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Member, Beacon International Group, Ltd.
Trace International Inc. has rolled out a new due diligence and compliance system for multinational companies and their intermediaries.
Trace, the nonprofit membership association that develops anti-bribery solutions for these two groups, on Tuesday launched the new Trace Registered Access Code, or TRAC, supply chain due diligence platform.
The system issues 12-digit TRAC numbers to third-party companies to allow for better transparency during the due diligence process. The TRAC system shows whether a contracted company is compliant with government regulations, such as import and export laws, anti-money laundering laws and forced labor trafficking. The number also can be used to track anti-bribery compliance as well.
An online profile includes an intermediary's ownership, headquarters location, associations with other companies, and its appearance on any government sanction lists. If certain important information is changed, a TRAC holder may need to reapply for a number or be re-reviewed by Trace.
The TRAC program is based off of today's social media systems, said Alexandra A. Wrage, president of Trace. TRAC holders have control over which companies have access to their profiles and can use the system to reduce the amount of paperwork they send out.
The cost of looking up an organization's TRAC number is free, but TRAC holders must pay an $80 annual fee. For more information contact, Ms. Wrage at wrage@trace international.org.