Leveraging Data Automation & the Media to Monitor Vendor Practices

Leveraging Data Automation & the Media to Monitor Vendor Practices

If you were hiring an employee, would you simply accept the best candidate on paper, or would you conduct interviews and investigate them online? In the case of most companies, it’s standard practice to perform due diligence.

The same standards should apply when procuring products and services. Every time a company enters a partnership, they are making a statement to the world about its ethics, whether they are purchasing materials or having a custom operation performed. If human rights violations are identified in a supplier network, the media and public will hold associated companies just as accountable as they do the offending company (and in many cases, more so).

Companies with complex supply chains may face a range of operational, financial and reputational risks as a result of supplier conduct. An effective media monitoring program can help address this.

How a Media Monitoring Service Can Help

Identifying risk is a challenging undertaking. Many companies acquire supply chain data to determine which of their suppliers are at high risk of human rights or environmental abuses, and perform on-the-ground audits in remote factories to verify results and deploy corrective measures. However, these actions do not represent the full picture of what’s happening — and you can’t be on-site all the time.

A media monitoring solution can continuously assess and inform your company about risks, adding an extra layer of defense to your due diligence program. It allows you to mitigate:

  • Supply disruption from delayed shipments and withheld goods.
  • Enforcement actions resulting from litigation.
  • Negative impressions on investors, clients and suppliers.
  • Loss of business continuity and market access.

Data automation enables this more cost-efficiently than internal solutions. They can monitor a range of mediums for hits against your supplier network, including television, the web, government enforcement (denied parties lists) and NGO reports. This detects potential issues sooner, and ensure that a company’s supplier standards are upheld effectively.

Enhanced Solutions Through Assent

At Assent, our Media Monitoring Plus solution leverages advanced algorithms to examine targeted restricted party lists sourced from public record and court filings. This proactive approach to mitigating risk can identify problematic suppliers before the media does, and will notify you immediately if a supplier is blacklisted.

Once our solution identifies a supplier issue, it continues screening with input from our Regulatory team until the matter is resolved. We evaluate up to 11 specific risk types, including:

Assent categorizes results by risk potential, so companies can make informed, proactive business decisions and include compliance language into your contracts. Assent’s broad Corporate Social Responsibility Suite can enhance your due diligence efforts and deliver high-quality data to stakeholders.

For more information on how Assent can help you perform media monitoring on your supplier network, contact our experts at info@assentcompliance.com.