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Analyst Insight: Compliance with human rights standards is becoming increasingly important for companies to succeed, while failure to do so can result in financial and reputational damage. Here are eight strategies to mitigate human rights risks in the supply chain.
Sustainability has increasingly become a top priority for supply chain executives in recent years, especially in the wake of recent events highlighting the vulnerability of global supply chains. But how often do they think about their approach to identifying and assessing human rights risks across their operations and supply chains, or what measures are in place to integrate human rights considerations into their decision-making processes and operational practices?
Human rights violations can occur at any stage in the supply chain. The Conference Board offers eight essential strategies for companies to mitigate human rights risks in operations and supply chains.
A mandatory legal and social framework for respecting human rights is emerging. Human rights are rapidly becoming a core component of sustainability, not only for businesses but for the world around them as well. In the future, successful companies will be those that comply and thrive in this new legal and normative context. Companies that can demonstrate robust policies for the prevention of harm, or at least deal with any abuses quickly and effectively, will reap the rewards. Those that cannot stand to lose out financially and reputationally.
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