“Studies show that companies operating responsibly and sustainably earn the trust of customers and investors, driving long-term success. Managing environmental, social, and governance (ESG) supply chain risks can be challenging for medium and smaller enterprises. The new IFS ESG Compliance Check empowers them to effectively tackle these issues. With validated check results, these businesses gain a comprehensive overview, confidently demonstrate their commitment to stakeholders, and set ambitious future goals.”
Stephan Tromp, IFS Managing Director
ESG management is the next step to responsible stewardship
Environmental sustainability, social responsibility, and governance (ESG) issues play a key role in the long-term success of businesses. Consumers, employees, and investors increasingly expect companies to act responsibly. As consumers become more aware, they want companies to take action to support the well-being of our planet and its inhabitants. Additionally, governments initiate ESG-related legislation and due diligence requirements, while investors seek companies that show leadership, good governance, and transparency.
Identify risks, optimise your supply chain and reach your sustainability goals
To help businesses tackle these challenges and credibly demonstrate their environmental, social, and governance engagement, IFS introduces the ESG Compliance Check. It empowers companies to evaluate and enhance their sustainability practices and supply chain management systems. Businesses will systematically gain better insights into their supply chains, mitigate risks, and identify areas for improvement to reach their sustainability goals. Additionally, they will be well-prepared for upcoming supply chain and due diligence legislation. The unique combination of a pre-assessment and validation by an auditor or assessor ensures the check results are reliable and trustworthy.
The new approach focuses on strategies for reducing risks
The new compliance check replaces the current IFS ESG Check. It includes 20 requirements, a pre-assessment, a risk mitigation plan, and an improvement action plan. The check can be assessed independently or as an add-on to an IFS or other audit. The new approach focuses more on the ESG-related critical raw materials risks and includes the mitigation of these risks.
As an add-on to the check, the Carbon Footprint module has been slightly revised to match the new approach. It remains a voluntary option to determine whether a company has established and maintained effective processes to identify carbon emission-related risks within the supply chain.
Current IFS ESG Check Letters of Confirmation will remain valid until the expiry date.
More IFS Supply Chain Solutions to come
The new IFS ESG Compliance Check is presented under the new brand, IFS Supply Chain Solutions. Under this brand, we will introduce further process checks and IT tools, all designed to assist companies in managing and monitoring supply chain risks effectively and ensuring compliance with regulatory requirements and stakeholder demands.
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