Third-Party & Supply Chain

In the wake of the devastating collision between the container ship Dali and the Francis Scott Key Bridge in Baltimore on Tuesday morning, supply chain and third-party risk specialists are closely examining the ramifications of this incident on global trade networks. As experts in identifying and mitigating vulnerabilities within supply chains, they underscore the critical role played by ports like Baltimore and the far-reaching consequences of disruptions in such key nodes.

In response to the ongoing repercussions of the COVID-19 pandemic on the grocery supply chain, the Federal Trade Commission (FTC) has unveiled a comprehensive report shedding light on the causes and consequences of disruptions within the industry. The report, released today, reveals a stark reality: major market players accelerated and distorted the adverse effects of supply chain disruptions, impacting consumers and smaller businesses disproportionately.

European Parliament Member Axel Voss (EPP, DE) has taken to LinkedIn to circulate the revised version of the CSDDD, ahead of its imminent presentation to the EU Parliament for approval.

At the beginning of last month, news broke that Bank of America had been hit by a data breach. The breach occurred within a third-party service provider, Infosys McCamish Systems LLC (IMS), late last year. As more information has come out it has been revealed that other organizations, notably including Northwestern Mutual, have been affected. According to reports, a ransomware group known as LockBit is responsible for the breach.

Airbus has recently outlined plans to increase aircraft deliveries to customers in 2024, despite grappling with persistent supply chain disruptions. The European aerospace giant revealed robust results for its commercial aircraft business in its latest annual earnings report, signaling optimism for the coming year with a target of 800 commercial aircraft deliveries—65 more than the previous year.

ESG is causing business to evolve across the globe with regulations and guidelines causing organizations to address sustainability risks, and perhaps in no greater area than in supply chains. One of the major issues of concern in ESG globally is modern slavery which includes forced labor, one of the gravest problems that supply chains face, and according to a recent report by Moody’s, food supply chains are particularly susceptible.

European Union (EU) countries have deferred a decision on the proposed Corporate Sustainability Due Diligence Directive (CSDDD), a law aimed at compelling large companies to assess whether their supply chains involve forced labor or contribute to environmental harm. The postponement was prompted by indications from Germany and Italy that they would abstain from voting.