Morgan Freeman Could Lose Life Achievement Award, SAG Reviewing Matter

5:00 PM PT -- The corporate fallout for Freeman has begun ... Visa announced it's suspending its marketing in which the actor is featured. TransLink -- a Vancouver-based transit system that features a Freeman voiceover in an ad -- made a similar announcement, as well.

Morgan Freeman's huge honor from his peers from the Screen Actors Guild is now on the line ... in the wake of sexual harassment allegations ... TMZ has learned.

A rep for SAG tells us, "These are compelling and devastating allegations which are absolutely contrary to all the steps that we are taking to ensure a safe work environment for the professionals in this industry."

Freeman was awarded SAG's Life Achievement Award back in January but now says it's reviewing what "corrective actions" might be appropriate.

SAG acknowledges Freeman has the right to due process, but says it's "our starting point to believe the courageous voices who come forward to report incidents of harassment."

As we reported ... 8 women told CNN they were the victims of harassment or sexual misconduct by Freeman on several movie sets, and at media events connected to his movies.