Speakers:
CHUCK ROGERS
AMERICAS DIRECTOR, TECHNICAL CONSULTING & SUPPLY CHAIN SOLUTIONS, BUREAU VERITAS CPS
MARTIN SMITH
CO-FOUNDER AND CEO, COMMONSHARE
Description:
In this comprehensive Session, Martin Smith, founder and CEO of CommonShare, explores the evolving landscape of due diligence in global business operations. Smith explains that due diligence is essentially doing thorough homework before making important business decisions, particularly in verifying information and ensuring compliance. The discussion emphasizes a risk-based approach to verification, where companies strategically prioritize their due diligence efforts based on factors like geography, industry, and known supplier concerns. Smith highlights that reputation plays a crucial role in risk assessment, with less-known companies requiring more scrutiny.
The Session also addresses the critical distinction between primary evidence (direct from suppliers) and secondary evidence (from third-party databases), emphasizing the importance of proper verification processes. A key takeaway is that while software solutions can drive efficiency, they cannot completely replace the need for trusted third-party verification, especially in complex supply chain scenarios. The session concludes by introducing CommonShare's protocol for sustainable, traceable, and resilient supply chains, which operates through a shared ledger system while maintaining data privacy and sovereignty.