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Why Mid‑Market Teams Choose TYS Essentials to Manage Supplier Risk

If you lead procurement, compliance, or finance at a mid‑market company managing 500+ suppliers based across multiple regions, you face the same pressure to mitigate risk as Fortune 500 organizations, but with leaner teams and tighter budgets. You need a partner that can automate workflows, surface critical risk management insights, and help you stay audit‑ready without the overhead of a massive platform. 

That’s why we built TYS Essentials – a solution tailored to companies under $1 billion in revenue. 

The Mid‑Market Challenge

  • Complex supplier networks. You’re responsible not only for direct components but also for raw material sub‑suppliers and contract manufacturers. 
  • Regulatory scrutiny. ESG, data privacy, sanctions screening, and financial compliance never sleep. 
  • Resource constraints. Small teams can be overwhelmed by manual approvals, endless email threads, and static spreadsheets. 
  • Fraud & business continuity risks. Late payments, falsified documents, or sudden supplier bankruptcy can halt production. 

Now more than ever, it’s crucial to proactively manage risk, monitor your suppliers’ changing profiles, ensure compliance, and showcase ROI to leadership. 

How TYS Essentials Helps You Mitigate Risk

Rapid Onboarding & Discovery 

  • Ready-made workflows and a user-friendly interface enable you to onboard suppliers within days instead of weeks, whether they’re raw material mills in Southeast Asia or packaging firms in Europe
  • Fuzzy search, filters, and collaborative questionnaires help you find and qualify the right partners the first time

Integrated Risk Intelligence 

  • Data embedded from LSEG, D&B, Moody’s, and RapidRatings provides ongoing insights into financial stability and indicators of fraud
  • Sanctions, PEP, and ESG screening occur automatically during intake, so you can mitigate risk before it becomes a liability

Real‑Time Compliance Automation 

  • Auto‑track required documents and certifications; trigger alerts when expiration dates approach
  • Role‑based dashboards unite Procurement, Finance, Compliance, and Legal so everyone sees the same up‑to‑date snapshot. 

Audit & ESG Readiness 

  • Centralized metrics and built‑in audit histories ensure you can prove your compliance posture at any time
  • Report on raw material sourcing, carbon footprint, or supplier diversity in a few clicks

Scalable & Cost‑Effective 

  • No dedicated IT team? No problem. TYS Essentials installs in weeks, not months
  • Starting at $25 K/year, it’s priced for mid‑market budgets – no enterprise complexity or hidden fees

Real‑World Impact

With Trust Your Supplier, one team unified onboarding, risk management, and documentation — all in one workflow. 

  • 65% faster onboarding cycle times 
  • 85% supplier adoption within the first rollout phase 
  • Real-time integration with risk data providers 
  • Centralized supplier profiles and audit-ready document trails 

Outcome 

The company now operates a more agile and compliant onboarding process, and its team has shifted its focus from administrative tasks to strategic sourcing. 

How to Get Started

You don’t need a full system overhaul to make a major impact. TYS Essentials is built for teams that want to move quickly, reduce risk, and streamline onboarding without heavy IT lifts. Here are 4 simple steps: 

Step 1: Evaluate Your Current Process
Where are the delays? Who’s involved? What risks are being missed? Use our Supplier Risk Checklist 

Step 2: Use Our ROI Calculator
 Input your current onboarding numbers and get a custom savings snapshot here. 

Step 3: Schedule a TYS Essentials Demo
 Reimagine your process and get a look inside the TYS platform. 

Step 4: Start With One Region or Category
 TYS Essentials lets you start small and scale up with ease. 

April Harrison Blog, Risk & Compliance, Risk Management, TYS Essentials , ,

Sanctions Risk Is Supply Chain Risk: Why Vigilance Is Non-Negotiable

We all operate in an increasingly interconnected world.  In this global, multi-tiered environment, supplier relationships are no longer just about cost and capability; they’re about compliance and conscience. 

Every week, new sanctions are issued by governments and global organizations targeting companies, individuals, and entire industries. These sanctions aren’t just political. Increasingly, they are grounded in human rights violations, unethical labor practices, and environmental crimes. Today’s sanctions can be tied to geopolitical instability, supplier and sub-supplier practices, and even actions by individuals associated with supplier activities. 

Why It Matters

Sanctions can prohibit U.S.-based companies from doing business with certain suppliers, expose them to heavy fines, or damage their reputation overnight. A supplier that was compliant yesterday might be blacklisted today. The stakes are higher than ever: 

  • OFAC has issued thousands of sanctions-related actions in 2025 alone, many targeting suppliers in sectors like technology, mining, energy, and logistics. 
  • Human rights-based sanctions are expanding, with increased scrutiny around forced labor, conflict minerals (raw materials mined in areas of armed conflict or human rights abuses), and ESG violations. 
  • Global watchlists (like the SDN List, BIS Entity List, and EU/UN sanctions) are constantly evolving — often with little public warning. 

The Hidden Cost of Inaction

Relying on outdated spreadsheets or annual supplier reviews leaves companies dangerously exposed. Even one missed update can lead to unintentional violations, operational disruption, legal exposure, and reputational fallout. 

What Vigilance Looks Like

  • Continuous monitoring of global watchlists and sanction updates 
  • Automated workflows that trigger internal alerts and appropriate remediation steps 
  • Digital audit trails to demonstrate compliance and due diligence 
  • A secure, centralized supplier data hub that keeps pace with a rapidly changing world 

Trust Your Supplier: Your First Line of Defense

TYS brings together real-time sanctions monitoring, automated supplier validation, and a dynamic supplier network to help organizations stay compliant and resilient.  Integrations with leading global data sources – Moody’s RDC, LexisNexis with Dow Jones and Supply Wisdom – monitor sanctions and other key risk events across your supplier network.  With TYS, you’re not just checking a box, you’re protecting your brand, your operations, and your values. 

In a world where ethics and regulation intersect, supplier vigilance is no longer optional — it’s a business imperative. 

April Harrison Blog, Risk Management, Supply Chain ,

How to Prevent Supplier Fraud Before It Starts: Insights & Demo from TYS + LexisNexis

In today’s digital supply chain environment, fraud doesn’t need to break in — it only needs you to let your guard down. 

For many organizations, a supplier email update or a seemingly simple banking change can lead to major financial loss. Manual processes, siloed systems, and a lack of verification protocols continue to leave procurement and finance teams exposed. 

That’s why Trust Your Supplier (TYS) and LexisNexis Risk Solutions teamed up to address this challenge head-on in a recent podcast discussion — and demo — on how to prevent supplier fraud before it starts. 

A Conversation Rooted in Real-World Risk

In this episode, Chad Hill from TYS is joined by John Hutton of LexisNexis Risk Solutions to explore how payment fraud happens, why it’s still getting through, and how procurement and compliance leaders can proactively stop it. 

“A lot of companies think validating a bank account at initial supplier onboarding is enough,” Chad notes. “But fraud usually doesn’t come from the first interaction — it sneaks in during a change.” 

John brings the perspective of a company that sees the global banking validation and fraud landscape in real time, sharing how fraudsters manipulate payment processes and where organizations tend to overlook risk. 

Key Topics Covered

  • Where supplier fraud typically originates — and why it’s often overlooked 
  • What red flags procurement and finance teams should monitor 
  • The difference between bank account validation and fraud prevention 
  • How TYS and LexisNexis combine data, secure workflows, and two-factor authentication to block fraudulent changes 
  • Why email-based supplier updates are no longer safe 
  • The most critical data points that need to be verified and monitored 

See the Fraud Prevention Workflow in Action

The episode includes a live demo of how TYS integrates with LexisNexis to protect the entire supplier update process — from registration through change management and approval workflows. 

You’ll see how: 

  • Suppliers enter their banking information securely through TYS 
  • All updates are password protected, authenticated, and logged 
  • LexisNexis validates the banking information behind the scenes 
  • Buyers have full visibility and control before any change hits the P2P system 

 Watch the Full Episode & Demo 

April Harrison Blog, Podcast, Risk Management 0 Comments , ,

Trust Your Supplier Recognized in Fall 2024 Spend Matters SolutionMap

We are excited to announce that Trust Your Supplier (TYS) has been recognized in the Fall 2024 Spend Matters SolutionMap, which evaluates leading procurement technology solutions. This recognition places TYS among the key providers in three essential areas of supplier management and risk visibility:

1. Supplier Management (SXM)

TYS has been acknowledged for its ability to streamline supplier information management, performance, and compliance. Our platform integrates with a variety of procurement tech stack solutions, allowing organizations to access up-to-date, verified supplier data for more efficient collaboration and decision-making. TYS enables businesses to centralize supplier management, ensuring seamless operations across different procurement systems.

2. Supplier Management (Risk Enhanced)

In this category, TYS stands out by integrating risk data from leading third-party providers. TYS enables organizations to view and monitor comprehensive risk insights within supplier profiles, including environmental, financial, and geopolitical risks. By automating alerts and approvals based on this data, TYS helps businesses stay proactive in managing supplier risks, ensuring they can act quickly to address emerging threats.

3. Risk Management (TPRM/SCRM)

TYS’s recognition in the Third-Party Risk Management (TPRM) and Supply Chain Risk Management (SCRM) category highlights our ability to provide visibility into third-party risks across the entire supplier network. Through integrations with trusted risk intelligence providers, TYS allows businesses to monitor risks at multiple levels of their supply chain. Automation within TYS helps trigger appropriate actions and approvals, ensuring companies can respond efficiently to risk alerts.

Why This Recognition Matters

The Spend Matters SolutionMap is known for its rigorous, data-driven evaluation process, including over 500 RFI requirements and impartial customer feedback. Being recognized across these categories validates TYS’s role as a trusted solution provider, empowering organizations with tools to manage suppliers and gain visibility into potential risks.

How TYS Can Help Your Business

In today’s evolving supply chain landscape, having real-time visibility into supplier performance and potential risks is crucial. TYS provides the integration and automation capabilities that help businesses streamline supplier management and ensure timely responses to risks—all while enhancing compliance. Our platform integrates seamlessly with procurement tech stacks, offering flexibility and efficiency. This recognition from Spend Matters reinforces the value TYS brings to supply chain resilience and management.

Looking Ahead

As we continue to innovate, TYS remains committed to delivering enhanced supplier management and risk visibility solutions. Our inclusion in the Fall 2024 Spend Matters SolutionMap underscores our focus on helping businesses thrive in an increasingly complex environment.

Interested in learning more? Get in touch to explore how TYS can help your organization manage supplier relationships and stay ahead of potential risks.


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April Harrison Awards, News, Risk Management, Supplier Information Management 0 Comments , , ,

Enhancing Transparency and Reliability in the Food Manufacturing Supply Chain

Ensuring the highest standards of transparency and reliability in the food manufacturing supply chain is paramount. Consumers today are more conscious than ever about where their food comes from and how it’s produced. Every step in the supply chain needs to be meticulously monitored from farm to table to ensure safety, quality, and compliance. Trust Your Supplier (TYS) offers a cutting-edge blockchain-based solution that transforms supplier and risk management for food manufacturers, ensuring unparalleled transparency and reliability.

The Challenge: Complexity and Risk in the Food Supply Chain
Food manufacturing companies face a unique set of challenges in their supply chains. With numerous suppliers, from farmers to packaging companies, the complexity is immense. This complexity often leads to issues such as: 

  • Lack of Visibility: Difficulty in tracking supplier information and credentials 
  • Compliance Risks: Ensuring all suppliers adhere to food safety regulations and standards 
  • Inefficiencies: Manual processes can lead to errors and delays
  • Risk Management: Predicting and mitigating risks related to supplier reliability


The TYS Solution: Blockchain-Based Supplier Information Management
Trust Your Supplier addresses these challenges head-on with our innovative blockchain-based platform, providing a single source of truth for supplier information and updates. Here’s how TYS enhances transparency and reliability in the food manufacturing supply chain: 

  1. Immutable Records and Transparency: Blockchain technology ensures that every update or change to supplier information is immutable, meaning it cannot be altered or deleted. This immutability guarantees that all information about suppliers is accurate and tamper-proof, providing complete transparency to food manufacturers.
  2. Comprehensive Supplier Profiles: TYS supplier profiles are owned by each supplier, and firmographics are aggregated with risk intelligence data. These profiles are continuously updated with real-time data, ensuring food manufacturers have the most current information to make informed decisions. This comprehensive visibility helps identify and mitigate risks before they become issues.
  3. Enhanced Compliance and Approval Workflows: With TYS, food manufacturers can automate compliance checks and approval processes. TYS approval workflows streamline validating supplier information and compliance documents.
  4. Real-Time Monitoring and Updates: TYS offers real-time monitoring of supplier information, including risk data and updates to firmographics or documents such as certifications and tax documents. This ensures that food manufacturers are always aware of the current status of their suppliers and can react swiftly to any changes.
  5. Predictive and Prescriptive Insights: Leveraging advanced analytics, TYS reports provide insights into potential risks within the supply chain. By analyzing historical data and trends, users can mitigate these risks to maintain a steady and reliable supply chain.
  6. Efficient and Trustworthy Data Exchange:  By using a distributed ledger, all parties have access to the same information in real-time, reducing misunderstandings and errors. This transparency fosters trust and collaboration among suppliers and internal stakeholders. 


Use Case: Streamlining Supplier Management
Consider the scenario where a food manufacturing company sources ingredients from multiple suppliers. With TYS, each supplier’s information, including compliance questionnaires, certifications, and risk assessments, is recorded on the blockchain. As suppliers update their documents or firmographics, TYS provides real-time alerts to the food manufacturer, ensuring they always have the most up-to-date information to make informed decisions. 

Maintaining transparency and reliability in the food manufacturing supply chain is not just a regulatory requirement but a critical differentiator. Trust Your Supplier provides a reliable blockchain-based solution that helps food manufacturers manage compliance checks, real-time monitoring, and supplier information effectively. By offering comprehensive supplier profiles and streamlined approval workflows, TYS supports food manufacturers in confidently managing their supplier relationships.  

Reach out to discuss how you can enhance the integrity and efficiency of your supply chain with TYS.

 


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April Harrison Blockchain, Blog, Consumer Products, Risk & Compliance, Risk Management, Supplier Information Management, Supply Chain 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, Geopolitical Issues, Risk & Compliance, Risk Management, Value Engineering 0 Comments , , , , ,

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 , , , ,

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 , , , , ,