Assent Compliance is proud to announce a USD 350 million investment to expand its global footprint in the supply chain sustainability management market. This investment will help the company become a market leader, with its Supply Chain Sustainability Management Platform.
The platform helps businesses protect their brand, gain visibility into their supply chain, and ensure compliance with industry standards. This article will introduce the reader to Assent Compliance and its Supply Chain Sustainability Management Platform, and look at its potential benefits.
Assent Compliance Announces $350 Million USD Investment to Expand Global Footprint in Supply Chain Sustainability Management
Assent Compliance is a leading provider of supply chain sustainability management solutions. Our platform enables customers to efficiently assess, manage and report on their supply chains’ environmental, social and ethical impact.
With Assent Compliance, organisations gain full visibility into their operations, from finished goods to raw materials. Through our comprehensive suite of web-based software and technology-enabled services, we provide customers with the tools to identify opportunities for improvement, analyse data at scale, improve operations and drive compliance throughout their extended supply chain networks.
As our platform evolves to meet changing customer needs and new industry developments, Assent Compliance continues to develop expertise in areas such as:
- Automating data collection across global supply chains;
- Tracking improved practices;
- Engaging suppliers in sustainability conversations;
- Improving supplier capacity development;
- Mitigating risks through enhanced policies and procedures;
- Managing compliance through licensing requirements;
- Providing corporate social responsibility (CSR) reporting;
- Conducting collaborative initiatives; and
- Simplifying processes in emerging markets by leveraging local expertise.
Overview of USD 350 Million Investment
Assent Compliance Inc., a leading supply chain data management solutions provider, recently announced a USD 350 million investment in their proprietary supply chain sustainability management platform. This move positions the company to provide best-in-class tools to clients looking to address the most pressing global sustainability challenges.
With this investment, Assent aims to develop and deploy technology that optimises processes and operations alongside data-driven methodologies.
The financial input for this groundbreaking initiative will continually provide customers with features necessary to stay ahead of responsible sourcing and sustainability compliance demands. Assent is committed to using this injection into its platform capabilities, such as
- comprehensive supply chain mapping
- automated supplier questionnaires
- third-party attestation support
- integrated ESG performance analysis
- trend monitoring for risk factors related to human rights labour standards and environmental impacts
With these industry 4.0 features, Assent’s initiative ensures stakeholder protection through responsible supplier engagements from the start of a company’s sourcing journey throughout the tracking of their yields in 2020.
The scale of this expansive initiative speaks volumes about what creates an assertive strategy in terms of corporate responsibility – proactive awareness and ownership over supply chains through trusted technology partners such as Assent Compliance Inc.
Benefits of the Supply Chain Sustainability Management Platform
Assent Compliance recently announced a USD 350 million investment to expand its global footprint in supply chain sustainability management. This new platform helps companies adhere to global standards in environmental, social, and governance (ESG) compliance while they procure, manufacture, and move products throughout the supply chain. To ensure compliance, companies need the right technology and resources, which the Assent Compliance platform provides.
Let’s take a look at some of the key benefits:
Increased Efficiency and Transparency
Adopting a supply chain sustainability management platform can benefit organisations by streamlining the information gathering and reporting process. By digitising and automating processes with improved accuracy, organisations can increase their efficiency and reduce resource workload when communicating sustainability initiatives. This helps achieve cost savings while improving quality in the organisation’s reports.
Using a platform also introduces its capabilities to improve data accuracy and integrity. It can introduce secure supply chain processes while providing real-time updates on the progress of specific initiatives being tracked. As a result, organisations benefit from increased transparency throughout their supply chain operations, making compliance more effective and efficient due to automated monitoring systems.
With access to up-to-date information about supplier relationships, supply chain visibility is improved, enabling informed decisions about working partners or products without requiring manual research or audits to identify compliance issues or supplier certifications or ratings. In addition, data analytics delivered through the platform further enhances decision making capabilities by uncovering meaningful trends in real time.
Finally, platforms like Assent Compliance’s Supply Chain Sustainability Management Platform empower better communication between parties throughout the extended value stream of an organisation’s sustainability project regardless of size or scope and reduce redundancy with robust aggregated reporting capabilities that support increasingly complex projects. Organisations leveraging such platforms also realise improved risk posture related to reputation and confidence with clients, partners, shareholders and customers that support their business goals for social responsibility performance.
Reduced Risk and Cost Savings
The Supply Chain Sustainability Management Platform developed by Assent Compliance offers online tools that enable businesses to better manage their supply chains, mitigate risk, and save costs. The platform improves customer satisfaction by providing visibility into production processes, labour laws, government policies and environmental regulations. By leveraging the built in reporting toolkit, companies can verify data collection and ensure customer compliance standards are met.
Through proactive identification of underlying risks associated with sourcing materials or products across global jurisdictions and markets, Assent Compliance’s Sustainability Management Platform helps minimise disruption to supply chains and the associated cost implications of failed audits or non-compliance issues. The platform also facilitates consistency in data collection processes used to assess production sites worldwide, thereby improving customer relations while reducing overall risk.
Additionally, the Supply Chain Sustainability Management Platform offers a wide variety of analytics capabilities which allow companies to generate reports based on customer demand, enabling them to respond faster with timely updates leading to improved accuracy in management decisions, ultimately resulting in cost savings throughout the supply chain. As such, these cost savings help streamline processes within business operations allowing for increased efficiency while reducing waste and increasing profits.
Improved Regulatory Compliance
The Supply Chain Sustainability Management Platform from Assent Compliance delivers measurable improvements in regulatory compliance, operational efficiency and visibility across global supply chains. Using this platform companies can build programs that bring transparency to their complex global networks and deliver significant business value. In addition, small steps taken by individual organisations can add up to significantly reduce the environmental footprint of entire industry sectors.
The platform provides stronger risk management protocols that enable organisations to navigate requirements safely and efficiently while avoiding fines or damaging their reputations with consumers. This assurance spans the enterprise, throughout operations and across upstream structural elements. In addition, companies gain access to an intuitive system that integrates compliance tools such as artificial intelligence algorithms, automated assessments and analytics-driven insights.
On-demand reporting functions help businesses track key performance indicators in real time and identify areas for improvement before demands from buyers become critical requirements – driving rapid response measures with greater speed and accuracy than ever before. Automated notifications alert everyone in the supply chain about changes in legislation as well as about compliance deadlines or action items – all sent via a single centralised dashboard which allows active engagement with new standards for:
- Safer production processes
- Digitization of records for easier auditing
- More robust methods for tracking material movements.
Features of the Platform
Assent Compliance’s Supply Chain Sustainability Management Platform enables companies to better understand and manage their global supply chains. Its comprehensive suite of tools helps companies gain visibility into the sustainability practices of their suppliers, assess risk, and quickly make informed decisions. With the recent USD 350 million investment, the platform is further expanding its capabilities and features.
Let’s take a look at the features of the Assent Compliance’s Supply Chain Sustainability Management Platform:
Automated Data Collection
Assent Compliance’s Supply Chain Sustainability Management Platform automated data collection to capture supply chain intelligence and insights for sustainable operations. It streamlines the process of gathering information from within and outside organisations by leveraging advanced technologies such as machine learning (ML) and artificial intelligence (AI).
This platform allows users to quickly identify, monitor, and track sustainability-related data points, such as supplier audit scores or factory emissions levels, to help make better-informed decisions.
The platform allows organisations to easily collect and track sustainability metrics related to:
- Materials
- Suppliers
- Chemicals management
- Environmental impacts
- Labour practices & human rights issues that are essential for meeting compliance obligations.
Furthermore, it also collects various Survey responses that allow companies to measure their performance in areas such as operational excellence, compliance assurance processes & resiliency of their value chain.
Assent Compliance’s automated data collection ensures more accurate and comprehensive data sets are collected regularly. In addition, leveraging ML algorithms and AI technology supports visibility into KPIs that can be used to identify areas requiring improvement or focus on specific performance metrics across multiple facilities or geographical regions at a glance. Automated data collection also allows organisations to better manage risk within their supply chains more effectively while gaining additional insight into overall supplier performance through continuous monitoring.
Comprehensive Reporting
Assent Compliance’s Supply Chain Sustainability Management platform offers users comprehensive reporting and analytical capabilities. Our platform includes both automated reporting and manual data entry, allowing you to access the insights needed to confidently make decisions.
Automated reports are created from reliable sources and can be quickly updated as new information becomes available. Manual entry is also supported, providing users visibility into costly items and compliance gaps in their supply chains.
In addition, our platform provides improved accuracy when measuring supplier performance, enabling users to report on specific metrics such as supplier financial health or facility locations. This allows an informed assessment of risk and ensures transparent communication throughout your supply chain. Users also have access to an easily configurable dashboard that summarises company wide compliance status in near real-time, allowing them to take a global view of their programs and plan accordingly.
Our comprehensive reporting plans help you gain control of your entire program by providing actionable visibility into your data – empowering you with the insights you need for successful supply chain stewardship at scale.
Risk Management Tools
Risk Management Tools provides an organised, efficient way to collect, track, review and report on compliance data to support your company’s sustainability goals. Using a combination of Performance Tracking, Sourcing Insights tools and Risk Management tools, this is the perfect platform for companies that want to streamline their supply chain processes while staying compliant with global standards.
Performance Tracking collects real-time performance data from suppliers in critical risk areas such as human rights, labor and health & safety regulations. Continuous monitoring of supplier performance creates visibility into risks posed by specific regions or individual supply chain actors throughout a production cycle.
The Sourcing Insights Toolkit provides practical advice for evaluating supplier performance and assessing the overall condition of the supply chain. This toolkit allows companies to quickly identify areas of high risk exposure within their operations and efficiently address them.
Finally, Risk Management Tools helps businesses better understand their core operational risks from natural disasters, political events or other unforeseen circumstances that can disrupt operations. This suite provides essential insights through graphic visualisations that summarise key points from auditor reports and analyse suppliers’ interactions with local governments. This helps businesses plan for any potential disruptions before they happen and implement strategies for mitigating risk across their supply chains more effectively.
Expansion of Assent Compliance’s Global Footprint
Assent Compliance has recently announced a USD 350 million investment to expand its global presence in the supply chain sustainability management space. With this massive investment, the company is poised to make a substantial impact in this industry, allowing businesses to take a proactive approach to compliance and risk management and reduce the potential for non-compliance.
This article will take a closer look at Assent Compliance’s expansion and the potential benefits it can provide for businesses:
New Offices in Europe and Asia
Assent Compliance, a global supply chain sustainability management platform, is pleased to announce opening new offices in Europe and Asia, aimed at strengthening its coverage of customers worldwide.
The new offices in London, Madrid, Tokyo and Sydney will allow the company to better comply with international standards for responsible sourcing and provide specialised local expertise for companies looking at their responsible business practices globally. The offices will join existing North American locations in San Francisco, Vancouver and Montreal.
To provide superior customer service support, Assent Compliance has hired experienced compliance professionals across each region who are ready to assist businesses with developing their social responsibility programs. In addition, the teams have specialists from various industries with deep knowledge of international regulatory requirements such as the European Union Supply Chain Act and Modern Slavery Act and data privacy requirements including GDPR.
With these new offices, Assent Compliance can work more closely with suppliers worldwide to develop advanced risk-assessment tools that enable businesses to quickly identify upstream sustainability issues and help them achieve higher levels of compliance. In addition, the company’s supply chain sustainability management platform integrates advanced analytics capabilities that enable customers to better document their policies and procedures while detecting potential areas of non-compliance.
As part of this expansion into Europe and Asia Pacific regions Assent Compliance is also making its advanced supplier engagement platform available to regional customers so they can start collaborating with global supply chains faster than ever before alongside driving vendor visibility with regular assessments regarding performance from responsible sourcing requirements or prospective risks associated within operating sectors or markets in which they operate within each respective country or territory.
Increased Staff in North America
Assent Compliance’s global footprint has grown in the past year by adding new staff and resources in North America. By further expanding its presence in key markets, Assent Compliance is continuing to build a strong foundation to better serve its customers and stakeholders.
With an increased presence in Canada and the United States, Assent Compliance can provide a more tailored approach to helping companies capture and manage information as they progress towards sustainable business operations. In addition to strengthening the team in North America, Assent Compliance is continuing to build a network of partners across Latin America and Europe.
The company’s robust supply chain sustainability management platform enables companies across various industries to create efficient processes that accurately capture data related to their compliance needs throughout their entire supplier base. By leveraging eSourcing capabilities such as RFx’s (request for quotation response) purchasing administrators can quickly analyse suppliers for performance against KPIs such as social responsibility, labour rights, corporate governance, product safety or environmental stewardship.
Assent understands that each property is different and requires specific details related to social responsibility, ethics, or labour rights within their contracts – all of which are features available on Assent’s platform. Additionally, with enhanced capabilities on their secure cloud platform companies have greater visibility into potential risks throughout the entire supply chain making sure vendors comply with local guidelines for sustainable business practices.
Increased Partnerships with Suppliers
Assent Compliance has seen a significant increase in partnerships with suppliers since its establishment in 2009. This expansion of its global footprint is centred on implementing a cutting-edge supply chain sustainability management platform, which achieved legal compliance and provided assurance for transparency between stakeholders.
The platform enables Assent Compliance to develop relationships with manufacturers worldwide, enabling an enhanced exchange of information between them and their suppliers. This access to customer data allows for enhanced tracking of performance levels. In addition, it helps improve quality control measures for key areas such as core components, manufacturing processes, quality management systems and environmental policies.
The results that companies have seen from engaging with Assent Compliance’s platform include:
- Higher quality products and services
- Improved customer loyalty
- Increased customer satisfaction metrics
- Streamlined operations
Suppliers can also benefit from risk reduction initiatives that provide greater assurance of product safety and human rights compliance. Furthermore, regulatory requirements are met due to regular updates ensuring companies remain compliant with applicable laws worldwide.
Assent Compliance has made significant investments in research and development over its 11 years in business, enabling it to become an industry leader in this space with expanding resources that bring a solutions-based approach to customers’ supply chains globally. Additionally, by continually investing in growth strategies such as senior leadership appointments or technological advances that bring greater automation capabilities, Assent Compliance’s global footprint continues to expand worldwide resulting in a more robust customer experience at every touchpoint along their supply chain journey.
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