Themis Provide Chain Danger Evaluation Device Helps Corporations Fight Monetary Crime

Themis, a supplier of anti-money laundering (AML) software program, has launched a brand new provide chain threat evaluation software. Corporations can use the platform to map out high-risk areas and sectors, and fight monetary crimes equivalent to bribery and corruption, fraud, cash laundering, human trafficking, arms trafficking and wildlife crimes.

Quite a few advisory our bodies, together with the United Nations, the Organisation for Financial Co-operation and Improvement, and the Worldwide Labour Organisation, advocate provide chain due diligence as step one.

Themis’ threat evaluation helps companies to know their high-risk areas, together with these associated to environmental, social and governance (ESG) points.

Companies can use the software to remain compliant with new laws and laws. These embrace the EU Company Sustainability Due Diligence Directive, the EU import ban on items produced with pressured labor, in addition to the UK Trendy Slavery Act’s Transparency in Provide Chains Provision.

The software additionally helps companies adjust to the US Uyghur Pressured Labor Prevention Act and the Monetary Conduct Authority (FCA) SYSC-8 Guidelines for normal outsourcing necessities.

Dickon Johnstone, CEO of Themis, stated: “In a globalised society, the place nearly all of corporations and shoppers are linked to a global provide chain, organisations run a far higher threat of publicity to monetary crime.

“With every new layer of sub-contraction, revenue margins tighten and the motivation and scope for fraud, corruption and corner-cutting will increase. Our provide chain threat evaluation is a superb software for corporations attempting to know the breadth and depth of their provide chains – and the dangers they pose – in a coherent approach.”

Utilizing the software, corporations can even monitor adjustments or set a benchmark for steady enchancment; generate studies to allow administration to make knowledgeable choices and work with their suppliers to enhance their compliance and scale back their threat publicity.