Dr. Epstein's Spider Map Highlighting TYS

TYS Remains Focused on Innovation and Value

We are thrilled to announce a significant achievement for Trust Your Supplier (TYS) – our continued positioning at the center of Dr. Elouise Epstein’s latest Spider Chart. In a landscape characterized by continual innovation and creativity, TYS stands resiliently at the center, demonstrating our unwavering commitment to excellence in procure tech.

At Trust Your Supplier, we recognize the evolving nature of supplier and risk management within the procurement sphere. Leveraging the transformative capabilities of blockchain technology, our platform offers a comprehensive suite of solutions designed to optimize supplier relationships and mitigate risks effectively.

Our distinguishing features encompass real-time monitoring, comprehensive historical data analysis, and forward-looking predictive insights. By integrating these elements into our platform, we empower enterprises of varying scales to operate with heightened transparency, efficiency, and risk resilience.

As proponents of progress within the procurement sector, TYS is dedicated to pioneering advancements that redefine industry standards. From empowering mid-sized enterprises to supporting multinational corporations, our blockchain-based solution catalyzes transformative change across diverse organizational landscapes.

Yet, our journey is far from over. With each milestone achieved and accolade earned, Trust Your Supplier remains steadfast in our commitment to driving innovation and fostering positive change within procurement.

We extend our sincerest gratitude to our esteemed partners, stakeholders, and industry peers for your continued support and collaboration. Together, we are forging ahead, challenging conventions, and shaping the future of procure tech with integrity and ingenuity.

Stay informed as we embark on this journey of progress and innovation. 

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?
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.

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

 

Trust Your Supplier (TYS) Featured in Forbes Article

Reimagining Supplier Onboarding and Compliance with Blockchain – How Trust Your Supplier (TYS) is revolutionizing the procurement process.

Award winning research journalist Kate Vitasek, has featured Trust Your Supplier (TYS) in a Forbes article chronicling TYS’s journey using blockchain technology to solve supplier onboarding and compliance issues. 

Blockchain technology is transforming the way businesses manage supplier onboarding and compliance, and Trust Your Supplier (TYS) is at the forefront of this revolution. TYS is a blockchain-based platform that streamlines the onboarding process by creating a digital identity for suppliers, allowing them to share their information with multiple customers at once. This not only saves time and reduces administrative burden but also improves data quality and security. 

The TYS platform was born from a collaboration between IBM and Chainyard, which began in 2018. The partnership quickly moved from idea to innovation, resulting in the creation of the first blockchain-based, decentralized platform designed to manage supplier information. The TYS network has expanded to include companies such as Lenovo, GSK, Nokia, BT, American Express, and Pearson. 

The benefits of using the TYS platform are significant for both suppliers and their customers. On average, onboarding times have been reduced by 67%, leading to cost savings of nearly $500 per supplier for purchasing organizations. For suppliers, the ability to be onboarded with additional companies almost instantly allows them to start work after a deal is sold, eliminating the administrative burden of managing the same or similar data across multiple customers. 

As the world continues to embrace blockchain technology, the future of digital identity is rapidly approaching. Groundbreaking efforts like TYS signal the dawn of a new era in data ownership, where suppliers will have unprecedented control over their data, leading to enhanced regulatory compliance, security, and data quality. The journey to this data-centric future has begun, and its potential impact is nothing short of transformative. 

#SupplierOnboarding #Blockchain #TYS #DigitalTransformation #Procurement #ProcurementCompliance #SanctionsCompliance #RiskandCompliance  #ProcurementInnovation #RiskAssessment #RegulatoryCompliance #ProcurementLeadership #CPO #DigitalIdentity #DataOwnership #Forbes #KateVitasek

Evolving Corporate Sustainability Regulations

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

Corporate sustainability has gained unprecedented importance in the face of global challenges like climate change and human rights issues. Businesses are increasingly held accountable for their environmental degradation and social impacts. Legislative and regulatory changes are redefining corporate responsibilities towards sustainability, moving beyond voluntary initiatives to mandatory compliance.

From EU regulations such as the Corporate Sustainability Reporting Directive (CSRD) to the global standards of the International Sustainability Standards Board (ISSB) and the Task Force on Climate-related Financial Disclosures (TCFD),  the reporting landscape is transitioning at lightning speed.

The Council and the European Parliament reached a provisional deal on the Corporate Sustainability Due Diligence Directive (CSDDD), which aims to enhance the protection of the environment and human rights in the EU and globally. The due diligence directive will set obligations for large companies regarding actual and potential adverse impacts on human rights and the environment, with respect to their own operations, those of their subsidiaries, and those carried out by their business partners.

Which regulations apply to you?

Key Frameworks: The CSDDD, CSRD, ISSB, and TCFD represent significant legislative and regulatory shifts, mandating comprehensive sustainability practices and reporting.

Implications for Organizations: These frameworks signal a shift from voluntary to mandatory sustainability practices, emphasizing transparency, accountability, and long-term planning.

Read more over the next few days as we provide insight into CSRD, ISSB, TCFD, and the CSDDD.

Renee Ure Joins TYS as a Business Advisor

We are thrilled to announce that Trust Your Supplier (TYS) has a new addition to our team! Please give a warm welcome to Renee Ure, who has joined us as a dedicated Business Advisor. 🎉👏

Renee has always been an ardent supporter of TYS since the beginning, and we consider ourselves extremely fortunate to have her on board in this formal position. Her expertise and unwavering passion for supply chain management will play a crucial role in shaping our solutions and forging impactful partnerships that will revolutionize the entire industry. 🚀

With Renee’s valuable insights and forward-thinking mindset, we are confident that TYS will continue to lead the way in transforming how the procurement and supply chain operates.

✨ Join us in congratulating Renee and let’s embark on this exciting journey together! Stay tuned for more updates as we work towards an even brighter future. Read the press release.

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Trust Your Supplier (TYS) is a small Minority and Women-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 with 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 effectively manage suppliers and mitigate risks.

#ProcurementExcellence #DigitalTransformation #Procurement #ProcurementComliance #RiskManagement #SupplyChainSolutions #FinancialRiskMitigation #SanctionsCompliance #ESGStrategy #ClimateRiskManagement #SustainableSourcing #SupplyChainResilience #RiskandCompliance #EthicalSourcing #FinancialCompliance #ESGReporting #ClimateResilience #SupplierDiversity #GlobalTradeCompliance #SupplyChainVisibility #ESGPerformance #ClimateChangeAdaptation #ProcurementInnovation #RiskAssessment #SupplyChainRisk #EthicalBusiness #CarbonFootprint #SupplyChainTransparency #ESGInvesting #ClimatePolicy #SustainableProcurement #RegulatoryCompliance #ProcurementLeadership #CPO

Breaking News: Trust Your Supplier (TYS) Thrilled to be Spotlighted in Harvard Business Review Article

We’re absolutely elated to announce the release of the Harvard Business Review article that shines a spotlight on Trust Your Supplier (TYS) as the ultimate game-changer in supplier onboarding. It is with great excitement and pride that we share this incredible recognition with our TYS community and partners. 

Supplier onboarding – a necessary but often time-consuming process. It’s not uncommon for this vital step to take weeks or even months due to manual processes and documentation checks. But what if we told you there’s a game-changing disruptor on the horizon? Trust Your Supplier (TYS), as featured in the Harvard Business Review, is here to revolutionize supplier onboarding. TYS has harnessed the power of blockchain technology to create a worldwide network of buyers and suppliers, setting a new standard for supplier onboarding. 

So, what sets TYS apart? 

  1. Automation: TYS automates the cumbersome manual processes involved in vetting supplier data. Say goodbye to the days of lengthy onboarding.
  2. A Global Network: With over 100,000 fully vetted suppliers and partnerships with major players like BT Sourced, Lenovo, Nokia, Pearson, and Thermo Fisher, TYS has created a truly global network.
  3. Efficiency & Cost Savings: Purchasers using TYS have reported cost savings of nearly $500 per supplier. For enterprises with extensive supplier networks, this translates into eight-figure savings.
  4. Supplier Benefits: Suppliers experience an average onboarding time of less than a week, a 67% reduction. Plus, they can seamlessly work with multiple customers without the hassles of data duplication. 

We believe that a paradigm shift is underway in supply chain management and procurement. Organizations are increasingly adopting platform solutions like TYS to address systemic supply chain issues efficiently and collaboratively. TYS is leading the charge, revolutionizing supplier onboarding, and setting a new standard for the industry. 

Join us on this exciting journey toward a more efficient, collaborative, and cost-effective future. Learn more about how TYS is changing the game in supplier onboarding in our full article. 

harvard-business-review-logo-FD07ED9958-seeklogo.com

 

#SupplierOnboarding #SupplyChainRevolution #Blockchain #TYS #Efficiency #Collaboration #ProcurementExcellence #DigitalTransformation #Procurement #ProcurementComliance #RiskManagement #SupplyChainSolutions #FinancialRiskMitigation #SanctionsCompliance #ESGStrategy #ClimateRiskManagement #SustainableSourcing #SupplyChainResilience #RiskandCompliance #EthicalSourcing #FinancialCompliance #ESGReporting #ClimateResilience #SupplierDiversity #GlobalTradeCompliance #SupplyChainVisibility #ESGPerformance #ClimateChangeAdaptation #ProcurementInnovation #RiskAssessment #SupplyChainRisk #EthicalBusiness #CarbonFootprint #SupplyChainTransparency #ESGInvesting #ClimatePolicy #SustainableProcurement #RegulatoryCompliance #ProcurementLeadership #CPO  

Germany Supply Chain Due Diligence Act: A Guide for Suppliers 

Lieferkettensorgfaltspflichtengesetz (Lieferkettengesetz or LkSG) comes into effect in Germany from 2023. Known in English as the German Supply Chain Due Diligence Act (SCDDA), the law mandates companies with offices in Germany to conduct due diligence on their supply chains to protect human rights and the environment.   

For our Trust Your Supplier buyer organizations, we’ve created a quick guide to help your suppliers understand and respond to customer requests in such a way as to make sure that their organization benefits from the process, too. 

This guide can be downloaded here to share with your suppliers. 

TYS Patent for Blockchain SIM

We thought during the GITEX Global and Future Blockchain Summit would be the perfect time to announce that Trust Your Supplier has secured approval from the U.S. Patent Office for all rights to a blockchain-based supplier information management solution! 

Solving the issue of distrust between business participants, blockchain provides data security, clear provenance and an immutable record of all the events that have taken place between parties.  

We chose to build Trust Your Supplier on blockchain to provide procurement organizations, compliance teams and auditors with a trusted supplier record unmatched by any other technology. 

Download this info sheet to learn more about Blockchain Features.

Learn more about Blockchain and Trust Your Supplier here.

#blockchain

supplier.io is a TYS Partner

supplier.io is the leading SaaS provider of solutions that enable companies to manage, optimize, and scale their supplier diversity programs. Equipped with unparalleled data intelligence, superior technology, and expert guidance, customers can establish and advance their supplier diversity initiatives effectively and strategically. 

Supplier.io is now available on the Trust Your Supplier network. Learn more: https://trustyoursupplier.com/portfolio/supplier-io/