From Challengers to Champions: Transitioning Risk Teams for Success

Companies are cutting staff and focusing on efficiency amid a commitment to do more with less following a year of widespread layoffs. There is a focus on Risk Management programs where the unit is perceived to be “roadblock” to growth.

This is often the issue with Third Party and Vendor Risk Management areas where the process of onboarding vendors is slow and laborious. External service providers are seen as essential to reduce operating costs as well as provide platforms to create and offer new and enhanced products, all designed to increase revenue.

This is a dangerous time for companies and their risk teams. As risk positions are being eliminated (e.g. at Lloyds Banking Group) the possibility for companies onboarding “bad vendors” as well as missing critical negative signals about existing vendors is increasing.

The risk from Cyber Security inadequacy, Financial weakness, Operational distress, Legal and Compliance failures, as well as the lack of reasonable ESG programs is now heightened by the mounting geopolitical turmoil around the world.

Risk teams are often viewed as “blockers” to growth or savings realization because the due diligence and risk assessment processes are manual, point-in-time efforts that take months to complete.

We are all operating in a dynamic world and need fast, comprehensive, multi-dimensional risk intelligence to make sound and timely business decisions. Whether onboarding a vendor or expanding a client relationship, current and accurate risk data is essential to meet ambitious strategies and evolving client expectations.

Supply Wisdom can turn your risk operations into a growth agent, providing near real-time risk intelligence and negative news alerts, across the risk spectrum that allows you to make faster onboarding decisions while also ensuring the maximum level of vendor lifecycle management.

A dynamic platform for a rapidly changing global risk environment.

Traditionally, the main risk was not knowing. In today's world of unlimited information, the risk is knowing and not acting. How does a company sort through all the news and information to get a clear picture of risk? The answer is clear: with Supply Wisdom, the only full-spectrum platform designed to meet today’s challenges.

By combining all the critical risk domains, including Cybersecurity, Financial, Operations, Compliance, ESG, Subcontractor (Nth Party), and even Locations, into a single, dynamic, up-to-the-minute risk profile, Supply Wisdom ensures rapid assessment, decision, and action.

Using AI and Machine Learning to gather, curate, and consolidate more than 1,000 key risk indicators, Supply Wisdom has created an agile, current, comprehensive database that offers Risk Awareness, Risk Predictions, and Negative Event forecasting.

For most Risk Management functions, it is very cumbersome and costly to develop and implement an internal function to gather risk intelligence on the multiple categories and risk vectors, assess, validate, score, and consolidate it all into a usable format. Supply Wisdom has documented ROI for Risk Management functions that have implemented the platform.

With no requirements for hardware or software, combined with the ability to be up and running in days, makes Supply Wisdom a tactical as well as strategic platform.

From the earliest public warnings of the Covid 19 pandemic, through the downstream impact on global business of the Ukraine conflict, to forecasting geopolitical and weather-based production and shipping challenges, Supply Wisdom clients have been equipped to minimize and even avoid disruptions.

Supply Wisdom is taking the Revenue Growth and Cost Avoidance value of Risk Intelligence from rhetoric to reality—and creating super heroes of Risk Departments everywhere!

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To learn more about Supply Wisdom's comprehensive continuous monitoring for third-parties and locations, book a time with one of our specialists here.