Coupa Software Incorporated (NASDAQ: COUP) unveiled new options to assist businesses in complying with worldwide standards such as the German Supply Chain Due Diligence Act, Lieferkettensorgfaltspflichtengesetz (LkSG), as well as progress toward ESG goals. Coupa's Sustainable BSM solution assists businesses in making more meaningful spending decisions, and new features revealed at Coupa Inspire EMEA 2022 assist organizations in improving sustainability and complying with ESG regulations.
For example, on January 1, 2023, Germany's Supply Chain Due Diligence Act will take effect, requiring enterprises with more than 3,000 employees in Germany to check supply chains for human rights breaches and to comply with environmental standards. However, over two-thirds (65%) of organizations worldwide stated they have no way of knowing if their closest suppliers satisfy ESG requirements, and 57% said they lack an adequate risk management framework to assure supply chain ESG integrity.
Customized Risk Assessment for Supply Chain Due Diligence will assist businesses. Customers can now use a digital assessment to seek and handle ESG conformity information specific to the German Supply Chain Due Diligence Act, as well as produce reports to send to German regulators.
Additionally, visibility into supplier risk and compliance data will assist firms. When performing sourcing events, as well as directly in supply chain digital twins, customers have comprehensive, real-time insight into supplier health, risk, and sustainability information, allowing adequate screening to guarantee adherence.
Businesses can benefit from cross-team collaboration. To eliminate silos, customers can implement risk management and integrate it into procurement, supply chain, and compliance activities. At the time of decision making, Coupa presents comprehensive supplier risk management information in the context of every single spend choice.