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Automated onboarding of suppliers, risk mitigation, and compliance

Supplier Risk & Performance Management Software

Mitigate Third-Party Risk and Address Compliance Requirements Using an Automated Supplier and Risk Management Solution.

Centralize all supplier data and minimize unnecessary manual work through controlled and automated category-specific supplier onboarding.  Reduce the risk of non-compliance within the supply chain by ensuring supplier information is current and automatically updated and flagged in the event of noncompliance.  Our third-party risk management software makes light work of audit and vendor risk management and helps reduce risk through automation based on industry standards.

Simplify Supplier Management

Streamline process and let your suppliers manage their own data. Simply invite your suppliers to register through the supplier portal to enter and maintain their own data, accreditations, and certifications.  Your suppliers will benefit significantly, as they will only need to provide the information once for all RFI/RFPs, and your colleagues will have full access to supplier data across the business.  Suppliers and buyers will receive automated notifications of upcoming expiration dates on key documents.

The Strategic Importance of a Third-Party Risk Management System

Global change creates new opportunities but it also generates risks. Sometimes it is your own organization pursuing a business expansion or trading opportunities.  At other times you are grappling with external changes that are outside your control – from regulators, competitors, or emerging risks.

In order to navigate a way forward, and make well-informed decisions, you need the knowledge to base them on.  An agile solution will allow your company to identify potential third-party risks, empowering you to develop and execute strategies and mitigation plans around them.  This will enable individuals across your organization to make fully informed choices when facing a potential risk and base their response on a formulated company-wide approach.

Run pre-defined automated due diligence processes and approval workflows on suppliers to ensure they meet your risk criteria pre-and post-award.  Through integration with corporate risk and information databases (including Dow Jones, Lexis Nexis, and Refinitiv) carry out automated screening of company and key individuals’ names to check against global sanctions lists and records pertaining to financial crime, corruption, politically exposed persons,  special interest entity, special interest person, workforce disputes, environmental issues and more.

Streamline the Initial Supplier Onboarding Process

Save time by eliminating manual requests for information and documents.  Automate scoring on supplier answers.

Informed Decision Making

Ensure your organization only awards business to, and continues to do business with, suppliers that meet your risk criteria through stringent pre-and post-award risk checks.

Standardize and Automate Processes

Define, standardize and automate due diligence processes and approval workflows to properly structure your approach and save significant amounts of time.

Full Audit Trail

Keep a full and easily accessible record of all key supplier-relevant information, documents, and decisions starting from initial onboarding and till offboarding.

Continuous Monitoring

Automated tracking and identification of any change in risk profiles will give you time to evaluate potential impact on the business and plan how to mitigate the risk.

 

A Rapidly Changing Third Party Risk Management (TPRM) Landscape

Scanmarket has collaborated with thought leaders to produce a series of briefing notes on the quickly evolving TPRM landscape from a procurement and supply chain perspective.

Centralize Supplier Information and Performance Management

Reduce supplier management costs by up to 65% by keeping your supply base up to date.

Ensure ongoing supplier compliance management and avoid manual maintenance and duplication of work.

Keeping supplier data up to date is of equal interest to you and your suppliers, so why not simply make it a collaborative effort? Just centralize all supplier data and ask your suppliers to keep their relevant information, accreditations, and certifications up to date, benefitting stakeholders in both camps.

Scanmarket’s Supplier Risk & Performance Management software is equipped to distribute questionnaires that can be linked to sourcing events.

Expedite the decision-making process by tracking and accessing supplier performance in one centralized location. Use scorecards and instant KPI tracking and reporting to elevate your entire buying function.

Centralized Supplier Data

Both the buyer and supplier has access to supplier data in one central repository with the ability to update supplier information as needed.

Increase Speed of Decision Making

Access the system anywhere on any web browser and view the latest information concerning your external relationships.

Enterprise-wide Transparency

Centralized secure administration of third party profiles enable easy and transparent access across the enterprise.

Auditing & Reporting

Every user action (additions, deletions, edits, views and downloads) performed is fully tracked in the system’s audit logs, coupled with any user information and a time stamp. This provides a full audit trail throughout the lifetime of any third party relationship.

Work Smarter not Harder Using Established Integrations with Risk Intelligence Data Providers

A compliance officer’s job is hard enough. Our integrated solution is designed to make your life easier and protect your business with fact-based decision-making and process control.

Our strong history of partnering with multiple data providers supplies global enterprises with a complete solution that addresses governance, risk & compliance, and enterprise contract lifecycle management.

By combining our market-leading software with risk intelligence databases you are able to effortlessly integrate your third-party risk onboarding program into your current workflow across your business or implement a fully automated system in place of a paper-driven system.

Identity Management

Run your business securely and profitably by better understanding your customers, vendors, and partners.

Advanced Security Profiling & Background Checking

We connect to all leading external risk and corporate information databases such as Dow Jones, Refinitiv, LexisNexis, Dun & Bradstreet, and more for accurate and comprehensive profiling of businesses and individuals.

Fraud Detection and Prevention

Incident management to improve your ability to detect and prevent fraud, contain costs and protect revenue with relevant information about people, businesses and assets.

Investigation

Make informed decisions by identifying, authenticating, investigating, and monitoring individuals and companies for issues such as corruption, tax compliance, cybercrime, politically exposed persons, ultimate beneficial owners, know your customers (KYC), money laundering, common reporting standard, fraud, terrorism financing, sanctions, AKA/aliases, and child labor & slavery.

 

40+ Years of Experience Developing Our Software

Our Supplier Risk & Performance Management software is developed utilizing the combined experience of Symfact and Scanmarket, best-of-breed players within third-party risk management and supplier management respectively.

 

 

Intelligent Questionnaires

Design, build and publish intelligent questionnaires for identifying risks when launching new business relationships.

Flexible Configuration Layer

We can configure our risk management framework to perfectly match your processes and risk models, increasing consistency and accuracy.

Increase Accuracy of Third Party Due Diligence

Enforce standards, processes and business rules with the workflow engine to ensure governance and compliance.

Central Repository for Your Internal Policies

Store all third party risk management data and documentation (emails, policies, internal audits, health and safety documents, etc.) in one central location that’s easily searched and accessed to help with business continuity.

Complex Third-party Risk Management with Dow Jones Integration

“We have been using the Scanmarket/Symfact TPRM solution since 2020 to standardize and streamline our due diligence and risk check processes. With a quickly evolving global risk landscape the solution has never been more important for us than it is now. The functionality is excellent and the service is second to none.  We certainly class Scanmarket/Symfact as a partner, rather than just a provider, in this area.”

Holcim Solution Highlights

  • Integrated sanctions screening with Dow Jones within the third-party due diligence process, including the function to continuously monitor at any given frequency.

  • Various workflows for different types of third parties/transactions.

  • Centralized control and storage of all third-party data.

  • A multilingual platform with external access for third parties to complete in their native languages.

  • Incorporated a complex approval matrix to accommodate the many different stakeholders.

500+ Customers

Scanmarket's software is built to make S2C management as simple as it should be.

But, don’t take our word for it.

Gain Deep Visibility of Your Supplier Base

Easily access, report on and interrogate all supplier data and documents from one central repository, with configurable dashboards and numerous supplier segmentation options.

Safeguard Your Flow of Supply

React to supply chain events/risks before it's too late, by quickly issuing custom questionnaires to your supply base, interrogating the data, and making data-driven decisions.

Protect Your Reputation and CSR Profile

Enforce and track supplier compliance against all key areas, from anti-slavery and child labor to full environmental, social and corporate governance.

Automate and Streamline Supplier Management

Remove 65% of the manual workload through automated category-specific supplier onboarding workflows, autoscoring, supplier self-managed profiles, and bulk segmented messaging, reminders, and questionnaire/assessment assignments.

Exchange of Ecosystem Data

Use our standard APIs and integration points to easily push data to and accept data from other solutions, including your ERPs and other 3rd party systems for a consolidated view of your supplier ecosystem.

Scanmarket a Leader in Strategic Sourcing

Scanmarket was recognized as a leader in the 2022 Strategic Sourcing Data Quadrant report from SoftwareReviews.

Are You Managing Your Suppliers? Or Are They Managing You?

Explore all the details about our Supplier Risk & Performance Management software right here

Remove 65% of Your Workload

Watch Scanmarket's eSourcing Consultant, Kärt Kukke explain the benefits of utilizing SBM to gain full visibility into all your supplier data.

View Supplier Risk & Performance Management in Use

Driving Value with Third Party Risk Management

Build a digitalization strategy that maximizes the benefits of outsourcing supplier relationships and minimizes third-party risk.

Supply Risk & Performance Management

Supply Chain Compliance

Strategic Supplier Portfolio

Update your supplier portfolio and control performance through strategic use of supplier surveys, scorecards, KPIs and candidate information.

 

Centralized Supplier Repository

Enable easy expansion of supplier pool through full visibility to all active and potential suppliers and their scores across divisions and geographies via one centralized repository.

Benefit from a central communications repository with all supplier information gathered in one place. Store notes, receive automated notifications for expiring files, or scheduled reminders when the supplier needs to update their information and certificates. Centralize your supplier data with full transparency for all buyers who are using the same supplier.

eSourcing Event Dashboards

Dashboards provide a complete overview of all supplier activities including e-sourcing events and contracts. Avoid data backing up in an inbox, and eliminate the need for sending event invitations via email. Suppliers can access events directly from their own dashboard to see all upcoming events.

Integration with ERP and Supplier Master Data Tools

Integrate with enterprise resource planning (ERP) tools and other master supplier data to include all relevant information about goods and services being sourced.

Customize integrations with seamless data flow for solutions such as ERP, DocuSign, P2P, eSourcing, Contract Management, Risk Management and more.

Supplier Driven Compliance

Automate maintenance of supplier certifications, documentation and scoring by transferring the responsibility for updates and verifications to the suppliers.

Monitor compliance with full visibility of supplier activity including contracts, event history, contact information, certificates, files, communications and more. With Scanmarket's Supply Risk & Performance Management software, all supplier data is readily available with reports, notifications and flag alerts for non-compliance issues.

You no longer have to chase suppliers for data updates. Suppliers simply log in to update their information and certificates directly under their profile, and receive automated expiry reminders.

Supply Risk & Performance Management

Automated Supplier Onboarding

Automatic Synchronization

Synchronize all data from responses during RFPs in the shared repository for use at a later stage.

Automated Supplier Onboarding

Provide a link on your company website for interested suppliers to register on your database, or issue a link via email. Scanmarket's Supply Risk & Performance Management software verifies email addresses for security purposes and confirms completion of required registration questionnaires.

Automated notifications let the relevant users know once a new supplier has registered. Review new suppliers and accept or reject based on scoring thresholds, transferring them automatically to the supplier database.

The automated onboarding process saves time and requires fewer people in the initial screening, and offers a standardized approach towards all suppliers.

Supplier Performance Management

Reduce tender workload by up to 80% with supplier score tracking to gain visibility of all supplier information. Customize your supplier surveys with scorecards, KPIs and more to compare suppliers from a 360° view.

Scanmarket's Supply Risk & Performance Management software provides transparency for all buyers using the same supplier and enables proactive supplier management.

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Originating from the needs of the procurement professional, Scanmarket's S2C software is built to be used. See for yourself how advanced technology can be as simple as it should be.

Integrate with Everything

Integrate with what you know and already use.

Scanmarket integrates seamlessly with leading technology solutions to create an effortless experience for the end user.

Services

Let Us Guide You to Success

Ensure source-to-contract program results with one of our expert Customer Success Managers to guide you.

Spend Analytics

Make Your Spend Smarter

Improve visibility into complex procurement challenges that impact business planning and execution.

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