Joining Forces for Next-Generation Risk Management: Global Timber Supply Chain Risk & Regulatory Compliance
Singapore-based Double Helix Tracking Technologies is joining forces with 11Foundry of the United States to help timber companies all over the world better manage their global supply chain risk and regulatory compliance.
Many timber industry professionals are familiar with global regulations such as the US Lacey Act and EU Timber Regulation. Whilst industry professionals have access to a wide range of information and monitoring tools, the vast quantity of supply chain data to collect and process can quickly become overwhelming and stressful.
11Foundry, made up of experienced timber industry professionals, offers a compliance software solution named FiberTrace™, developed for their industry peers to process, organise, and manage supply chain documents and records required by company policies and regulatory mandates. A cloud-based platform, it is flexible enough to meet the requirements of smaller businesses, yet easily scales to the needs of larger corporations with thousands of global suppliers.
DoubleHelix provides resources and expertise to engage with the timber supply chain all over the world. With a network spanning most timber producing countries, DoubleHelix works with manufacturers and forest owners to establish robust monitoring and data verification systems. This can ensure that all information and data entered into the FiberTrace™ system is authentic and trustworthy, all the way back to forest source.
Combined, the partnership delivers a comprehensive, end-to-end compliance solution for small and large businesses alike.
Colin Miller, Managing Director of 11Foundry, welcomes the partnership with DoubleHelix.
“Not only does this enable us to introduce the FiberTrace™ software to more users in more regions around the world, but we are also able to call on the knowledge and expertise of DoubleHelix, who have an international reputation for delivering practical traceability and transparency solutions in the timber sector.
Mr Miller explained that his company’s software and systems have been built by industry users to solve the everyday challenges of managing and using a due diligence capability. FiberTrace™ provides critical features like role-based access, workflow automation, risk assessment recording, document storage, and complete system auditability, all through a very user-friendly, secure, and cloud-based interface.
Darren Thomas, CEO of DoubleHelix, in welcoming its latest business partnership with software company 11Foundry, says it is more important than ever “for the timber industry to demonstrate care and responsibility.”
He continues, “Wood is increasingly seen as a climate-friendly material, so long as it comes from well-managed forests. Responsible businesses have an opportunity not only to demonstrate best-practice due diligence, but also to show how they contribute to a better world.”
“As we are called on to support international businesses to undertake due diligence in an increasingly volatile environment, to manage and benefit from the data in their supply chains, and to communicate the positive impacts of their activities, we’re pleased to have 11Foundry and FiberTrace™ in our armoury,” Mr Thomas said.
About DoubleHelix
Double Helix Tracking Technologies is headquartered in Singapore with operations throughout Asia, as well as the Americas, Africa and Europe. In-country teams collect, verify, and analyze supply chain data for entry to secure, user-friendly software platforms that enable clear and concise communication to management, investors, consumers, and other key stakeholders. Through transparency and honesty, we help our clients manage risks and build confidence in their products, which in turn builds trust, loyalty, and market share.
About 11Foundry
United States-based and with operations in Europe, 11Foundry helps companies manage risk and create value. As responsible companies face multiple business risk vectors, ranging from regulatory enforcement actions and inventory forfeiture to market lock-out and reputational damage, 11Foundry has introduced FiberTrace™ to help create a safer business operation by providing clients with the tools and workflows to measure, mitigate, and monitor supply chain risks, and to better communicate both upstream and downstream. FiberTrace™ has been developed by professionals in the timber industry to provide a solution for fulfilling the requirements of timber trade legislation such as EUTR and the Lacey Act, as well as the requirements of voluntary forest certification schemes.