Themis has launched a supply chain risk assessment tool that will enable firms to map out geographies and sectors and touch points from financial crimes.
The company claims that the tool allows companies to map out high risk geographies and sectors and possible touch points from financial crimes including modern slavery and human trafficking, drugs, wildlife and arms and trafficking, bribery and corruption, fraud, money laundering and terrorist financing.
The Themis risk assessment tool helps firms stay on the right side of recent and upcoming related regulation and legislation, including the EU Corporate Sustainability Due Diligence Directive, the EU import ban on goods produced with forced labour, the UK Modern Slavery Act’s Transparency in Supply Chains Provision, the US Uyghur Forced Labour Prevention Act and the Financial Conduct Authority (FCA) SYSC-8 Rules for general outsourcing requirements.
Themis claims its supply chain risk assessment helps companies to visualise invisible threats and understand the specific financial crime threats their business is exposed to. It helps organisations identify regulatory issues and financial crime issues in their supply chain, and meet their legal and regulatory requirements for outsourcing arrangements.
It also allows companies to monitor changes or set a benchmark for continuous improvement; generate reports to enable management to make informed decisions and work with their suppliers to improve their compliance and reduce their risk exposure.
Themis CEO Dickon Johnstone said, “In a globalised society where the majority of companies and consumers are connected to an international supply chain, organisations run a far greater risk of exposure to financial crime. With each new layer of sub-contraction, profit margins tighten and the incentive and scope for fraud, corruption and corner-cutting increases.
“Our supply chain risk assessment is a great tool for companies trying to understand the breadth and depth of their supply chains – and the risks they pose – in a coherent way.”
Earlier this year, Themis scored £3.1m in its latest pre-Series A funding round.
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