The Financial Services sector is not one many would immediately imagine having significant environmental or social risks within its supply chain. Yet, with its global presence now firmly established, its supply chain impact is quite considerable. According to the BSR report, Supply Chain Sustainability in the Financial Sector, IT, employment and professional services are the top spend categories for the Financial Services sector. These spend categories can be translated into two main supply chain risks related to SDG 16: conflict and human rights issues, and institution issues.
To establish supply chain transparency, Financial Services companies have to be willing to go to great lengths to map their supply chains beyond first-tier suppliers. Also being certified is one way for companies to show they are taking full responsibility for sustainability.