Risk Identification and Mitigation
A Scanmarket Use Case on SRPM
A solution to reduce the risk of non-compliance within the supply chain.
Challenge
Create a solution that centralizes all supplier data and reduces the risk of non-compliance within the supply chain, by ensuring all information is current and automatically updated.
Solution
- Using an online platform that centralizes all supplier data, users can on-board category-specific suppliers with minimum effort and no manual work required.
- Allow suppliers to maintain their own data, to remove a huge admin burden for end users.
- Automation scoring on all supplier answers and updates.
- Allow users to perform pre-and-post award risk checks and ensure that suppliers meet the organization’s risk criteria.
- Enable user to define, standardize, and automate due diligence processes and approval workflows.
- Easy tracking and identification of any changes in supplier risk profiles.
- Incident management to improve users’ ability to detect and prevent fraud, contain costs, and protect revenue.
- Connectivity to all external risk and corporate information databases such as, Dow Jones, Thomson Reuters, LexisNexis, Dun & Bradstreet and more.
Benefits
- 65% reduction in supplier management resources and costs.
- Faster identification of any potential third-party risks.
- Maximize compliance.
- Minimize risk.