Solenis’ third-party risk management program is a comprehensive framework for identifying, assessing, and mitigating risks associated with our suppliers. This program recognizes the critical role our suppliers play in the success of our company and seeks to develop strategies to minimize potential disruptions and safeguard our business continuity. By proactively managing supplier risks, we are able to be more resilient, reduce the risk of financial losses, maintain our good reputation, and achieve our sustainable commitments through partnerships within our value chain.
Risk domains assessed by our risk management program include:
- Financial
- Regulatory
- Reputational
- Environmental, social and governance
Our Direct suppliers are required to enroll in our risk management program, administered by Global Risk Management Solutions, and pass a risk assessment. We are continuously looking at improving our third-party risk management program. In 2025, we are looking at adding new risk domains such as cybersecurity, geopolitical events, and natural disasters.
For Solenis, sustainability is an important aspect of this program. As such, we assess the sustainability performance of our suppliers on their environmental management, health and safety practices, business ethics, and human rights. Human Right due diligence includes but is not limited to, which can include, but are not limited to:
- Involuntary labor and human trafficking
- Child labor
- Compliance with national working hour laws
- Freedom of association and the right to collective bargaining
- Wage and benefit alignment with minimum national legal standards
- Safe and hygienic working conditions
- Anti-harassment
These risk assessments include environmental, social and governance (ESG) measures and are conducted throughout supplier selection, onboarding, and ongoing management to ensure our business is awarded only to suppliers that meet our requirements.
