LRQA redefines ESG risk management with supply chain due diligence software

EiQ enables responsible sourcing and risk management for businesses and their supply chains through a customised, data-driven approach

Brands and retailers are facing increasing pressures from investors, consumers, governments and media for further due diligence and visibility of their global supply chains. There is a new standard for businesses to ensure more stringent Environmental, Social, and Governance (ESG) measures are being implemented at a corporate level – a defining feature of the era of Assurance 4.0, the new era of risk management.

The growing demand for supply chain visibility

LRQA’s industry-leading supply chain due diligence software, EiQ, offers a data-driven solution to help businesses respond to such pressures and enhance their ESG risk management practices across global supply chains. As the leading global assurance partner, LRQA’s aim is for the tool to support more sustainable and responsible supply chains, driving positive impact as increasing numbers of clients use it to improve and strengthen supply chain integrity. 

A data-driven approach to ESG risk

Through EiQ, businesses have access to in-depth risk analysis, benchmarking and reporting capabilities, adverse media alerts and segmentation solutions to continually monitor their supply chain’s health.  

At its core, EiQ helps clients anticipate, mitigate and manage critical human rights and environmental risks. It is used by businesses to transform their responsible sourcing programs and facilitate sustainable trade. It uses machine learning, combined with 75,000,000+ onsite data points from 25,000+ supplier audits conducted annually, as well as trusted civil society research, to empower companies, suppliers and financial institutions to not only enhance their responsible sourcing programs, but also meet regulator and stakeholder legislative requirements.

Through EiQ’s dashboard, companies can see risk assessments for new and existing suppliers, as well as risk scores for more than 200 sourcing regions and more than 400 products and commodities. The tool also delivers enhanced audit protocols and reports with improved quality and data insights. It provides options for both self-assessment and audits and integrates Worker Sentiment Surveys to ensure a holistic and granular view of a supplier or vendor. The enhanced reports allow for benchmarking against peers and aggregate investor-grade analytics for key metrics and reporting.

Real-time media monitoring

EiQ also includes a unique, machine learning solution called Sentinel, which scans the web and media sources for supplier and vendor controversies relating to critical ESG topics. Sentinel alerts businesses when an incident connected to their supply chain occurs, to allow for near-real time monitoring of supply chains and enhance visibility between audit lags.

Global adoption and impact of EiQ

In recent years, EiQ has been adopted by an increasing number of major global brands and has experienced high double-digit growth YoY. Now boasting around 300 corporate users, some of the world’s largest brands are relying on the analytical power of EiQ to make informed decisions on how to address supply chain risk.

EiQ has become a single source of truth for ESG due diligence through its digitalisation of audit data management, country and sector risk exposure insights, adverse media, worker surveys, corrective action plans, self-assessment questionnaires, and grievance mechanisms, amongst others into a centralised platform.

This feat has earned the recognition of the prestigious HKB Technology Excellence Awards 2024, with LRQA winning the Analytics - Supply Chain category. 

The prestigious awards programme celebrates innovation and excellence in Hong Kong's dynamic tech landscape, highlighting companies that lead the way in technological disruptions within their industries.

The Hong Kong Business Technology Excellence Awards is presented by Hong Kong Business Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Julie Anne Nuñez at julie@charltonmediamail.com.