LRQA launches supply chain due diligence map of new global regulations
Risk assurance expert LRQA has published a new map detailing evolving country-specific supply chain due diligence regulations around the world to help multinationals get on top of ESG legal requirements.
The company said the online Responsible Sourcing Regulation Map breaks down the most significant laws impacting businesses in at least 18 countries to help them prepare for active and upcoming legislation. The map will be expanded to more countries in future updates.
LRQA believes most businesses are underequipped to respond to the unpredictability of market volatility and global events that further impact the supply chain ESG risk landscape.
The company says its new map, which features real-time updates, can help companies avoid fines, public backlash and heavy financial losses from being unaware about new laws and inadvertent non-compliance.
The map highlights nearly 30 regulations that are either in effect or proposed.
“Navigating global supply chain compliance is an increasingly complex endeavour but becoming all the more urgent as a result of powerful new legislation, particularly in the EU and US,” said Kevin Franklin, LRQA advisory managing director.
“Our Responsible Sourcing Regulation Map offers a clear view into the intricate web of supply chain due diligence regulations. It will serve as a vital tool for business leaders and senior management, enabling them to make informed operational decisions while remaining fully aware and compliant with diverse, fast-changing regulations across nations,” he added.
