplier base is crucial and Trust Your Supplier’s integration with strategic partners, such as EcoVadis, Verisk Maplecroft, Dunn and Bradstreet, and Moody’s Analytics, brings together all the necessary components for procurement organizations that are on the path toward ethical sourcing. In this way, these garments will make an impact on both ends of their life—beginning with sustainable sourcing and concluding with a profound social impact. 

#ethicalsourcing #socialimpact #superbowl #supplychain #sustainableprocurement

April Harrison Blog, Consumer Products, ESG 0 Comments , , ,

Feast and Footprint: Unveiling the Culinary Extravaganza and Waste at the Super Bowl!

by April Harrison, TYS Marketing Director

As the Super Bowl spectacle unfolds on the field, another grand performance is taking place in the stands and concession areas—a culinary masterpiece of epic proportions. Let’s delve into the food consumed and the waste generated during this colossal event.

Super Bowl Sunday is not just a showdown of athletic prowess; it’s a gastronomic celebration. Millions of fans in the stadium and watching at home indulge in a culinary feast, devouring an astonishing array of food ranging from classic hot dogs and nachos to gourmet treats and stadium specialties. The sheer scale of the Super Bowl translates to mind-boggling food consumption. Think thousands of pizzas, millions of chicken wings, and enough nachos to build a culinary fortress.   

Yet, behind the scenes of this culinary symphony lies a challenge—food waste. The sheer volume of meals served, and snacks consumed contributes to a significant amount of waste, including packaging, uneaten portions, and disposable utensils. The challenge is not only to satiate the appetites of millions but also to do so responsibly, minimizing the environmental impact.  

In recent years, there’s been a growing awareness of the environmental footprint of major events like the Super Bowl. Stadiums, vendors, and organizers are increasingly adopting sustainable practices, from sourcing compostable utensils to implementing recycling programs. These efforts aim to strike a balance between the grandeur of the occasion and the responsibility to our planet.  

Fans, too, play a crucial role. The Super Bowl experience extends beyond the field, and conscious choices by attendees—like using designated recycling bins and opting for eco-friendly alternatives—contribute to the overall sustainability narrative.  

The need for conscientious choices echoes far beyond the stadium, reaching into the core of procurement organizations. Trust Your Supplier (TYS), as a pioneer in SaaS blockchain networks, offers invaluable tools and insights for procurement organizations of any size to navigate the labyrinth of ethical choices. By leveraging TYS’s platform, we empower these organizations to make sustainable choices, ensuring that every procurement decision contributes to a dedicated commitment to our planet’s well-being. 

#SuperBowlFeast #SustainableCelebration #EnvironmentalConsciousness #Procurement #Sustainability #ESG

April Harrison Blog, Consumer Products, ESG 0 Comments , , ,

TYS Podcast S2E2- Mitigating Financial Risk to Unlock Added Value

In today’s fast-paced business environment, companies face numerous challenges in managing financial risk effectively while unlocking added value from their procurement processes. To gain valuable insights into this critical area, we turn to procurement experts Stephen Brandt & Chad Hill from Trust Your Supplier (TYS), and Eric Evans from RapidRatings, who share their wealth of experience and knowledge in the field. 

Stephen Brandt, a value engineer at Trust Your Supplier, emphasizes the importance of understanding regulatory goals and compliance risks in procurement. With 15 years of experience in the industry, Stephen highlights the need to uncover value while mitigating financial risks effectively. 

Chad Hill, the Chief Revenue Officer at Trust Your Supplier, underscores the significance of leveraging technology to enhance supply chain management. With over 17 years of experience in procurement technology, Chad emphasizes the importance of collaboration and amplifying the mission of delivering value to the market. 

Eric Evans, a seasoned expert with 20 years of experience in data risk and compliance, provides valuable insights into the role of predictive analytics in managing financial risk. As a partner at Rapid Ratings, Eric discusses the impact of rising interest rates and leveraged debt on companies, particularly in the wake of the COVID-19 pandemic. 

One of the key challenges highlighted by Eric is the need to assess the financial health of critical relationships within the supply chain. By segmenting companies based on their criticality and leveraging predictive analytics, organizations can gain deeper insights into potential risks and opportunities. 

Furthermore, Eric emphasizes the importance of continuous monitoring and due diligence in supplier onboarding processes. With the help of platforms like Trust Your Supplier, organizations can customize their monitoring strategies to align with their specific needs and priorities. 

Chad echoes the importance of resilience in today’s business landscape, emphasizing the interconnected nature of financial, operational, and environmental risks. By leveraging technology and expert insights, organizations can better anticipate and mitigate potential risks, ensuring long-term sustainability and growth. 

In conclusion, mitigating financial risk in procurement requires a holistic approach that integrates technology, expertise, and strategic partnerships. By leveraging predictive analytics, continuous monitoring, and customized solutions, organizations can unlock added value while safeguarding against potential risks, ensuring resilience and success in today’s dynamic business environment. 

Trust Your Supplier (TYS) is a Small, Minority, and Woman-owned business with a global reach offering an innovative blockchain-based solution for supplier and risk management to large and mid-size enterprises. By harnessing the immutability of the blockchain, TYS ensures daily monitoring, and historical, predictive, and prescriptive risk insights, enabling trusted data exchange and workflow automation beyond traditional boundaries. This distributed ledger technology fosters transparency, efficiency, and empowerment for businesses to manage suppliers and mitigate risks effectively. 

April Harrison Blog, Financial, Podcast, Risk & Compliance 0 Comments , ,