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

TEST- EU Deforestation Law: Key Updates and Supply Chain Impacts 

The European Union’s new Deforestation Law (EUDR) is making waves worldwide. Set to take effect on December 31, 2024, this regulation will impose strict requirements on products like coffee, cacao, and palm oil to ensure they do not originate from recently deforested areas. Companies trading with the EU will need to verify the deforestation status of their goods, adding layers of compliance.
However, the EUDR has sparked global debate. The United States is pushing for a delay, citing concerns over the regulation’s far-reaching consequences, but the EU remains firm in its timeline, with any postponement seen as unlikely.
For supply chains, this new law signals a substantial shift. Increased compliance measures will raise costs for goods entering the EU and could lead to disruptions as companies adjust to meet the new requirements. Organizations trading in the region should start preparing for these changes to avoid future bottlenecks and compliance issues.
How Trust Your Supplier (TYS) Can Help
TYS’s comprehensive compliance questionnaires can ease the burden of these new requirements. By digitizing and automating the verification process, TYS helps businesses collect and manage critical information from suppliers regarding their deforestation practices. This streamlined approach ensures that your suppliers meet EUDR standards, reducing the risk of non-compliance and allowing for quicker, more efficient supply chain adjustments. With real-time monitoring and proactive alerts, TYS empowers your team to stay ahead of evolving regulations and ensure your products are ready for the EU market.
Prepare now and leverage TYS to navigate the complexities of the EUDR with confidence.

Get In Touch
Santosh Kumar Blog, ESG, Geopolitical Issues, Risk & Compliance 0 Comments , , ,

EU Deforestation Law: Key Updates and Supply Chain Impacts 

The European Union’s new Deforestation Law (EUDR) is making waves worldwide. Set to take effect on December 31, 2024, this regulation will impose strict requirements on products like coffee, cacao, and palm oil to ensure they do not originate from recently deforested areas. Companies trading with the EU will need to verify the deforestation status of their goods, adding layers of compliance.
However, the EUDR has sparked global debate. The United States is pushing for a delay, citing concerns over the regulation’s far-reaching consequences, but the EU remains firm in its timeline, with any postponement seen as unlikely.
For supply chains, this new law signals a substantial shift. Increased compliance measures will raise costs for goods entering the EU and could lead to disruptions as companies adjust to meet the new requirements. Organizations trading in the region should start preparing for these changes to avoid future bottlenecks and compliance issues.
How Trust Your Supplier (TYS) Can Help
TYS’s comprehensive compliance questionnaires can ease the burden of these new requirements. By digitizing and automating the verification process, TYS helps businesses collect and manage critical information from suppliers regarding their deforestation practices. This streamlined approach ensures that your suppliers meet EUDR standards, reducing the risk of non-compliance and allowing for quicker, more efficient supply chain adjustments. With real-time monitoring and proactive alerts, TYS empowers your team to stay ahead of evolving regulations and ensure your products are ready for the EU market.
Prepare now and leverage TYS to navigate the complexities of the EUDR with confidence.


Get In Touch
April Harrison Blog, ESG, Geopolitical Issues, Risk & Compliance 0 Comments , , ,

World Environment Day 2024: A Call for Global Action on Land Restoration

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

World Environment Day (WED), observed on June 5th every year, is the United Nations’ principal platform for encouraging global awareness and action for environmental protection. This year, the event is hosted by Saudi Arabia, focusing on the crucial themes of land restoration, desertification, and drought resilience.

The 2024 theme underscores the urgency of addressing land degradation, a pressing issue impacting nearly half of the world’s population and threatening global GDP. Land restoration is vital not only for ecological balance but also for the socio-economic well-being of billions of people. The initiative aims to restore one billion hectares of degraded land, which could significantly bolster carbon storage, enhance biodiversity, and improve livelihoods and food security worldwide​ (UNEP – UN Environment Programme)​​ (UNEP – UN Environment Programme).

Geopolitical Context
WED 2024 and its chosen focus are of particular significance as climate issues become a growing component of geopolitical risks to supply chains.

TYS partner, PRISM, a geopolitical risk analysis firm focusing on supply chains, said this was an important event to highlight environmental issues beyond the narrower focus on the energy transition that dominates many supply chain discussions. Extreme weather events continue to cause widespread disruptions in key supply chain locations around the world and issues like droughts and desertification are set to rise even further. Such issues cause disruptions in and of themselves, but can also contribute indirectly to driving geopolitical conflict.

However, PRISM notes that the WED will also act as a forum to collaborate on the policy response in the face of growing regulatory fragmentation that risks causing higher costs and greater disruption risk for supply chains.

For example, EU climate rules impacting supply chains like the Carbon Border Adjustment Mechanism and the Deforestation Law are already forcing faster climate policy change in countries looking to export to Europe. The differing pace of progress around the world risks forcing supply chain leaders to adjust their footprints or face higher costs.

Global Campaigns and Local Actions
In conjunction with WED, the United Nations Environment Programme (UNEP) and Saudi Arabia have launched several campaigns to promote land restoration. These efforts are part of a broader strategy to mitigate the triple planetary crisis of climate change, biodiversity loss, and pollution. Elizabeth Mrema, Deputy Executive Director of UNEP, emphasized the importance of replanting forests, rewetting marshes, and reviving soils to restore ecosystems and combat land degradation effectively​ (UNEP – UN Environment Programme).

Role of Trust Your Supplier (TYS) and Aggregated Data
Trust Your Supplier (TYS) can play a pivotal role in supporting these global environmental initiatives. By leveraging its platform for supplier information management, TYS can aggregate critical data from various third-party sources to ensure transparency and sustainability in supply chains. Here’s how TYS can contribute:

Data Aggregation and Analysis: TYS can compile data from suppliers worldwide, providing insights into sustainable practices and compliance with environmental standards. This data can be used to monitor progress toward land restoration goals and identify areas needing improvement.

Promoting Sustainable Practices: By verifying and promoting suppliers who adhere to sustainable practices, TYS can encourage more businesses to adopt environmentally friendly methods. This can lead to a significant reduction in practices that contribute to land degradation and deforestation.

Facilitating Global Cooperation: TYS’s platform can serve as a collaborative hub where businesses, governments, and NGOs share data and strategies for land restoration. This collaboration is essential for scaling up efforts to combat desertification and drought resilience globally.

Tracking and Reporting: TYS can provide robust tracking and reporting tools that help organizations measure the impact of their sustainability initiatives. Accurate reporting ensures accountability and helps maintain the momentum of environmental campaigns.

Global Commitments and Future Outlook
Countries worldwide have pledged to restore vast areas of degraded land. If these commitments are fulfilled, the environmental benefits could be enormous. For instance, restoring just 15% of converted lands could prevent up to 60% of expected species extinctions​ (Mirage News). The upcoming UN Convention to Combat Desertification’s Conference of the Parties (COP16) in Riyadh further aligns with this year’s WED theme, aiming to accelerate progress toward these restoration goals​ (UNEP – UN Environment Programme).

World Environment Day 2024 is a pivotal moment for global environmental action, particularly in the realm of land restoration. By uniting under this year’s theme, the international community can make significant strides in reversing land degradation, fostering biodiversity, and enhancing climate resilience. Saudi Arabia’s leadership in this global effort exemplifies the critical role nations must play in safeguarding our planet for future generations. Trust Your Supplier’s data-driven approach can significantly support these efforts, ensuring sustainable practices and facilitating global cooperation for a greener future.

Learn more about our TYS partner Prism.

For more information on World Environment Day and related initiatives, visit the official UNEP website and the World Environment Day campaign site. Join #GenerationRestoration – together, let’s restore & safeguard our land & soil.

#TYS #Prism #ESG #Sustainability #WorldEnvironmentDay

April Harrison Blog, ESG, Geopolitical Issues, Value Engineering 0 Comments , , , ,
Thumbnail of podcast with guest photos.

TYS Podcast S2E6 – Sustainability Strategies to Empower Teams & Suppliers

In our TYS Podcast episode, Sustainability Strategies to Empower Teams & Suppliers, we spoke with industry leaders from global organizations, delving into the intersection of sustainability, supply chain management, and the global economy. 

TYS’s Michelle Armstrong sat down with Lazar Armianov from EcoVadis, Melissa Reddy from BT Sourced, and Alyssa Caddle from Thermo Fisher Scientific, and at the heart of our discussion was the concept of sustainability and its significance in today’s business landscape. From education and compliance to technology and geopolitical challenges, our guests shared valuable insights into the multifaceted nature of sustainability within supply chains. 

One key takeaway was the importance of education and awareness, not only within our organizations but also among our suppliers. By ensuring that all stakeholders understand the importance of Environmental, Social, and Governance (ESG) criteria, we can foster a culture of sustainability that extends beyond borders and generations. 

Another focal point of the conversation was the need for collaboration and transparency throughout the supply chain. As companies navigate new global regulations and geopolitical shifts, it’s essential to prioritize ethical sourcing and supply chain integrity. 

Technology also emerged as a powerful tool in driving sustainability efforts. From AI to cybersecurity, our guests highlighted the role of innovation in creating more efficient and environmentally friendly supply chains. 

Based on the rich discussion, here are actionable insights for listeners: 

  • Prioritize education and sustainability initiatives within your organization 
  • Proactively address climate change and compliance challenges 
  • Embrace AI and digital technologies for risk management and supplier experience enhancement 
  • Foster supplier diversity and engagement for long-term sustainability 
  • Strike a balance between compliance and sustainability goals for impactful supply chain management 

As we look ahead, the path to sustainability will require ongoing collaboration, innovation, and a shared commitment to responsible business practices. By leveraging the insights shared in this episode, we can pave the way for a more sustainable future for generations to come. 

April Harrison Blog, ESG, Pharmaceutical, Podcast, Telecom 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 , , , , ,

International Zero Waste Day

Tomorrow, March 30, is the International Day of Zero Waste—a time to consider the significant challenge of global waste production. Did you know? Every year, humanity generates between 2.1 and 2.3 billion tons of municipal solid waste, posing a severe threat to the health and sustainability of our planet.
Here at TYS, we are dedicated to helping organizations turn the tide against this crisis. Our team has shared ways in which they work toward zero waste, including:
    • Replant gifted potted plants so they can grow and flourish for years to come
    • Sew cloth napkins and paperless towels that they use to replace one-item use napkins and paper towels
    • Use glass or aluminum straws instead of plastic ones
    • Use bar soap instead of liquid soap that comes in plastic containers
    • Take reusable totes to the store for shopping
Our TYS solution and approach goes beyond supplier management; it’s about empowering businesses to align with their sustainability goals and make real change happen. Through our advanced blockchain-based solution, we promote ESG accountability, driving collaborative efforts toward a greener future.
This #ZeroWasteDay, let’s come together to support a more sustainable world. Explore how TYS tools can enhance corporate responsibility initiatives.  Learn more about the International Day of Waste.

#Sustainability #TYS #Blockchain #ESG #CorporateResponsibility

April Harrison Blog, ESG 0 Comments ,

Trust Your Supplier at EcoVadis SUSTAIN 2024

A Thankful Reflection and Path Forward

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

Last week, Trust Your Supplier (TYS) joined leaders in sustainability at EcoVadis SUSTAIN 2024, diving into the complexities of compliance and sustainable practices. We’re grateful to EcoVadis and all participants for a forum rich in insights and collaborative spirit.

Key Insights: Simplifying Compliance
The call for simplification in the face of growing regulatory complexities was loud and clear. Our blockchain-based solution’s role in streamlining compliance and fostering transparency across supply chains was more relevant than ever. This reinforces our mission to make navigating compliance easier for everyone.

Our Commitment to Guidance and Collaboration
The discussions at SUSTAIN 2024 have strengthened our commitment to providing innovative solutions and expert guidance. Emphasizing collaboration, we’re energized to work alongside industry peers and businesses to tackle sustainability and compliance challenges together.

Looking Ahead with Optimism
SUSTAIN 2024 was a powerful reminder of our shared goals for a sustainable future. Trust Your Supplier is dedicated to leading the charge in simplifying compliance, ensuring it’s a stepping stone rather than a hurdle. We thank everyone involved for the inspiration and look forward to continued collaboration.

As we move forward, let’s carry the momentum from SUSTAIN 2024 to create a sustainable, compliant world where businesses thrive together.

Interested in seeing how the EcoVadis integration works in TYS? Book a meeting!

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

Navigating Climate Disclosure

TYS Leads the Way Amid Regulatory Evolution

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In the ever-evolving landscape of climate disclosure, recent adjustments by the U.S. Securities and Exchange Commission (SEC) have prompted a reevaluation of reporting requirements, leaving many businesses in a state of uncertainty. This shift underscores the importance of adaptable solutions like Trust Your Supplier (TYS), a trailblazer in blockchain technology, which continues to serve as a guiding light for companies navigating the complex web of regulatory compliance, including alignment with European directives. 

The Changing Face of SEC Regulations: The SEC’s recent decision to revise climate-disclosure rules omitted a proposed mandate for companies to report Scope 3 emissions, concerning emissions from supply chains and product usage by customers. While this alteration may provide temporary relief, TYS recognizes the ongoing challenges that businesses encounter in this swiftly transforming regulatory environment. 

TYS – A Pillar of Compliance: Trust Your Supplier understands that compliance is not a uniform journey for all. Leveraging innovative blockchain solutions, TYS empowers businesses to seamlessly adapt to evolving regulations. The transparency and efficiency afforded by blockchain technology enable continuous monitoring, historical analysis, and predictive insights, fostering a culture of compliance excellence. 

Addressing Scope 3 Emissions: Scope 3 emissions, which include indirect carbon emissions, present a formidable obstacle for companies. TYS acknowledges the complexities involved in quantifying these emissions, particularly amid escalating global pressure to reduce carbon footprints. With TYS, organizations can streamline the tracking of Scope 3 emissions, transforming challenges into opportunities for sustainable practices. 

Embracing Global Standards: While the SEC’s decision may alleviate concerns for some, other jurisdictions such as the European Union and California are steadfast in advocating for comprehensive climate-related disclosures. TYS recognizes the significance of aligning with global directives and stands prepared to assist companies in meeting diverse reporting obligations across various regions. 

Facilitating Supplier Collaboration: Central to Trust Your Supplier’s ethos is its collaborative ethos. TYS facilitates seamless communication and data exchange between businesses and their suppliers. As demands for Scope 3 data intensify, TYS serves as a conduit, aiding companies in acquiring the necessary information to fulfill reporting requirements. 

Looking Ahead: While the SEC’s decision offers a brief respite, the journey towards comprehensive climate disclosure persists. Trust Your Supplier remains steadfast in its commitment to empowering businesses, equipping them with the tools needed to navigate the evolving landscape of compliance. 

In a regulatory environment characterized by fluidity, Trust Your Supplier emerges as a trusted ally for businesses navigating the intricacies of climate disclosure. With TYS’s blockchain-driven solutions, companies can not only meet existing compliance mandates but also seamlessly adapt to future changes, ensuring a sustainable and transparent approach to supplier and risk management. Stay tuned for further insights from Trust Your Supplier as we continue to pioneer innovation at the intersection of blockchain technology and regulatory compliance. 

Referenced WSJ Article – The SEC Watered Down Its Climate Reporting Requirements: Here’s What That Means for Companies

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

April Harrison Blockchain, Blog, ESG, Risk & Compliance, 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 , , ,

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 , , ,