As the global economy continues to expand, many retailers scour the world to find suppliers that offer the best products and services at the lowest cost. Many of these suppliers are newly formed and located in remote areas of the world which are recently developing and have little regulation. Frequently, information about these companies is difficult to obtain. In most cases, business is transacted with these companies over the telephone and via email creating a great amount of risk for retailers.
As a result of these dynamics, the U.S. Federal Government and other governmental agencies globally have enacted laws such as the California Transparency in Supply Chain Act of 2010 (SB 657) and the UK Modern Slavery Act that require companies to know who they are doing business with and to ensure they are conducting business fairly and ethically.
Learn how the GRMS Supplier Risk Assessment Program helps many of the nation’s top retailers mitigate these issues on a global basis.