How does third-party risk management align with ESG (Environmental, Social, and Governance) initiatives to ensure vendors meet sustainability and ethical goals?
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How does third-party risk management align with ESG (Environmental, Social, and Governance) initiatives to ensure vendors meet sustainability and ethical goals?
Third-party risk management aligns with ESG initiatives by incorporating environmental, social, and governance criteria into the vendor selection and monitoring process. Companies assess vendor sustainability practices, ethical conduct, and adherence to relevant ESG standards to mitigate risks associated with suppliers. This alignment helps ensure vendors meet sustainability and ethical goals by encouraging responsible practices throughout the supply chain. It enhances transparency, accountability, and overall performance in addressing ESG-related issues.