New product will help organizations align with evolving regulatory landscape on supply chain risk management
NEW YORK (September 24, 2024) — LRN Corporation, the leader in ethics and compliance (E&C) solutions that enable organizations to inspire principled performance, today announces the introduction of LRN Catalyst Supplier, a specialized solution for clients to deliver their Code of Conduct and E&C training to suppliers, and measure and track engagement.
Catalyst Supplier will provide legal, risk and compliance leaders with solutions to mitigate supply chain risks in the face of changing regulatory standards such as the Corporate Sustainability Due Diligence Directive, which is coming into force in the EU in 2028, or the Economic Crime and Corporate Transparency Act in the UK, recently enacted. These laws require companies to prevent harm occurring in their supply chain, necessitating new engagements with third-party suppliers.
By providing a complete code of conduct and training solution, Catalyst Supplier enables organizations to foster a culture of compliance across business operations and stay ahead of rapidly evolving regulations, strengthening organizational commitment to ethical conduct and effective third-party compliance management. It will have relevance to a range of sectors including manufacturing, pharma and biotech, agriculture, automotive and retail.
Catalyst Supplier builds on the award-winning LRN Catalyst E&C compliance management platform, incorporating Catalyst Reach for supplier self-registration, onboarding capabilities, training delivery and out-of-the-box reporting; Catalyst Design for course customization; and access to four titles from the LRN Inspire Library of compliance training courses. The solution allows clients to host, monitor and report on policies and training content made available to their supplier population.
LRN Chief Advisory Officer Ty Francis MBE said: “Organizations must prepare for a thorough overhaul of their third-party supplier engagement strategies if they are to align with the new legal landscape. Third Party Due Diligence must be complemented by Third Party Risk Management, which focuses on continuously managing and mitigating risks throughout the relationship. Training third parties and suppliers, especially key employees within those entities, is crucial to ensure alignment in values and ethical standards. It is now imperative that your vendor community understands the values and ethical behaviors expected of them.”
The Catalyst Supplier solution will be generally available in late October 2024.
About LRN Corporation
LRN's mission and purpose is to inspire principled performance and help people around the world do the right thing. Since 1994, LRN has worked to propel organizations forward with the partnership, knowledge, and solutions to build ethical culture. Learn more on LRN's website and follow LRN on Twitter, LinkedIn, and Facebook.
Media Contact
