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CONDUCTING A SUPPLY CHAIN RISK ASSESSMENT – STEPHEN WEBSTER
September, 2024
UNDERTAKING A COMPREHENSIVE RISK ASSESSMENT OF YOUR GLOBAL SUPPLY CHAIN
PILLARS: Social & Governance
MATERIAL DRIVERS: Sustainable Procurement, Human Rights, Health & Safety
THE CHALLENGE
Relationships with luxury suppliers can be unique and complex, making conducting comprehensive on-site inspections of key suppliers a sensitive and formidable task. Stephen Webster sought guidance on how to conduct diligent supplier inspections without putting the supplier relationship at risk and ensuring an efficient process for all parties.
CONSIDERATIONS
Awareness of the social and political risks linked to the supplier locations and the jewellery industry
Maintaining the strength of the relationships
Language barriers
APPROACH & ACTIONS
Stephen Webster partnered with Positive Luxury to conduct a social, and political country risk analysis based on sources such as the World Economic Forum, International Labour Convention (ILO), the World Bank and the United Nations Development Programme (UNDP) to provide context
Also drew on international supply chain standards such as ILO (based on PAS 7000) and ISO 26001, as well as taking into consideration the industry sector materiality
Positive Luxury created a supplier questionnaire for Stephen Webster to use as a guide for the assessment
RESULT
Stephen Webster now has a comprehensive supply chain assessment process in place, with 100% of all supply chain partners signing a code of conduct. It saw significant improvements in its Sustainable Procurement, Health & Safety and Human Rights performance against Positive Luxury’s ESG+ assessment framework.
