UK organisations can detect sanctioned entities in their third-party supply chains, with new ethiXbase module

As the need for UK organisations to ensure their supply chains are free from sanctioned organisations intensifies, value chain sustainability expert, ethiXbase, has launched its new digital Sanctions Risk Instant Questionnaire to help companies protect themselves from sanctions exposure.

So far at least 1,200 Russian individuals have been sanctioned by the UK Government as have 115 Russian entities, with more likely as the war in Ukraine continues. Non-compliance with the regulations could mean up to 10 years imprisonment, and/or fines for offending directors/organisations.

In light of this, ethiXbase, a member of the United National Global Compact (UNGC), has launched the Sanctions Risk Instant Questionnaire, enabling UK organisations to identify directors, ultimate beneficial owners and shareholders within their third parties, allowing them to more thoroughly screen against sanctions. .

The questionnaire is a new module for the market-leading ethiXbase 360 platform, a cost-effective and risk-based approach to third-party risk management. It allows businesses to proactively collect ownership and directorship information on third parties to enhance ongoing sanctions screening. This module can be delivered to all third parties, within a day, to complete quickly and easily.

James Swenson, Managing Director, Research and Operations, at ethiXbase, comments: “Is your third-party supply chain exposed to recent sanctions on Russian individuals and entities? Do you fully understand your third-party shareholders and directors’ structure, and if one of them is associated with the sanctions? Have you considered what this might mean for your business and operations? These are important questions that organisations and leaders need to ask themselves, as the risks are potentially great.

“It’s not only legally, but ethically and morally important for organisations to ensure their third-party supply chains are free from sanctioned individuals and businesses too. We’re therefore pleased to launch the ethiXbase Sanctions Risk Instant Questionnaire to help organisations avoid costly lessons. We have devised a simple and automated short-form questionnaire that will instantly allow them to identify those third parties that might be associated with a sanction risk.

“The new questionnaire is easy to implement and can be delivered to all or part of an organisations’ third parties within a day with the ethiXbase efficiency which our clients have come to know, love, and rely upon. The automation and risk assessment module will allow them to receive automated notifications when a sanction risk is identified instantly.”

To find out more about the ethiXbase Sanctions Risk Instant Questionnaire, take action today and visit: https://ethixbase.com/sanctions-risk-instant-questionnaire-truly-understand-who-you-work-with.

To view an ethiXbase webcast on how to protect businesses from sanctions exposure, click here.

About ethiXbase:

ethiXbase is a value chain sustainability solutions business that delivers robust technology and data analytics to assist corporates and third parties, create and maintaining sustainable business practices. We create the most intuitive, robust, and configurable platform to help firms globally, elevate their third-party supply chain in the areas of Anti-Corruption, Human Rights, Environment, and Labour.