Ethixbase Responds To Corporate Demand For Comprehensive Supply Chain Solutions With Acquisition of Tcompliance

Ethixbase Responds To Corporate Demand For Comprehensive Supply Chain Solutions With Acquisition of Tcompliance

On Tuesday 18th October, UK- headquartered Ethixbase, a third-party risk management software provider, announced that it had completed its acquisition of Tcompliance, a provider of third-party due diligence, in a move that will expand the Ethixbase suite of capabilities for anti-bribery, human rights, labour standards and environmental risk management. 

Supply chain resilience and supply chain continuity are moving further up the corporate agenda as firms endeavour to shield themselves from the effects of global economic and geo-political turmoil. Against this backdrop, Ethixbase360 platform, which offers multi-tier supplier ESG risk identification using open-source intelligence techniques and smart questionnaires, is well situated to streamline the process of pro-active risk management across supply networks spanning multiple geographies and jurisdictions, each posing distinct social and environmental risks. 

Tcompliance is well-known for its Tcertification reports. Certification by Tcompliance signifies that a company or individual has completed a due diligence review that meets international standards. Tcertified companies are pre-vetted partners for multinational companies seeking to do business with suppliers, agents and consultants who share their commitment to commercial transparency.

By acquiring Tcompliance, Ethixbase can expect strategic benefits beyond simply expanding its product portfolio. Upon completing Tcertification, suppliers are added to a publicly searchable database where customers can seek out pre-vetted and trained business partners. This poses several advantages: Ethixbase customers can search the database to seek out new suppliers, facilitating supply chain diversification. Suppliers, many of which may already be facing financial and operational pressures as the economic situation deteriorates, can use Tcertification as a tool to gain access to new markets. Ethixbase places an emphasis on capacity-building, delivered via human rights and anti-bribery training, which can also help suppliers improve their credentials and attract new customers. There is also potential for certification reports to act as a data-sharing mechanism, reducing the administrative burden on suppliers complying with multiple and varying information requests from customers. 

One of the most significant challenges of supply chain management is data collection. To some extent, this will always remain a major challenge as firms operate in an increasingly complex and interconnected world where risk is dynamic and often unpredictable. Firms will increasingly look to simplify and automate the process of supplier data collection and corrective action planning to lower their ESG and sustainability supply chain risk. We expect investments in this market to push solutions to expand in depth and breadth across a range of ESG and supply chain requirements as firms place greater expectations on the capabilities of supply chain software providers.