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The Evolving Landscape of Data Validation and Supplier Discovery: Human Expertise Meets AI

by Michelle Armstrong, TYS Global VP of Value Engineering

In the digital age, businesses seek efficiency and accuracy in their supply chain operations, particularly in supplier discovery and data validation. While Artificial Intelligence (AI) presents promising solutions, it is not a panacea. At Trust Your Supplier, we recognize the unique value of combining AI with the irreplaceable insights provided by in-country verifiers, ensuring that our clients receive the most reliable and contextually accurate data.

The Limitations of AI in Supplier Discovery
AI is powerful and capable of processing vast datasets to identify patterns and anomalies at speeds no human could match. However, its effectiveness is contingent upon the quality and structure of the data it processes. In regions with less standardized digital data or where legal constraints limit data accessibility, AI alone may falter, yielding less than optimal results.

The Human Element: In-Country Verifiers
At Trust Your Supplier, we enhance AI’s capabilities with the local knowledge and expertise of in-country verifiers. These professionals are fluent in the local languages and business practices and familiar with regional legal nuances that might affect data collection and validation. This human element ensures that the data you receive is accurate and fully compliant with local regulations.

Balancing AI and Human Insight
Incorporating in-country verifiers into our process addresses the gaps left by AI. For example, when supplier data changes—such as updates in tax IDs or operational addresses—our local experts can verify these changes promptly and accurately. This approach reduces the risk of outdated or incorrect data, a common issue when relying solely on AI, particularly in dynamic markets.

Looking to the Future
While AI continues to advance, reaching new heights of data processing capabilities, the path to perfection is long. At Trust Your Supplier, we are committed to staying at the forefront of technology while also valuing the indispensable human touch. Our blended approach prepares us for today’s challenges and also sets a robust foundation for integrating more sophisticated AI solutions in the future.

Why Trust Your Supplier?
Choosing Trust Your Supplier means opting for a service that understands the balance between technology and human expertise. Our clients benefit from a hybrid model that leverages the best of both worlds—cutting-edge AI backed by the critical oversight of seasoned professionals. This ensures not only the accuracy of the data but also its applicability and compliance, giving businesses the confidence to make informed decisions.

In the evolving world of supplier management, Trust Your Supplier stands out by offering an innovative and balanced approach. While AI is a powerful tool that will continue to improve, the current landscape requires a human touch to ensure the highest standards of data validity and reliability. Trust us to be your partner in navigating the complex, ever-changing world of supplier discovery and validation.

 

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April Harrison AI & Automation, Blog, Supplier Diversity, Value Engineering 0 Comments , , ,

Trust Your Supplier (TYS) Completes SOC Examinations for Fourth Consecutive Year

In the fast-paced landscape of business operations, the secure exchange of information stands as a cornerstone of success across all industries. Cybersecurity, confidentiality, and data privacy remain paramount concerns, particularly in the realm of document exchanges and data transfers. Trust Your Supplier (TYS), a flagship initiative under the purview of Chainyard, acknowledges the critical nature of these issues within its network of participants. To bolster this commitment, TYS and Chainyard proudly announce the successful completion of SOC 1 & SOC 2 Type 2 examinations for the fourth consecutive year with no exceptions, reaffirming its dedication to meeting the most stringent data security requirements.

The examination was conducted by A-LIGN, a technology-enabled security and compliance firm trusted by more than 4,000 global organizations to help mitigate cybersecurity risks.

What is SOC 2 report?
A SOC 2 report  addresses risks associated with the handling and access of data, and can be used by a variety of organizations of any size (e.g. SaaS, colocation, data hosting, etc.) Rather than a cybersecurity assessment that evaluates specific technical configurations, a SOC 2 report focuses more on how an organization implements and manages controls to mitigate the identified risks to the different parts of an organization.
The SOC 2 audit testing framework is based off of the Trust Services Criteria (TSC), which are used to identify various risks (points of focus) an organization should consider addressing. Based on the TSCs the organization selects to be in-scope, the third-party compliance and audit firm evaluates whether the organization has the appropriate policies, procedures and controls in place to manage the identified risks effectively.

In order to pass a SOC 2 examination and receive a letter of attestation successfully, it means an organization is addressing controls in areas such as information security, access control, vendor management, system backup, business continuity and disaster relief, and more.

Trust Your Supplier & Chainyard performs SOC 1 and SOC 2 audits on an annual basis and reports are available to current clients upon request and to potential clients upon execution of a non-disclosure agreement. If you are interested in viewing these SOC reports, please contact us.

April Harrison Blog, Data Privacy & Security, News 0 Comments ,

TYS Lunch & Learn Episode 4 – Unraveling the Global Tapestry of Politics, Economics, and Supply Chains

In this episode, we dive deep into the intricate web of global politics, economics, and supply chains, unraveling the complexities that shape the landscape of modern business. Join us as we explore pressing questions and uncover insights that shed light on the evolving dynamics of the global risk environment.

The volatile nature of today’s global political and economic climate reverberates across industries, making it imperative for supply chain and procurement professionals to stay vigilant. Every shift in geopolitics or economic policy can send ripples through the supply chain, impacting everything from sourcing strategies to operational efficiency.

So, why does this matter for supply chain and procurement? Simply put, businesses operate in a connected world where disruptions in one region can have far-reaching consequences. Whether it’s trade disputes, sanctions, or geopolitical tensions, these factors can disrupt supply chains, increase costs, and affect business continuity.

Tracking these issues requires a comprehensive approach, leveraging a mix of data sources, analytics, and expert analysis. By monitoring key indicators, companies can anticipate risks and identify opportunities, enabling proactive decision-making.

To gain deeper insights into these challenges, we asked the experts at Prism about the emerging trends in global politics and economics. Watch our conversation with them and read our blog, co-authored by TYS and Prism, on how the Swiss climate ruling reshapes supply chains and risk management.

April Harrison Blog, Data Privacy & Security, Podcast, Risk & Compliance, Supplier Information Management 0 Comments , , , , ,

Navigating Geopolitical Shifts

How the Swiss Climate Ruling Reshapes Supply Chains and Risk Management

by Michelle Armstrong, TYS Global VP of Value Engineering and George Coe, Prism Cofounder & Partner

On April 9, 2024, a Swiss Court determined that the Swiss government had a legal obligation to combat climate change, based on European Human Rights Law. The case will have significant implications for ESG and supply chains. 

This adds to a wave of climate litigation, against both countries and companies, but stands as a landmark ruling due to the use of human rights law broadly, and the European Convention on Human Rights (ECHR) specifically, for which a precedent is now set for all 46 countries that are signatories. 

The implications go far beyond the direct ruling. TYS partner, PRISM, a geopolitical risk advisory firm, breaks down the issues for supply chain leaders to watch in three categories. 

Risk of rapid regulatory expansion: the ruling implies that governments have an obligation to take appropriate measures to meet their stated climate goals. Current policy in almost every country comes far short of stated climate goals, such as the Net Zero by 2050 targets set in most Western economies. Legal obligations to put in place policies that match stated goals would mean transformative new climate regulations that would require far larger changes to supply chains than current law. This could range compliance burdens like greater disclosures, but the ruling implies effort aimed more directly at cutting climate risk, making it more likely that direct supply chain costs would be imposed by policies that require renewables investments, more ambitious emissions reductions, reduction of high emissions imports, and other more fundamental changes. 

More countries: a range of other cases exist using human rights and other laws. Other countries, from France to Portugal to India and beyond must be watched for similar precedent-setting rulings that would expand the implications of this legal framework beyond Switzerland and the ECHR. 

Direct corporate lawsuits: the ruling accelerates the impact of climate litigation from activists, which has also been aimed directly at companies. It can be expected to boost efforts to sue companies directly for failures on climate change, creating financial risk to companies and their suppliers, if more lawsuits are successful. 

More broadly, the case could act as a catalyst for enhanced international cooperation. By framing climate action as a human rights imperative, it may lead to a concerted effort among nations to standardize environmental policies and regulatory frameworks, especially at a time when human rights and environmental goals are being pursued in tandem in supply chain regulations like the EU’s CSDDD. 

The case itself is a crucial moment in the use of litigation by climate activists, bringing together years of work at the intersection of environmental advocacy, human rights, legal strategy, and political dynamics. If a precedent has truly been set that expands to more countries, we can expect a rapid rise in transformative climate action, rather than just stated goals, in the coming years. 

Learn more about our TYS partner Prism.

Read more about the landmark Swiss case.

#TYS #Prism #ClimateLitigation #ESG #HumanRightsLaw #RegulatoryExpansion #CSDDD #Sustainability #GeopoliticalRisk 

April Harrison Blog, ESG, Risk & Compliance, Risk Management, Value Engineering 0 Comments , , , ,
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