Standard Chartered has developed a new tool that enables companies to benchmark the resilience and sustainability of their supply chains, based on comparisons with peers across regions and sectors.

The Supply Chain Performance Indicator highlights which areas they need to focus on to achieve their goals. The assessment is based on five indicators: environmental soundness and transparency of direct suppliers and of indirect or deep-tier suppliers; financial robustness; flexibility and adaptability; and collaboration and connectedness throughout the ecosystem.

Clients can use the results to identify their areas of weakness and seek advice and solutions from the bank.

The tool is developed based on insights from “Critical indicators of sustainable supply chains”, the bank’s report which surveyed close to 1,000 global companies and looked at the resilience and sustainability of supply chains across regions and sectors based on the same five indicators – it also offers actionable insights for companies.

While 90% of the respondents say sustainability and resilience are strategic imperatives, the survey finds that nearly two-thirds of companies say their actual performance lags the importance they place on meeting each of the indicators.

Simon Cooper, CEO of corporate, commercial and institutional banking & CEO of Europe & Americas at Standard Chartered, says: “As we try to build back to a more sustainable economy, we can help our clients with tools and solutions to make their supply chains more sustainable, more resilient and future-proof. Sustainable trade finance products are one way to ensure that complex supply chains adhere to sustainable best practices, and help companies achieve their sustainability goals as they grow their businesses.”