Heavy industry risk management
Access third-party risk management solutions to efficiently source and onboard suppliers, distributors and resellers in heavy manufacturing industries, while meeting global regulations and safeguarding business reputation.
As heavy industry businesses continue to expand their global reach, it is crucial to holistically assess supply chain and distribution networks to manage and mitigate operational, financial, ESG and other risks.
Heavy industry businesses rely on sourcing raw materials globally and selling products to large international purchasers - including steel production, machine tool building, locomotive manufacturing and more.
Coupled with volatility in product supply and demand, heavy industries face existing and emerging risks and need to ensure that global regulations are met, third parties are regularly monitored, and ESG frameworks are implemented in risk strategies.
It is therefore necessary for heavy industries to incorporate a robust risk management strategy that covers the entire supply chain and distribution network, to mitigate any potential negative impact on their business.
What is due diligence for heavy industry companies?
It is important for your heavy industry business to be knowledgeable of third-party sourcing, to manage and mitigate potential operational and ESG risks. This includes assessing if raw materials are sourced legally and if suppliers adhere to global labour and environmental laws.
If any of your stakeholders in the supply chain and distribution network face economic sanctions, then your business will face financial and integrity risks. Additionally, as supplier networks become more complex, intellectual property protection becomes a priority, and third parties must be assessed on their reliability to prevent intellectual property theft.
Our third-party risk management solutions assist heavy manufacturing industries in assessing, managing and mitigating operational, ESG, financial and other risks while adhering to global regulatory and compliance standards.
Protect your business from operational, ESG, reputational and financial risks
We help heavy industry businesses to manage the complexity of their operations associated with a large number of third parties, with solutions that safeguard reputation, meet regulatory obligations and reduce costs.
Screen your third parties
Heavy industry manufacturing businesses can screen for high-risk individuals and entities with Refinitiv World-Check Risk Intelligence database, which consists of millions of profiles that will help you uncover hidden risks in business relationships. You can identify sanctioned entities and individuals, and uncover risks indicating a third-party’s potential involvement in alleged criminal activity that could lead to financial, reputational or other types of risks.
Receive ratings, insights & analysis
Get detailed background checks and analysis on companies and individuals, based on your heavy industry’s specific interests and risks with Refinitiv Due Diligence Reports. Our reports deliver accurate risk ratings, so you can make informed decisions when engaging with third parties. We can provide ESG reports which are essential to manage the growing ESG risks that heavy manufacturing industries face. Contact us to get a free sample report.
Access our technology platform
Centralise your third-party risk management processes using Refinitiv Due Diligence Centre. This technology platform will help your company to guide stakeholders throughout the lifecycle of third-party relationships – including initial assessment, onboarding, ongoing monitoring, renewal or end of life. Your due diligence should involve gathering detailed information about your third parties and have them sign confidentiality agreements to protect intellectual property.
Partner with us for support
Use our third-party onboarding programmes and managed screening services to improve efficiency in your heavy industry manufacturing company. Our teams will manage your programme through our proprietary technology platform Refinitiv Due Diligence Centre, allowing you to spend more time on strategic tasks within your company.
Why we are trusted worldwide
Uncover background, reputation, ethics and political connections of your third parties to protect your heavy industry company’s reputation while avoiding fines and other risks.
Understand location-based risk when conducting business in unfamiliar jurisdictions and emerging markets, using our intelligence network, covering 217 countries combined with our extensive language capabilities to provide truly global coverage enriched with local knowledge.
Manage and mitigate your regulatory risk by leveraging our industry-trusted and reliable screening and due diligence insights from our team of research specialists, underpinned with industry leading World-Check Risk Intelligence data, accredited with ISAE 3000 certification.
Learn more with our risk management resources for heavy industry companies
How an effective third-party risk strategy can be key to survival in uncertain times
With new and existing risks intensifying, the need for third-party risk management has never been stronger. This paper looks at how an effective third-party risk strategy can be key to survival in uncertain times.
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