Responsible Business Initiative - what does the no vote mean for companies?
On November 29, Switzerland voted against the corporate responsible business (RB) initiative. This means that the counter-proposal will come into effect and will still result in increased reporting and due diligence implications for Swiss based multinational companies to ensure that their business activities respect and comply with: Human rights (10% of the world’s children provide child labour) and international environmental standards.
What does the no vote mean?
What do organisations need to consider?
The following third party risk management (TPRM) instruments are essential to meet the new regulatory requirements:
What are the potential consequences of non-compliance?
How Deloitte can help
Deloitte’s TPRM framework provides a holistic overview to assess an organisation’s current maturity and compliance with the Responsible Business Initiative. Deloitte can help companies define their business objectives, understand which third parties are affected by the initiative and determine how to prioritise different risk types. Do not hesitate to reach out to us to discuss how the Responsible Business Initiative will impact your company in terms of increased reporting and due diligence requirements.
Our latest research shows that the pandemic has led many organizations to make digital advancements in their approach to third-party risk management (TPRM).