{"id":20090,"date":"2022-10-21T10:21:00","date_gmt":"2022-10-21T10:21:00","guid":{"rendered":"https:\/\/crigroup.com\/?p=20090"},"modified":"2024-01-15T08:20:02","modified_gmt":"2024-01-15T08:20:02","slug":"the-new-norwegian-transparency-act-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/the-new-norwegian-transparency-act-heres-what-you-need-to-know\/","title":{"rendered":"The new Norwegian Transparency Act: Here&#8217;s what you need to know"},"content":{"rendered":"<p><span lang=\"EN-GB\">T<\/span><span lang=\"EN-GB\">he Norwegian Transparency Act entered into force on 1 July 2022, obliging large and mid-size companies to conduct fundamental human rights and decent working conditions due diligence throughout their supply chain and with their business partners.\u00a0<\/span><\/p>\r\n<p class=\"x_MsoNormal\"><span lang=\"EN-GB\">The Transparency Act covers services and products in a broad sense. Under this Act, consumers, organisations, trade unions, journalists, and the general public will be entitled to request information from companies, and the Norwegian consumer authority may issue injunctions and fines for non-compliance.\u00a0<\/span><\/p>\r\n<p>Though it is a Norwegian initiative, we see similar initiatives such as <a href=\"https:\/\/crigroup.com\/ar\/free-ebook-supply-chain-due-diligence-act-lksg\/\" rel=\"nofollow noreferrer\">Germany\u2019s Supply Chain Due Diligence Act<\/a>\u00a0or the\u00a0<a href=\"https:\/\/www.gov.uk\/government\/collections\/modern-slavery-bill\" rel=\"nofollow noreferrer\">UK\u2019s Modern Slavery Act<\/a> in other European countries.<\/p>\r\n<h2>Who does the Act apply?<\/h2>\r\n<p>The Act applies to companies registered in Norway, and foreign companies that must pay taxes in Norway. These must meet at least two of the three criteria below:<\/p>\r\n<ul>\r\n\t<li>At least 50 full-time employees (or equivalent annual man-hours)<\/li>\r\n\t<li>An annual turnover of at least NOK 70 million (\u00a35.9 million)<\/li>\r\n\t<li>A balance sheet sum of at least NOK 35 million (\u00a32.95 million)<\/li>\r\n<\/ul>\r\n<p class=\"x_MsoNormal\"><span lang=\"EN-GB\">Integrating environmental aspects and granting access to justice for victims of corporate abuse are two crucial outstanding tasks for the Norwegian legislation. The European Commission is expected to address them under its Sustainable Corporate Governance initiative, as demanded by an overwhelming majority of respondents to the relevant public consultation.<\/span><\/p>\r\n<p><span style=\"font-size: inherit;\">The Norwegian Consumer Agency is the supervisory body for the Transparency Act, while the Market Council will act as the appeal body for appeals against the Norwegian Consumer Agency\u2019s decisions. These bodies will be able to review the companies\u2019 reports to confirm they fulfill the reporting obligation.<\/span><\/p>\r\n<div class=\"entry-content\">\r\n<h2>Complying with the Act<\/h2>\r\n<p>Managers of enterprises should become familiar with the Transparency Act and its requirements so they can ensure that sufficient resources are allocated for compliance with the Act. They need to establish systems internally that enable them to answer requests within the three-week deadline.<\/p>\r\n<p>Existing policies and risk assessment forms that form the basis for the due diligence assessment also need to be updated. These policies must cover the requirements of fundamental human rights and decent working conditions. The risk assessment should the enterprise itself, its supply chain, and business partners. Enterprises can turn any potential business risks into a competitive advantage by allocating sufficient resources to the Transparency Act.<\/p>\r\n<p data-block-key=\"fvf98\"><a class=\"primary-btn\" href=\"https:\/\/meetings.hubspot.com\/zafar-anjum\" rel=\"nofollow noreferrer\">BOOK A MEETING<\/a><\/p>\r\n<h3 data-block-key=\"fvf98\">We can help with Due Diligence<\/h3>\r\n<p><span data-preserver-spaces=\"true\">The <a href=\"https:\/\/crigroup.com\/ar\/\">CRI Group<\/a> has developed a highly specialised assessment solution for Corporate <a href=\"https:\/\/crigroup.com\/ar\/corporate-due-diligence-accountability\/\"><div id=\"h1-2\">\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 <span class=\"rtl-1\">360\u00b0<\/span><\/div><\/a> and <a href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\"><div id=\"h1-3\">(3PRM\u2122)\u0625\u062f\u0627\u0631\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u063a\u064a\u0631<\/div><\/a> to assist organisations in accurately identifying, preventing, mitigating and addressing actual and potential adverse impacts of affiliating with global partners and complies with all EU mandates.<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">From enhanced due diligence to identify non-compliance of the regulatory framework and damaging environmental allegations to investigating company (or stakeholder) human rights violations related to labour laws, child labour or human trafficking, CRI Group experts help determine the legal compliance, financial viability, and integrity levels of outside partners and suppliers affiliated with your company&#8217;s value chain.<\/span><\/p>\r\n<h3>The Benefits of Compliance<\/h3>\r\n<p><span data-preserver-spaces=\"true\">Recent studies have demonstrated a positive correlation between the extent to which companies implement environmental, social and good governance policies, and their overall economic performance, all while contributing to a more stable global marketplace. Such responsible business conduct will:<\/span><\/p>\r\n<ul>\r\n\t<li><span data-preserver-spaces=\"true\">Enhance protection for workers<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Improve access to justice for victims<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Safeguard the environment<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Ensure fair products for consumers<\/span><\/li>\r\n<\/ul>\r\n<p><span data-preserver-spaces=\"true\">Further, apart from general compliance with EU mandates, such organisations will benefit from:<\/span><\/p>\r\n<ul>\r\n\t<li><span data-preserver-spaces=\"true\">Reduced overall liability risks<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Improved stakeholder protection<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Lower costs resulting from conflicts<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Improved company transparency<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">More profound knowledge of the value chain<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Enhanced reputation in the market &amp;<\/span><\/li>\r\n\t<li><span data-preserver-spaces=\"true\">Improved social standards for workers<\/span><\/li>\r\n<\/ul>\r\n<p>CRI Group&#8217;s corporate due diligence and accountability solutions can help your organisation comply with a growing list of global regulations and mandates related to human rights and the environment while acting as an integral part of your business decision-making and risk management systems.\u00a0<\/p>\r\n<p><span data-preserver-spaces=\"true\">Contact the CRI Group to learn more about our Corporate Due Diligence and Accountability solutions and stay one step ahead of the pending EU mandates. We look forward to assisting you.<br \/>\r\n<\/span><\/p>\r\n<p>\r\n<\/p>\r\n<p><span class=\"gutentor-button-wrap\"><a class=\"gutentor-button gutentor-block-button gutentor-icon-hide\" href=\"https:\/\/crigroup.com\/ar\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>\u0627\u062a\u0635\u0644 \u0628\u0646\u0627<\/strong><\/a><\/span><\/p>\r\n<p><span class=\"gutentor-button-wrap\"><a class=\"gutentor-button gutentor-block-button gutentor-icon-hide\" href=\"https:\/\/crigroup.com\/ar\/get-a-quote\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>GET A QUOTE<\/strong><\/a><\/span><\/p>\r\n<h3><strong>About CRI Group\u2122<\/strong><\/h3>\r\n<p><span data-preserver-spaces=\"true\">Based in London, CRI Group\u2122 works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Risk Management<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/employee-background-checks\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Employee Background Screening<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/business-intelligence\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-9\">\u0630\u0643\u0627\u0621 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/div><\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/due-diligence\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-2\">\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 <span class=\"rtl-1\">360\u00b0<\/span><\/div><\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/compliance-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-1\">\u062d\u0644\u0648\u0644 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644<\/div><\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and other professional\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/investigative-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Investigative Research<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0solutions provider.<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI Group\u2122 also holds\u00a0<\/span><strong><span data-preserver-spaces=\"true\">BS 102000:2013<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><strong><span data-preserver-spaces=\"true\">BS 7858:2012 Certifications<\/span><\/strong><span data-preserver-spaces=\"true\">, is an HRO certified provider and partner with Oracle.<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">In 2016, CRI Group\u2122 launched the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Anti-Bribery Anti-Corruption (ABAC\u2122) Center of Excellence<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0\u2013 an independent certification body established for\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 37001:2016 Anti-Bribery Management Systems<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37301-certification\/\" target=\"_blank\" rel=\"noopener\">ISO 37301 Compliance Management Systems<\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-31000-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 31000:2018 Risk Management<\/span><\/a><span data-preserver-spaces=\"true\">, providing\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-training\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">training<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">certification<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">ABAC\u00ae operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/contact\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Contact ABAC\u2122 for more<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on ISO Certification and training.<\/span><\/p>\r\n<p>\r\n<\/p>\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Norwegian Transparency Act entered into force on 1 July 2022, obliging large and mid-size companies to conduct fundamental human rights and decent working conditions due diligence throughout their supply chain and with their business partners.\u00a0 The Transparency Act covers services and products in a broad sense. Under this Act, consumers, organisations, trade unions, journalists, [&hellip;]<\/p>","protected":false},"author":1,"featured_media":21005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,16,12],"tags":[],"class_list":["post-20090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-industries","category-compliance-solution","category-due-diligence"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"The Norwegian Transparency Act obliges companies to conduct human rights and working conditions due diligence throughout their supply chains.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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