The Norwegian Transparency Act requires companies above a threshold size which operate in Norway, to show respect for human rights and working conditions in their own business, as well as in their supply chains and with their business partners.

The Act requires businesses to carry out due diligence assessments, implement measures and report on the results and follow-up of work and compliance related to both human rights and working conditions.

The Transparency Act entered into force 1. July 2022, and the first report must be published on the companies’ web sites no later than 30 June 2023.

Banqsoft fully supports the law, the purpose behind it, the processes, measures and controls it requires. In Banqsoft we are already working with these important aspects of business through Banqsoft procurement and sourcing process, supplier management, risk assessments etc. All our suppliers and partners must commit to Banqsoft Supplier Code of Conduct or demonstrate adherence to similar Code of Conduct. However, the Transparency Act requirements have resulted in additional efforts from Banqsoft side in this area. The increased effort will continue also during Q3 and Q4 2023.

Banqsoft efforts to safeguard compliance with the law is carried out in line with the OECD's methodology for due diligence assessments. We have mapped our supply chains with a view to the risk areas covered by the Transparency Act. In Banqsoft we have a risk-based approach where the greatest risk areas are prioritized first. In instances where we uncover potential risk, we will clarify whether it is real and work to reduce or remove possible damage.

Banqsoft Policy on Responsible Business Conduct is formally approved by Banqsoft Board of Directors. The purpose of the Policy is to safeguard ethical business conduct including Human Rights and Employment/Workers Rights, and to secure adherence to the Transparency Act. Banqsoft CFO is appointed as responsible for compliance to the requirements in Transparency Act in Banqsoft.

If you have any questions related to this topic, please send an email to

Banqsoft Statement on Compliance with the Transparency Act 

Banqsoft Policy on Responsible Business Conduct