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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.

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