Lloyd’s Register (LR), the global engineering, technical and business services organisation, has made a significant move to facilitate the development of assurance services based on new technologies that take advantage of the new platform economy eco-system.
For this latest development, LR has chosen Silicon Valley based greenfence, the first platform technology serving the Testing, Inspection and Certification (TIC) marketplace. greenfence offers LR unrivalled potential for connectability, scalability and interoperability of existing databases, schemes and systems, but also for future development and enhancement of assurance services across all industry sectors. LR believes that adopting greenfence will lead to greater levels of assurance for organisations with complex, high-risk supply chains such as food supply. LR expects greenfence will have a disruptive effect on traditional TIC business models, which compelled LR to take an early adopter position; this will see the development by LR and LRQA of a wide range of services utilising greenfence. LRQA is a member of the LR Group.
LRQA will have the ability to blend conventional assessment with digital monitoring and audit solutions that will enable the delivery of real-time assurance and insight, moving from a retrospective focus to predictive insight, from what went wrong to what is likely to go wrong. It will augment and evolve current auditing and inspection processes to improve supply chain confidence, with wider and deeper system and data coverage, more effective targeting of existing and potential risks and better application of analysis, insight and advice.
greenfence uniquely connects everyone from large organisations to their smallest supplier and includes global standards/scheme owners and certification services. Its platform, using the latest in Artificial Intelligence, Big Data and Intelligent Automation, significantly reduces costs, increases capacity and provides visibility and transparency across the supply chain and increases trust through sourcing from authenticated and assured individuals and companies.
LRQA Managing Director John Rowley comments, “The LR-greenfence relationship demonstrates LR’s commitment to investing for the future, through technology-enabled services that deliver more value to the customer. It positions LRQA as innovative in the food and beverage industry in providing a range of potential platform economy services for supply chains powered by greenfence’s technology. We will also be using this technology to explore potential opportunities in other LR markets.”
greenfence CEO Mitch Chait comments, “LR exemplifies the type of innovation leadership necessary to drive meaningful transforming improvements in a variety of TIC verticals, including human rights and sustainability. We are delighted to share our vision with and support an organisation recognised by the world’s largest food brands as a preferred assurance provider for its exceptional technical expertise, its global coverage and its capacity to design and deliver services that meet requirements from the agro industry. It is remarkable that for almost 260 years, LR has consistently demonstrated the ability to quickly adapt to external changes in order to remain competitive, while sustaining growth and its commitment to contribute to the creation of a better world through charitable objectives led by the Lloyds Register Foundation.”