BDO USA, LLP, one of the nation’s leading accounting and advisory firms, and Sourcemap, a global provider of supply chain transparency and traceability software, announced today a new collaboration to help businesses comply with evolving supply chain regulations, adapt to operational disruption and improve efficiencies. Sourcemap customers can tap BDO’s tax and advisory capabilities to develop strategies for regulatory compliance, while companies in BDO’s portfolio can seamlessly leverage Sourcemap’s technology to obtain necessary supplier data for enhanced supply chain risk management.
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“Supply chain transparency is critical to helping future-proofing businesses that source a wide variety of raw materials and components from across the globe,” says Leonardo Bonanni, CEO and founder of Sourcemap. “BDO is as dedicated as we are to supporting supply chain visibility across key industries; that’s why we’re collaborating to empower businesses to meet increasingly complex regulatory requirements, enhance resilience and drive competitive advantage.”
According to a recent BDO study, supply chain disruption is the top-cited business risk in 2023 for CFOs. Improving supplier visibility is a critical component of building more agile and resilient supply chains to mitigate disruption and maintain business continuity.
Laws including the Uyghur Forced Labor Prevention Act (UFLPA) and updated Customs and Trade Partnership Against Terrorism (CTPAT) requirements are advancing environmental, social and governance (ESG) objectives that require companies to prove their products are untouched by violations such as forced labor – or risk detentions and seizures by U.S. Customs & Border Protection. As these standards become the norm worldwide due to pressure from legislators and consumers, brands must proactively cover all their bases to comply, meet new stakeholder expectations and fortify their bottom lines.
“The writing on the wall is clear: more regulations are forthcoming to make sure ESG goals are met in supply chains,” says Andrea Greco, Managing Director, Supply Chain Services at BDO USA, LLP. “To succeed, companies will need increased visibility into their suppliers’ operations as well as strategies for mitigating risks or capturing opportunities that the data uncovers. We’re excited to collaborate with Sourcemap to help companies comply with evolving regulations and unlock more value from their supply chains.”
To learn more about Sourcemap, please visit: https://sourcemap.com/
To learn more about BDO USA, LLP’s Supply Chain Consulting practice, please visit: https://www.bdo.com/services/advisory/management-consulting/supply-chain-consulting
ABOUT BDO
At BDO, our purpose is helping people thrive, every day. Together, we are focused on delivering exceptional and sustainable outcomes — for our people, our clients and our communities. Across the U.S., and in over 160 countries through our global organization, BDO professionals provide assurance, tax and advisory services for a diverse range of clients.
BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms: www.bdo.com.
ABOUT SOURCEMAP
Sourcemap is the leading global provider of supply chain mapping technology. Major traders, manufacturers and brands have adopted Sourcemap’s full-suite solution for assurance on the raw materials-to-finished goods supply chain, including ongoing monitoring for production, quality, sustainability and risks such as deforestation and forced labor. Sourcemap is one of Fast Company’s Most Innovative Companies of 2023 and the Sourcemap Forced Labor Due Diligence solution was named to TIME’s Best Inventions of 2022. To learn more, visit www.sourcemap.com.
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