riskmethods is making it possible for enterprises to gain sub-tier visibility and collaboratively manage supply chain risk with their business partners, empowering them to increase resilience.
This is done through riskmethods Supply Risk NetworkTM, which will become generally available as of August 2021
On June 15th, more details will be disclosed, but below a short recap of what can be expected.
riskmethods empowers businesses to identify, assess and mitigate supply chain risk. By using artificial intelligence, we help you automate and accelerate threat detection, enabling you to gain competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk.
riskmethods serves companies worldwide, protecting hundreds of brands and trillions in annual revenue. Our promise to our customers is simple: We will make your business more resilient. How do we do it? By giving you the ability to prevent and mitigate risk. Harnessing big data and machine-learning AI technology, riskmethods identifies the real threats to a supply network, and then gives you the tools you need to assess the impact of that risk and take proactive steps to collaboratively prevent or mitigate it.riskmethods.net
Risk mitigation approach shift
What’s new is the shift in the approach recommended by riskmethods, is that customers and business partners collaboratively manage risk across and through multiple levels of the supply network. In this way, all parties receive immediate value. Suppliers gain real-time risk insights into their own supply chains, which is already empowering for them. They improve their risk awareness, and can begin managing their own risk, helping them to become even more attractive to their customers. They also enjoy other benefits of improved visibility, such as the ability to avoid or mitigate damages.
This diverges from previous and most current approaches. Despite digitalization of many aspects of sourcing and procurement, attempts for gathering supplier and sub-tier data are mainly still ad-hoc and highly manual. To gather information below tier 1, most customers still simply send out questionnaires to their direct suppliers requesting information on who they do businesses with. Not only does this method tend to provide poor results for the effort involved, it reinforces having one entity make demands without offering reciprocal benefits.
Managing risk in your supply chain is the essential first step. Achieving sub-tier visibility, building collaboration, and automation are key to advancing your risk management program and re the next steps on your journey to resilience.
Gaining visibility into all levels of the supply chain, as well as distribution hubs, contributes to resilience. Without sub-tier visibility, you remain in the dark regarding compliance and sustainability in your supply chain, including third-party vendors and subcontractors. Hidden bottlenecks below tier 1 endanger supply. This includes so-called diamond risks, when your tier-1 suppliers source from the same tier-2 supplier. Transparency of the lower tiers enables enterprises to detect threats and vulnerabilities that are critical but not yet visible for them. This enables proactive risk management.
Visibility coupled with collaboration lets you control your risk exposure, because it’s co-managed by your risk-enabled supply network. This provides earlier and more precise risk insights Formalizing collaboration helps make sure you receive information that suppliers, sub-tiers or third parties may be reluctant to pass on (such as financial difficulty).
With a collaborative hub and cloud-based supply chain risk management solution, smaller enterprises and sub-suppliers, can easily become part of a resilient network, without the financial burden of having to build or manage a complex system on their own. All of your trading partners are better prepared for incidents that may come their way, making the entire network more resilient.
Technology is the key to make these efforts efficient, relevant, and secure. Large enterprises are beginning to automate risk data analysis of their sub-tier supplier levels. What is new is that automated threat detection powered by artificial intelligence provides real-time warnings of risk throughout the entire supply chain, and filters out irrelevant warnings. An advanced supply chain risk management solution saves time, enables teams to work more efficiently, and enables all members of the supply network to react faster. Staff can focus on proactive resilience activities and collaboration efforts. Speed and scale are further advantages. Using technology to collaborate and gain sub-tier visibility across the supply network empowers businesses to stay competitive, demonstrate risk management for their stakeholders to take proactive measures to reduce risk or to mitigate its effects.
riskmethods will have a special announcement on supply network visibility at the free virtual event riskmethods SCRM Exchange on June 15, where they invite all procurement and supply chain prospects to registerRegister here for June 15th
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EBG have gathered information about systems and services needed to gain end to end visibility and control within sourcing, procurement and finance. Learn more about riskmethods and contact them today to find out even more!
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