Munich, 21. September 2022 – SHS Viveon AG (m:access ISIN DE000A0XFWK2 / WKN A0XFWK), a leading provider of a modular platform for the automation of risk and compliance processes, today announces the launch of its new supply chain compliance product. The SHS Viveon solution supports companies in complying with the German Supply Chain Act (LkSG) and international sanctions, as well as in achieving their environmental, social, and governance (ESG) goals. By using smart automation, digitization and integration, the product solves precisely the challenges that, according to a recent study by the German Chamber of Industry and Commerce are currently preoccupying most internationally active companies as they prepare for the new Supply Chain Act: increased bureaucracy, increased costs, liability risks and legal uncertainty, as well as a lack of transparency in supply chains.
As part of the SHS Viveon platform, the product can be flexibly expanded to address even more stringent ESG compliance requirements in the future. As the most recent example, the EU Commission is currently working on a proposal that is intended to prevent trade and distribution of products and services from forced labor in the EU. This will also affect the entire global supply chain.
Three core functions: Sanctions List Check, ESG Questionnaire and ESG Compliance
With the Supply Chain Act coming into force on January 1, 2023, many companies will be faced with considerable additional work in terms of auditing and audit-proof documentation of their own supply chain compliance. With the new Supply Chain Compliance product as a Software-as-a-Service (SaaS) solution, SHS Viveon has chosen an approach that makes it easy for customers to continue using their existing processes as well as systems in purchasing and supplier management as usual, while at the same time providing audit-proof documentation of the newly added supplier audits. Currently, the new product can be used to compare all global and national suppliers with the currently valid sanctions lists of the authorities at both national and international level. This means that potentially questionable suppliers can be identified and filtered out early.
To be able to evaluate the individual efforts of suppliers against ESG criteria, the product also provides a comprehensive questionnaire for digital supplier audits. In addition, an ESG score is determined by the respective data providers and retrieved for all suppliers. All processes are visualized via a central dashboard, enabling customers to always have full transparency over their supply chains.
By completely outsourcing the complex supplier checks to the Supply Chain Compliance product, customers can continue to use their familiar process and IT environments and save themselves time-consuming training and new data silos in the company. Therefore, the Supply Chain Compliance product synchronizes the results directly into the customer’s leading systems such as SRM (Supplier Relationship Management), ERP (Enterprise Resource Planning) or CRM (Customer Relationship Management).
Flexible use: Open interfaces and seamless integration
The key differentiator of the SHS Viveon product is its independence in terms of data and service providers. Different data sources (internal data, credit agencies, specialized ESG providers) can be connected as well as additional services can be integrated into the product. SHS Viveon customers can decide for themselves which data providers they want to use. To start with, SHS Viveon is relying on Dun & Bradstreet’s advanced Data Blocks architecture, and further data providers will be connected in the coming months.
The Supply Chain Compliance product offers a modular structure. Additionally, customers can decide individually which components are to be used, for example exclusively the sanctions list check. This means that the compliance solution can be flexibly selected within the scope of the desired process range or the selected procedure for the introduction in the national and international framework. The extensive functionalities will be expanded soon to include a supplier risk analysis module, powerful case management and tools for suppliers.
SHS Viveon CEO Ralph Schuler is pleased to now present the new compliance solution to the public for the first time: “We are proud to be able to present our customers a new supply chain compliance product, a comprehensive all-in-one solution. In contrast to the numerous individual and partial solutions available on the market it combines for the first time all relevant functions for compliance, ESG and risk audits in a central risk management platform. We are convinced that with our new development based on a future-oriented SaaS technology, companies are as optimally prepared for the new supply chain law as for current and future challenges in supplier and customer management and ESG requirements.”
The SHS Viveon CEO sees another major benefit for customers in the new development: “Thanks to consistent end-to-end integration, our product can be used extremely flexibly. Our customers don’t have to learn a new application, fundamentally change their workflows and processes, and no new data silos are created in the company.”
Supply Chain Compliance is the first product on the new SHS Viveon platform architecture. This enables forward-looking collaboration and easy switching between different data sources and function modules in risk and compliance management. The SHS Viveon product Connect, which has also been completely modernized, acts as a universal data interface for supply chain compliance and significantly simplifies the connection of complex APIs.
About SHS Viveon
SHS Viveon has made it its mission to significantly simplify the management of corporate financial and regulatory risks. The SHS Viveon platform enables risk, credit, and compliance management teams to automatically identify, assess, and hedge risks in a flexible, digital process. It simplifies access to all relevant data from any system, automates processes, improves analysis and simulation, and enables better business decisions. SHS Viveon was founded in 1991 and has been listed on the m:access segment of the Munich Stock Exchange since 1999.
ISIN DE000A0XFWK2 / WKN A0XFWK