February 8, 2021
Refinitiv forms partnership with Freedom Seal Global to help stamp out modern-day slavery from supply chains
Collaboration announced as European Commission proposes new regulation on corporate governance, including human rights and environmental due diligence requirements
London and New York: Refinitiv, and Freedom Seal Global are forming an innovative partnership that will harness risk intelligence data on human trafficking as part of a concerted effort to stamp out modern-day slavery from corporate supply chains around the world.
The international community increasingly expects businesses to focus on supply chain risk, including human rights violations. The European Commission is calling for companies to ensure that environmental and human rights do not affect their operations and supply chains, in keeping with the UN Sustainable Development Goals and other international commitments.
The Freedom Seal, established by CEO Rani Hong, is a global mark of trust awarded to companies that are effectively taking action to eradicate modern-day slavery. The partnership with Refinitiv, enables Freedom Seal to use Refinitiv’s World-Check Risk Intelligence data to screen suppliers and vendors on behalf of their clients to identify potential connections to human trafficking. This partnership enables the Freedom Seal to use Refinitiv’s data as part of its own independent certification process to assist its clients to determine whether there are any links to modern-day slavery in their supply chains and to help them to put policies in place to minimize such risks.
Rani Hong, CEO of the Freedom Seal was stolen from her family and sold into slavery at the age of seven. As a survivor of child slavery, Rani has dedicated her life to speaking for those without a voice, becoming one of the foremost advocates for combating the crime of human trafficking and modern-day slavery.
The Freedom Seal provides a tangible touchpoint for companies and consumers, highlighting those companies that take seriously their legal, ethical, and moral obligations to eliminate forced labour from their supply chains. Qualifying for the Freedom Seal provides companies the comfort that by signing onto this one initiative, they are also taking the necessary steps towards simultaneously ensuring compliance and alignment with laws and regulations, industry standards, government standards and disclosure regimes.
Refinitiv’s World-Check Risk Intelligence data is collated from reputable, public sources by more than 450 specialist researchers. In addition, the company works with leading non-governmental organisations (NGOs) to incorporate data they have gathered from ground operations in under-reported regions around the world.
“While there are many methods to assess compliance risk at the transactional level, there is no pool of companies that have been independently pre-vetted. This means that supply managers have no objective sourcing filter to pre-select good companies when making purchasing decisions,” said Rani Hong, CEO of Freedom Seal Global. “Our certification program allows companies, which are compliant with or taking the extra steps to help in the fight against modern-day slavery, to display their earned and trusted status to the world.”
“We are supporting the Freedom Seal to help businesses tackle the scourge of modern-day slavery which is estimated to affect over 40 million men, women and children globally,” said David Craig, Group Head Data & Analytics and CEO, Refinitiv at LSEG. “The use of data is critical to uncover links to forced labour in companies’ supply chains and collaboration between the public and private sectors is key to bringing forward more innovative solutions.”
Rani Hong cordially invites corporations to #AdoptTheSeal and become a proud pioneer in this new movement to end forced labour once and for all. To learn more about the Freedom Seal, visit: www.thefreedomseal.com
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in revenue, more than 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com
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