Supply Wisdom® Granted Patent for Real-time and Continuous Risk Monitoring Solution
Written by Supply Wisdom Team
May 12, 2020
Patent covers Supply Wisdom’s proprietary technology and methodology for quantifying risk associated with third parties and geographic locations
Supply Wisdom, the leader in real-time and continuous risk intelligence, announced today that the US Patent and Trademark Office has issued Patent No. 10,643,165B2 for its risk monitoring solution.
The patent covers the technology and methodology used to transform risk data collected from disparate sources into quantified risk metrics that can be used to assess and compare the risk of third parties and locations. The patent further covers the ability of users to customize the risk metrics by adjusting the weight assigned to different risk categories; alerting of risk events and accompanying risk mitigation guidance; and the methods used to make risk intelligence easily consumable.
“The patent is a testament to how we are disrupting the risk management and monitoring market,” said Atul Vashistha, Chairman and Founder of Supply Wisdom, Inc. “We are the only player in the risk space providing continuous monitoring across the broadest risk framework available. If COVID-19 has proven anything to business leaders, it is that risk must be monitored continuously in real-time with a risk model that goes far beyond financial and cyber risks. Stale point-in-time risk assessments, even from as recently as one month ago, are virtually worthless for informing business leaders of the current state and enabling effective risk mitigation decisions.”
By leveraging technology that converts risk data into quantified risk intelligence, Supply Wisdom enables users to know whether the risks of their third parties and locations are rising or declining. As Supply Wisdom’s technology continuously monitors risks in real-time, it enables users to generate on-demand risk scorecards and executive-level reports that are populated with real-time intelligence to show the current risk picture. Supply Wisdom’s risk framework monitors over 300 risk parameters covering six categories of third-party risk and eight categories of location-based risks* in a single solution, eliminating the need for multiple subscriptions or solutions.
“Supply Wisdom’s curated risk alerting is the perfect blend of automation and curation. The solution filters out the noise and enables users to focus on risk mitigation actions rather than risk identification,” explained John Bree, Chief Evangelist, Supply Wisdom. “Our patented solution continuously monitors risk issues and indicators to generate real-time risk alerts. Combined with our patented proprietary technology and methodology, data is packaged into real-time intelligence which business leaders can leverage to make effective and efficient risk avoidance and mitigation decisions.”
“Supply Wisdom enables easy digestion of actionable risk intelligence. Supply Wisdom leverages proprietary algorithms, automation and AI to continuously track, validate, analyze and report real-time market data from hundreds of thousands of public, private and semi-private (paid) sources, for over 300 unique performance metrics across third-party entities and locations all over the world,” Sandeep Suresh, Head of Research & Analytics, Supply Wisdom further explained. “This patent is the fruit of our decade-long effort to equip Supply Wisdom users with the latest intelligence on their third-party and location’s market risks and opportunities, without the usual noise and false positives associated with monitoring of market information. While many experts are now looking at continuous monitoring in the current COVID era, we have always believed in its power and championed this ideology for over a decade now.”
*Supply Wisdom’s third-party risk framework includes six categories of risk – Financial, Cybersecurity, Solutions Maturity, Client, People and Governance, Regulatory & Compliance. The location risk framework includes eight categories of risk – Geo-Political, Legal, Financial, Scalability, Macro-Economic, Infrastructure, Business, and Quality of Life risks.
About Supply Wisdom
Supply Wisdom is transforming the supply chain and third-party risk management space globally. Supply Wisdom solutions automate risk management for enterprises and deliver continuous third-party and location risk intelligence, risk monitoring and risk actions across the widest risk aperture to minimize the risks of disruption facing their business, supply chains and third parties.
For more information, visit www.supplywisdom.com and follow us on https://www.linkedin.com/company/supplywisdom.
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