PRESS & NEWS

riskmethods launches risk management solution Social Supply Risk Network

Effective early warning system for global supply chains

July 23, 2013


riskmethods, Brunnthal, 23/07/13 – riskmethods’ cloud-based “Social Supply Risk Network” SaaS solution for risk analysis of supply chain objects and locations is now available on the market. The solution enables companies to conduct a highly automated, systematic ad hoc analysis of real-time risk events and indices with respect to their suppliers, locations, countries or even entire supply chains. As of now, interested companies can test Social Supply Risk Network for 45 days free of charge.

After finalization of the first customer evaluation phase, riskmethods’ cloud-based Social Supply Risk Network risk management solution is now available for all market participants, and can be implemented as Software as a Service (SaaS) immediately and without major implementation effort. In this way, riskmethods is able to provide the procurement market and purchasing departments as well as the logistics industry a multi-platform solution that helps global companies detect vital risk factors within their supply chains and production locations at a glance. “Social Supply Risk Network is now available on the market. Our solution is based on close collaboration with our beta testers and customers from different sectors, who provided us with feedback and valuable suggestions, which helped us finalize the current software version,” explains Rolf Zimmer, founder, head of product development, and general manager of riskmethods GmbH.

Companies can now test Social Supply Risk Network for their supply chains and locations for 45 days free of charge, and thoroughly test the functionality while monitoring key supply chain objects with regard to risks involved. “Our early warning system is active right from the start. Importing only one supplier and the supplier’s address automatically generates a holistic risk panorama, which includes supplier, location and country risks in the risk monitoring process. These risks are then clearly displayed, with data that is intuitive to use,” adds Zimmer.

Individual configuration of the master risk scorecard and use of Social Supply Risk Network data sources allow for an automation level of close to 100 percent in the provision of risk-relevant information.

Even when entering only the location, risk assessments based on forces of nature, such as earthquakes, storms, floods, all strikes, be it planned or spontaneous, as well as a large number of country-specific risk indicators are automatically derived. riskmethods collects this data from various sources of information, such as online media or social networks, but also from data sources of reinsurers, supplier credit agencies such as creditsafe, corruption indices, or providers of sanctions monitoring such as FORMAT. “In addition to this, Social Supply Risk Network generates valuable indicators from the innovative ‘Share!’ function of the customer network itself,” explains Heiko Schwarz, founder and marketing director of riskmethods.

After all, if companies share selected risk information with other companies, e.g. information about an upcoming general strike in Portugal, this increases the accuracy of risk factor identification and accelerates the process of forwarding and making available important information.

Besides location-based risks, Social Supply Risk Network has been extended to include the “Country” risk object. Thanks to “Country”, 20 indicators from more than 200 countries are continually and automatically collected, and then used for assessing the risks associated with a location or even the supplier itself. This enables Social Supply Risk Network users to implement an integrated monitoring approach when it comes to their risks. Furthermore, the riskmethods solution even offers its customers a risk research function when searching for suppliers or evaluating alternative transport routes. In this way, Social Supply Risk Network can be used to identify lower-risk locations and countries.

“When signal categories change from green to yellow to red, this must indeed mean that a high threat potential exists. A “black box” approach would be out of place in this case. Reliable and verifiable processing of information is pivotal to Social Supply Risk Network,” says Schwarz.

Interested companies can now test their supply chains and locations for 45 days free of charge, so as to see for themselves how they can benefit from riskmethods’ Social Supply Risk Network.

 

About riskmethods:
As the technological market leader in cloud-based supply chain risk management solutions, riskmethods provides support for companies in the risk analysis of their supply chains. Its SaaS solution "Social Supply Risk Network", which was developed in Germany, combines the latest software technologies, best-practice content and innovative services into a comprehensive analysis tool. This allows sales and market shares to be secured and enables long-term protection of the corporate image. In addition, less effort is required for procuring borrowed capital, business interruption insurance becomes accessible and certifications such as ISO 28000 are simplified.
www.riskmethods.net