ISG Offers New Advisory and Risk Management Service to Support Modern Slavery Reporting and Compliance

Rhea-AI Summary

Information Services Group (Nasdaq: III) launched a new advisory service to assist businesses with compliance to modern slavery legislation across six countries, including California. The service leverages the ISG GovernX® platform to enhance risk management by mapping supply chains. ISG advisors will help clients develop a compliance framework, conduct training, and integrate anti-slavery clauses in contracts. With over 40 million people affected globally, enterprises face legal obligations and potential penalties for non-compliance, emphasizing the need for thorough supplier management.

Positive

• Launch of a new advisory service dedicated to modern slavery compliance.
• Utilization of the ISG GovernX platform for automated risk monitoring.
• Addresses legal obligations across multiple countries, enhancing market relevance.

Negative

• Potential financial penalties for businesses failing to comply with modern slavery laws.
• High complexity in managing extensive supplier networks, possibly leading to compliance risks.

Service leverages ISG GovernX® platform to help enterprises map and monitor supply chains

STAMFORD, Conn.--(BUSINESS WIRE)-- With legislation prohibiting modern slavery in place in six countries and the state of California—and expected in additional countries soon—Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced the launch of a dedicated advisory and risk management service to help enterprises ensure their businesses and supply chains are in compliance with such laws.

The new ISG offering combines advisory services with the automated capabilities of ISG GovernX®, the industry’s only governance solution that integrates contract information, strategic relationship management and real-time risk monitoring to help clients manage their supplier ecosystems.

ISG advisors will help clients develop a modern slavery framework, review and update policies across the enterprise, conduct training, map their entire supply chain, and add modern slavery clauses to contract templates, while the ISG GovernX platform will provide thorough, timely reporting through its automatic alert feature.

“The United Nations and international labor organizations estimate that more than 40 million people worldwide are subject to modern slavery, including forced labor, debt bondage, forced marriage, slavery and slavery-like practices and human trafficking. The probability of finding slavery deep in enterprise supplier tiers could be as high as 70 percent,” said Hanne McBlain, senior director and head of ISG’s global efforts to comply with legislation and anti-slavery efforts. “Every enterprise has a legal and ethical obligation to ensure its supply chain does not contribute to human exploitation.”

Supplier management that is thorough enough to ensure modern slavery compliance cannot be done without technology, McBlain said, noting many organizations have thousands or even tens of thousands of suppliers—far too many to contemplate mapping and monitoring by hand.

“Supplier management and reporting are at the heart of all modern slavery legislation,” McBlain said. “Each law requires businesses to annually report on how they audit their suppliers for slavery risks, as well as the specific policies, procedures and training they have put in place to verify the integrity of their supply chains. The latest legislation mandates financial penalties for organizations that fail to comply.”

ISG GovernX automatically sends assessments to each supplier requiring them to provide information on their modern slavery framework, reporting, policies and training, and monitors external data feeds for all potential risks within the specific supplier ecosystem and the broader marketplace. Users can add a variety of external intelligent workflows to identify and categorize each risk, alert the appropriate functions, and trigger automated responses, including targeted risk assessments to the suppliers involved.

ISG has been addressing modern slavery legislation since 2018, when it first drew legislative focus. The firm has created and implemented a global framework to ensure ISG itself is not linked to modern slavery risks and has developed an in-depth knowledge of the legislation and associated requirements while working to meet obligations in Australia, France, Germany, the Netherlands, the U.K. and California, along with pending legislation in Canada and elsewhere.

Additional information on ISG third-party risk management is available on the ISG website, and further insights on modern slavery are available by viewing the recent ISG Smartalks™ webinar, “Modern Slavery Legislation in Australia.”

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005193/en/

Will Thoretz, ISG

+1 203 517 3119

will.thoretz@isg-one.com



Erik Arvidson, Matter Communications for ISG

+1 978 518 4542

isg@matternow.com

Source: Information Services Group, Inc.

FAQ

What is the new advisory service launched by Information Services Group III?

Information Services Group III launched a dedicated advisory service to help businesses comply with modern slavery legislation.

How does ISG GovernX help companies with supply chain monitoring?

ISG GovernX provides automated risk monitoring, contract management, and compliance reporting tools to manage supplier ecosystems effectively.

What are the legal implications for businesses regarding modern slavery compliance?

Businesses face financial penalties if they fail to comply with modern slavery legislation in their supply chains.

How many countries have modern slavery legislation affecting ISG's clients?

There are modern slavery laws in place in six countries, including California, with more expected soon.

What is the scope of ISG's advisory services for modern slavery compliance?

ISG's advisory includes developing compliance frameworks, updating policies, conducting training, and integrating compliance clauses in contracts.