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This update outlines the annual refresh of Informed 365's country and industry risk ratings, prepared by Bureau Veritas. The updated ratings take effect on 16 July 2026, and go live across the platform - including the Modern Slavery Dashboard, supplier profiles, and ISRI calculations.
What You Should Do
Check for discontinued industries - If any of your supplier profiles display "Industry Discontinued", update their classification using the reclassification guide. Until reclassified, no ISRI (Industry-Supplier Risk Index) score will be calculated for that supplier.
Review the Historical Risks Report - The report now shows year-on-year rating comparisons with change justifications and visual indicators (↑ increased, ↓ decreased). Access it via Reports > Historical Risks Report.
Pay attention to newly elevated sectors - Technology hardware, semiconductors, financial services, and REITs have all moved to higher risk categories this year.
Classify suppliers at the sub-industry level - Starting in late 2026, risk ratings will increasingly focus on sub-industry classifications. Selecting the most specific classification now ensures the most accurate risk assessment.
What's Driving the 2025 Changes
Each year, Bureau Veritas publishes updated modern slavery risk ratings to reflect evolving global conditions. Their qualitative methodology integrates multiple respected global indices:
🌐 Global Slavery Index (GSI) - prevalence and vulnerability data
📊 Corruption Perceptions Index (CPI) - governance and corruption risk
📈 Social Progress Index (SPI) - social outcomes and human wellbeing
☮️ Global Peace Index (GPI) - peace, conflict, and stability indicators
Year-on-year movements in these indices directly inform rating adjustments. Where scores have declined - indicating deteriorating conditions - risk ratings have increased accordingly. Bureau Veritas's front-line audit experience across industries and geographies also provides qualitative intelligence that supplements index-based analysis, particularly in sectors with complex or opaque supply chains.
🌏 Country Risk Rating Changes
The latest dataset covers 249 countries aligned with the ISO 3166 standard. The majority of ratings remain stable. Updated risk ratings appear across all platform modules that display country risk, including the Modern Slavery Dashboard and supplier profiles.
No action is required on your part for country risk ratings. The update has been applied automatically.
Countries with Increased Risk
Country | Old Rating | New Rating | Reason |
🇧🇸 Bahamas | Medium | Very High | Inclusion of additional data from the Global Slavery Index (GSI) |
🇧🇧 Barbados | Low | Medium | Decreases in both CPI and SPI scores |
🇪🇨 Ecuador | High | Very High | Decreases in both CPI and SPI scores |
🇲🇹 Malta | Medium | High | Decrease in CPI score and inclusion of additional GSI data |
🇲🇰 North Macedonia | Medium | High | Slight decrease in SPI score and increase in GPI score |
🇵🇦 Panama | Medium | High | Decrease in SPI score and increase in GPI score |
🇷🇸 Serbia | Medium | High | Slight decrease in CPI and SPI scores, increase in GSI score |
🇻🇳 Vietnam | Medium | High | Decrease in CPI and GPI scores |
Countries with Decreased Risk
Country | Old Rating | New Rating | Reason |
🇰🇼 Kuwait | Very High | High | Increase in Social Progress Index (SPI) score |
Key Markets - Stable Ratings
For reference, the following major economies maintain their current ratings:
Country | Old Rating | New Rating |
🇦🇺 Australia | Very Low | Very Low |
🇳🇿 New Zealand | Very Low | Very Low |
🇬🇧 United Kingdom | Very Low | Very Low |
🇺🇸 United States | Low | Low |
🇨🇳 China | High | High |
🇮🇳 India | Very High | Very High |
🇯🇵 Japan | Very Low | Very Low |
🇸🇬 Singapore | Very Low | Very Low |
🏭 Industry Risk Rating Changes
The 2025 industry dataset follows the Global Industry Classification Standard (GICS) hierarchy:
Sector
↳ Industry Group
↳ Industry
↳ Sub-Industry
This year's update includes revised risk ratings across the GICS taxonomy, updated sub-industry definitions, and 12 discontinued GICS classifications.
For most users, no action is required - the updated industry risk ratings will be applied automatically. However, if any of your suppliers are classified under one of the 12 discontinued GICS classifications, you will need to reclassify those suppliers.
See the Discontinued Classifications for more information.
Headline GICS Industry Changes
⬆️ Increased Risk
Classification | GICS Level | Old Rating | New Rating | Key Driver |
🏭 Industrials | Sector | Medium | High | Increased risk to Commercial & Professional Services |
🛍️ Consumer Staples | Sector | Medium | High | Increased risk in Food, Beverage & Tobacco |
💰 Financials | Sector | Very Low | Medium | Broad increase across financial sub-industries |
📡 Communication Services | Sector | Low | Medium | Increased risk in Entertainment |
🏡 Real Estate | Sector | Low | Medium | Increased risk in Equity REITs |
🔌 Semiconductors & Semiconductor Equipment | Industry Group / Industry | High | Very High | Heightened risk associated with mining of critical minerals (cobalt, tin, copper), supported by Bureau Veritas audit findings. |
🏦 Financial Services | Industry Group / Industry | Low | Medium | Growing exposure to modern slavery risks through outsourcing and offshoring of IT support, call centres, and facilities management, along with downstream risk through lending to higher-risk sectors such as construction and agriculture. |
🏢 Equity Real Estate Investment Trusts (REITs) | Industry Group | Low | High | Research indicates deep connections to construction, outsourced low-wage services, and high-risk global supply chains. |
💻 Technology Hardware, Storage & Peripherals | Industry / Sub-Industry | High | Very High | Critical mineral supply chain risks and labour-related challenges identified through Bureau Veritas audits. |
📡 Communications Equipment | Industry / Sub-Industry | High | Very High | Critical mineral supply chain considerations. |
🍔 Food Products | Industry | Medium | High | Supported by Bureau Veritas audit findings on labour-related challenges. |
🧹 Commercial Services & Supplies | Industry | Medium | High | Bureau Veritas audit experience identified significant labour-related challenges. |
📦 Containers & Packaging | Industry | High | Very High | Updated methodology alignment with latest data and emerging risk factors. |
⛏️ Metals & Mining | Industry | High | Very High | Updated methodology alignment with latest data and emerging risk factors. |
📺 Consumer Electronics | Sub-Industry | High | Very High | Intense labour requirements in manufacturing, supported by Bureau Veritas audit experience. |
🎰 Casinos & Gaming | Sub-Industry | High | Very High | Surge in human trafficking cases connected to online gambling platforms. |
⬇️ Decreased Risk
Classification | GICS Level | Old Rating | New Rating | Key Driver |
🏥 Health Care | Sector | Very High | High | Decreased risk in Pharmaceuticals, Biotechnology & Life Sciences. |
⚡ Utilities | Sector | High | Medium | Updated methodology alignment with latest data. |
Discontinued GICS Industry Classifications
As part of changes to the GICS taxonomy, 12 industry classifications have been retired. These classifications are no longer available for selection when creating or editing supplier profiles.
What Happens to Suppliers Using a Discontinued Classification?
If any of your suppliers are currently assigned to one of the discontinued classifications:
The classification remains visible on the supplier profile for historical reference
The Industry Risk Rating displays "Industry Discontinued" instead of a risk level
No ISRI will be calculated, as ISRI requires both a valid country risk rating and a valid industry risk rating. Country risk will continue to display normally.
You must update the supplier's industry classification to a supported GICS category to restore risk rating and ISRI calculations
Once you update the supplier to a valid industry classification, ISRI calculations will resume automatically.
Discontinued Classifications and Recommended Replacements
Classification | GICS Level | Recommended Replacement(s) |
📰 Media | Industry Group | Advertising, Broadcasting, Cable & Satellite, Publishing, Movies & Entertainment, or Interactive Media & Services |
📰 Media | Industry | As above - select based on supplier's primary activity |
🛒 Internet & Direct Marketing Retail | Industry | Broadline Retail, or another retail sub-industry aligned with the products sold |
🏦 Thrifts & Mortgage Finance | Industry | Commercial & Residential Mortgage Finance, or Regional Banks |
🌐 Internet Software & Services | Industry | Internet Services & Infrastructure, or Application Software |
⚙️ Data Processing & Outsourced Services | Sub-Industry | Transaction & Payment Processing Services, or Human Resource & Employment Services |
🚛 Trucking | Sub-Industry | Cargo Ground Transportation, or Passenger Ground Transportation |
🛒 Internet & Direct Marketing Retail | Sub-Industry | Broadline Retail, or the most relevant retail sub-industry |
🏬 Department Stores | Sub-Industry | Broadline Retail |
🏪 General Merchandise Stores | Sub-Industry | Broadline Retail |
🏦 Thrifts & Mortgage Finance | Sub-Industry | Commercial & Residential Mortgage Finance, or Regional Banks |
🏘️ Residential REITs | Sub-Industry | Multi-Family Residential REITs, or Single-Family Residential REITs |
More detailed reclassification guidance - including explanations for why each classification was retired - is available directly in the platform via the Sub-Industry Definition field on each discontinued classification.
For step-by-step instructions on how to reclassify a supplier, see: How to Update Discontinued Industry Classifications for Your Organisation Profiles.
Where possible, choose a sub-industry classification - this provides the most accurate risk assessment.
Conclusion
The 2025 risk ratings update reflects the continued maturation of modern slavery risk assessment globally. The annual refresh by Bureau Veritas captures the latest intelligence from global indices, emerging sector risks, and front-line audit experience - particularly in areas such as critical mineral supply chains, financial services outsourcing, and the real estate sector's connection to labour-intensive construction and services.
For our clients, this means more current, more granular, and more defensible risk data to inform your due diligence, modern slavery reporting, and supplier engagement strategies.
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