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April 28, 2024
April 25, 2024
Generally, companies do not have visibility over their supply chain. This lack of transparency means risks that exist along that supply chain remain hidden. Be it modern slavery or biodiversity loss or other ESG risks. Because these risks are hidden, they can’t be fixed. To help provide the visibility needed and address such risks, FairSupply steps in. Its unprecedented supply chain visibility has transformed the decision-making of its business customers since its inception. The company utilizes its proprietary world-class technology to map the supply chain. Once the supply chain is mapped, a variety of ESG risks along the supply chain can be quantified at each of its tiers. Speaking to the risk of modern slavery in supply chains, the Co-founder & CEO, Kimberly Randle states, “When you quantify the supply chain risk, then you can truly see the modern slavery risk.”
Businesses that operate in a low-risk industry and low-risk country tend to believe that they are not exposed to such a risk. However, Randle states, “It’s actually deeper within the supply chain where we know modern slavery occurs.” She further adds, “Our underlying philosophy is ‘you can’t fix what you can’t see’. Our technology is providing the supply chain transparency to businesses in order to gain visibility over slavery risk and quantifying it. This is what finally allows businesses to address the identified risk. “
Identifying ESG risks in supply chains is remarkably difficult when we consider the complexity of global supply chains. Manual approaches quickly fail beyond tier 1. Yet FairSupply has solved this problem. The core IP of the company is its Integrated Assessment Engine. Its IAE allows it to map and assess the overall supply chain for several ESG risks, including modern slavery, biodiversity loss, GHG emissions, as well as water and land use. Due to the methodology and technology utilized by FairSupply, the depth of visibility is unparalleled.
The company’s methodology makes sure that the data is objective avoiding the issues of self-reporting that plague other data providers. In ESG supply chain risk assessment depth and objectivity are both critical. Kimberly explains this through the help of an example, “Modern slavery occurs most frequently around tier 3 or 4 of the supply chain. Yet, we know that few reporting entities ~6% in Australia look beyond tier 1 of their supply chain for modern slavery risk.”
By utilizing top-notch proprietary technology, FairSupply offers its institutional and business customers unmatched visibility over ESG risk along their entire supply chain. With the mission of “Enabling ethical investment choices through unrivaled global supply chain transparency and intelligence,” the venture has achieved success to great lengths. It was awarded Category Innovator in AFR Sustainability Leaders 2022. Also, it was named “One to Watch in the ESG Risk Assessment” category at Regulation Asia Awards for Excellence 2022.
The vision of FairSupply is “to see markets mobilized in the achievement of sustainable development goals.” To achieve this, it has been identifying and addressing ESG risks in its customers’ supply chains. Manual methods of modern slavery risk interrogation along the entire supply chain are greatly limited because of the sheer depth and the number of suppliers. Kimberly says, “This is significant because we know that it is deeper within the supply chain where slavery occurs. What is required is the technology that can provide the necessary visibility such that businesses can identify and act to address forced labor slavery.”
FairSupply allows customers to identify and address ESG risks, especially Scope 3 carbon emissions, biodiversity loss, and modern slavery. In fact, the demand for companies to report ESG risks in their supply chains is rapidly increasing due to several factors. These include government regulation, investor pressure, as well as stakeholder expectations.
The venture plans to continue staying relevant to its customers by making sure that such demands in such an environment of heightened ESG risk concern are met. This is done by providing the visibility and actionability that customers require.
Besides the world-class technology FairSupply uses and its unmatched services, there are several factors that make FairSupply stand out in the market. Every day, the FairSupply Team gets to work with businesses where exposure to risk becomes an opportunity. This is seen by the team on several different levels. Kimberly says, “We see companies exercising their commercial leverage to ensure that other companies are addressing modern slavery risk, whether that be in investment, pre-terms, pre-conditions, or procurement.”
Modern slavery is currently being addressed as a requisite to do business with. Companies that are customers of FairSupply actually comprehend the commercial consequences of modern slavery besides understanding the regulatory consequences. The reason for the same is that it is turning into a critical requisite, particularly in larger organizations and government contracts.
Kimberly expresses enthusiasm for the company’s future. With the understanding that supply chain transparency is an idea whose time has come, she believes the future to be very bright for FairSupply. “We’ve built the technology to enable that transparency. Our future is about continuing to improve our product such that our world-leading data is actioned upon through a world-class user experience.”
Additionally, the mandatory ESG risk reporting is snowballing. Hence, with faith in the company’s product being best-in-class, Kimberly hopes for the customers to find their way to FairSupply when in need. In fact, the plan is to ensure that it is available in the markets where it is required.
Pull Quote: “Our underlying philosophy is ‘you can’t fix what you can’t see’. Our technology is providing the supply chain transparency to businesses in order to gain visibility over slavery risk and quantifying it.”
Description of the Company: FairSupply is undoubtedly a rapid-growing, cutting-edge global ESG data provider and consultancy.
Company Name: FairSupply
Founding Year: 2019
Office Locations: Sydney, Melbourne
Official Website of the Company: www.fairsupply.com.au
Name of the Featured Leader: Kimberly Randle
Designation of the Leader: Co-founder & CEO
