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riskmethods Risk Assessment™

For certain areas of your risk exposure, your suppliers themselves are the only ones who can provide the answers. This is where you need a professional collaboration tool that lets you perform supplier risk surveys quickly.

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riskmethods Risk Assessment automates supplier and third-party assessment processes, enriches evaluation of risk scores, and integrates survey results into business partners’ risk profiles. Our versatile supply chain assessment tool simplifies supplier qualification and monitoring, improves data accuracy, reduces manual data collection, and closes the risk feedback loop.  

With riskmethods Risk Assessment, you can:  

Manage a Broad Range of Use Cases

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  • Find the best suppliers for your business. Supplier and vendor qualification is critical for your success, and for mutual relationships with your new business partners. Customizable yet solid qualification surveys allow you to efficiently qualify your partners and make sound decisions.
  • Manage due diligence of existing relationships with contracted suppliers. Operate periodic or ad-hoc surveys, so you adhere to the various internal directives and regulations needed to be compliant with ESG, and other requirements.
  • Evaluate and verify your risk alerts. Imagine that a typhoon hits an area where several of your essential component suppliers are located. Evaluate the criticality of the alert by identifying all affected suppliers, visualized on our digital world map. Then get direct insights from those suppliers with easy-to-create and flexible surveys.

    • Access central data collection and assessment. Be prepared for upcoming product inspections by preventing the use of materials that do not meet specifications. 

Risk Monitoring and Risk Assessments

  • Demonstrate transparency in the supply chain. Show that all suppliers, vendors, and third parties have been evaluated fairly, and in line with resolving or preventing risk.
  • Assess with risk in mind. See the most significant risks highlighted on your digital world map and dashboards. This helps you to identify and mitigate any associated risks of suppliers and categories.
  • Receive automated assessment evaluation. Add third-party assessments to a central risk management process. Evaluate and transfer survey results automatically into your business partners’ holistic risk profiles within the riskmethods Scorecard. When a predefined threshold score is hit, risk alerts are created. You can begin mitigation activity immediately.
  • The four pillars of holistic risk monitoring. Within The riskmethods Solution, you combine risk data from riskmethods, data from third-party providers, and your own risk information with the results of your supplier assessments. This gives you a comprehensive database for the best possible risk monitoring.

Assess with Success

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  • Keep your business running. Maintain business continuity by assessing the criticality of risk before disruption happens. Avoid costs and downtime.
  • Mitigate risk before it materializes. Conducting surveys of your suppliers and third parties empowers you to avoid emergency mitigation costs, missed sales, and fines and penalties from failing to meet contractual agreements.
  • Ask the right questions to protect your brand. The structure and question format of the survey can be broadly adapted to meet the requirements of each assessment. The survey provides the flexibility to query all kinds of supplier risk data and documents.
  • Become a great business partner. Strengthen relationships within your supply chain, supporting continuity of supply and an innovative way of working.
  • Avoid reputational damage. Secure compliance to environmental and ethical standards along the supply chain and meet regulatory requirements.

Ease Your Workload and Save Time

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  • Consolidate assessments and risk management in one tool. Always be up-to-date concerning risk. Stop using too many isolated and highly manual work processes. Thanks to automated assessment and integration, you save time and reduce operational complexity.
  • Identify your survey needs. Easily select which suppliers to evaluate based on various criteria such as risk and supplier profiles (criticality), category, risk events, and others within The riskmethods Solution.
  • Demonstrate vigilance. Gain confidence and proof that your suppliers and other third parties can consistently supply products or services in compliance with your internal and regulatory requirements.

What Your Suppliers and Third Parties Will Appreciate

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  • Improve collaboration with your business partners. Your suppliers will appreciate professional collaboration. Using the intuitive and easy-to-use interface makes their lives easier and allows them to save time and resources.
  • Bring in the experts. Respondents have the possibility to invite domain experts to answer questions specific to areas related to supplier due diligence or regulatory compliance needs.
  • Share what you need / want to share. Your partners gain flexibility by being able to upload various documents formats, so they can easily share company reports, certifications, product/service details, and other documents on your assessment requirements.

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Optimizing Risk Assessment: Closing the Feedback Loop

To manage supply chain risks efficiently, decision-makers need to use every resource available. Suppliers can provide location and product-specific details that are otherwise unavailable. Yet this source of valuable insight is often underleveraged because there are just too many suppliers, data points, and exchanges to address manually.

In this Whitepaper you will learn:

  • Why gathering firsthand information at scale is so difficult
  • How automating processes reduce time and effort, while increasing accuracy
  • Why integrated surveys enable ongoing risk assessment at scale

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