Banks has partnered with Informed 365 as they are the only tech solution to new Modern Slavery Act regulations set by the Federal government last year.
Andrew Banks, entrepreneur, mentor, investor, and shark has joined CSR tech start-up Informed 365 to help corporate Australia comply with new laws around corporate social responsibility (CSR).
Informed 365 is an online platform that ensures transparency across Australian businesses supply-chain processes.
The recent introduction of the Federal government’s Modern Slavery Act means that over 3,500 Australian enterprises will be affected by the legislation’s requirement to report on their supply chains if they have an annual revenue of $100M.
The Commonwealth Bill, passed last year, means that all Australian companies, private and public, with annual revenues over $100m, are required to report on their supply chains to ensure there is no slavery or underaged workers in the production process.
Informed 365 is currently the only customisable tech solution helping businesses stay accountable to their obligations for CSR related reporting.
Banks said he jumped at the opportunity to join the start-up as it targets the growing supply chain market, which is on track to reach $19B in 2021. He said the market opportunity in tech solutions that could assist global businesses make better, more informed decisions with respect to corporate responsibility was staggering.
“The enactment of the 2018 legislation on Modern Slavery is a very topical issue and Informed 365’s SaaS solution provides both Board Directors and leadership teams the comfort and compliance they need in a fast, practical and, cost-efficient way,” said Mr Banks.
He also added that with this new legislation, “No Chairman or CEO of any company needs to wake up one morning and find out they have accidentally tripped some wires around this new modern slavery legislation, or any other issue in their supply chain that could damage their brand or share price!”
Speaking about his investment, he said, “I love investing in businesses that have a ‘positive purpose’ and are also commercially scaleable. I think Informed 365’s idea to create affordable software that provides 24/7 transparency is brilliant, especially as users can ‘dial up’ what is important to them, such as modern slavery, carbon footprint, climate change, or just the diversity of the companies that supply them with products and services.”
Informed 365 is currently the only company in Australia providing a customisable service in the CSR tech space. Its sophisticated platform enables ASX listed companies, multinationals, NGOs and government organisations to collect insights around supply chain management, climate change resilience and greenhouse gas monitoring to help them make better, more informed decisions whilst improving efficiency, transparency, and visibility.
Nicholas Bernhardt is CEO and co-founder of Informed 365. Having spent a career in investment banking, Bernhardt has turned his attention to scaling technology and educating corporate leaders about how Informed 365’s web-based solutions can assist in providing clarity around supply chain activity and improve a company’s moral compass.
“In Australia, it is now mandatory for companies earning over $100M in revenue to report on their supply chain practices, while the threshold in New South Wales falls to $50M. With the first reports due in 2020, companies must start reviewing their supply chains to collect data to comply with the new reporting obligations for the next financial year. By default, they will need to have some kind of tech solution to facilitate this and that is where Informed 365 comes in,” said Mr Bernhardt.
“In addition to government regulations, stakeholders are now also expecting to see reporting on greenhouse gas emissions and climate change risk. These areas are no longer negotiable and companies need to address them if they are going to do their shareholders justice,” he added.
Mr Bernhardt said Informed 365 provided a more standardised process of reporting, making it easier for companies to be compliant with the new laws.
“It can be very difficult for companies to obtain information on their suppliers in an efficient way. Previously companies would use excel spreadsheets to collect data, which is time-consuming and inconsistent. At Informed 365, we create branded, customisable turnkey solutions where companies can distribute tailored surveys to suppliers, visualise their data through real-time dashboards, and see detailed analytics of high risk and weak spots in the supply chain,” said Mr Bernhardt.
“At the end of the process, a company has a sophisticated report to share with the government and stakeholders demonstrating its compliance to regulations, and commitment to ethical and sustainability goals,” he added.
Since it was founded in 2014 by co-founders Nicholas Bernhardt and Tim Dorey, Informed 365 has already worked with major organisations, including Origin Energy, ANZ, Procurement Australia, Tertiary Access Group, Australian Legal Sector Alliance, V/Line, The Red Cross, Ausgrid and Treasury Wine Estate. It has also partnered with Vivid Sydney Festival to help manage its water, energy and waste consumption in line with the festival’s environmental commitments.