Top 10: Supplier Risk Management Tools

Ongoing disruption from the ever-changing geopolitical climate is exposing modern businesses to increased risk. In particular, leaders are facing challenges from more bottlenecks in their supply chains and single-supplier networks. 

In this climate, supplier diversity is vital as a means to mitigate risk and avoid the challenges that come from disruption.

Automated platforms and risk management tools are essential for companies that want to stay ahead of competitors and maintain success in unstable markets.

Here, Procurement Magazine takes a look at the Top 10 supplier risk management tools helping businesses stay ahead of risk.

10. E2open

Businesses can develop resilience in order to remain profitable during times of disruption by using e2open’s multi-enterprise network. Through this platform, organisations can receive real-time data by building and delivering strong supply and product management strategies.

E2open’s Channel application allows companies to optimise demand forecasting and reduce revenue recognition risk, as well as more efficiently select the best partners for onboarding. E2open senses disruption of any size, building short- and long-term forecasts which help companies adapt to these shifts.

9. Resilinc

Resilinc offers AI-driven insights to compliance and risk leaders, providing the tools to reduce blindsports and streamline audits. Through this, business and risk leaders can remain prepared for any shift which may affect their operations.

Resilinc monitors the evolving global regulations in order to remain well-informed and keep businesses ready to change their workflows if the need arises. With AI filters that sort through information from first whispers onwards, Resilinc detects supplier risks faster than ever, keeping businesses ahead of potentially damaging risk events.

8. Prewave

With Prewave, business leaders can future-proof their supply chains using 360° supplier scoring, AI supply chain monitoring and Tier-N supply chain mapping. Tier-N mapping allows for transparency across every tier of the supply chain, from direct to indirect suppliers, predicting relationships between those suppliers. 

Prewave uses AI and predictive analytics to provide real-time supplier risk insights that help companies create cost-effective supply chains. The platform simplifies millions of risk events into focused alerts for businesses, meaning they can act straight away.

7. MetricStream

MetricStream provides a range of risk management solutions, including cybersecurity risk management and integrated risk management solutions. By using MetricStream, businesses can manage current and emerging risks across a range of categories, including digital, cybersecurity, geopolitical and third-party. 

The platform helps companies to introduce an integrated approach which tackles all siloes and delivers risk insights. This helps leaders to adopt a structured and collaborative method to address risk, including financial loss, cyber risks, environmental risks and social risks.

6. Ivalua

Ivalua’s supplier risk management platform provides timely and accurate information in one place in order to mitigate third-party supplier risk. It enables a 360° view of supplier information and activity, providing multi-dimensional, interactive risk analytics. 

Business leaders can gain a holistic understanding of supply chain risk factors, whether financial, geographic, legal or more in order to act fast when faced with unstable climates or at-risk suppliers. 

This level of monitoring helps businesses to reduce risk exposure, respond faster and improve supplier collaboration.

5. Dun & Bradstreet Risk Analytics - Supplier Intelligence

Dun & Bradstreet Risk Analytics offers companies insights into third-party risk using an AI-powered solution. This enables supply and compliance teams avoid costly supplier risk by giving thorough intelligence and a deep understanding of suppliers.

Its data cloud analytics platform allows businesses to screen suppliers and monitor evolving risks, as well as streamline reporting processes and increase operational efficiency. By creating more thorough reporting, Dun & Bradstreet provides greater transparency for all parties, encouraging traceability and reduced risk.

4. Coupa

Coupa is a leading platform in AI-native spend management, bringing autonomous AI agents to help businesses thrive. With a network of 10M+ buyers and suppliers, Coupa uses its dataset and AI agents to examine suppliers quickly but thoroughly. 

Through Coupa, businesses can monitor supplier health for an ethical and low-risk supply chain, and manage third-party detection. Its platform continuously monitors outside data sources with cross-community and user-submitted information and performance feedback, allowing businesses to take more informed action.

3. Achilles

Achilles allows business leaders to be in total control of their supply chain risk, sustainability and performance. With supply chain data collection, analysis and sharing, businesses can operate seamlessly with total transparency. With Achilles’ real-time risk assessment, leaders gain insights across their whole supplier base to see vulnerabilities, allowing them to make changes and maintain resilience in times of disruption.

The platform operates in more than 140 countries and can communicate in more than 30 languages in order to help global businesses thrive.

2. RapidRatings FHR

1. SAP Ariba Supplier Risk

SAP Ariba Supplier Risk helps businesses mitigate disruption in their source-to-pay processes. As the threat of global disruption grows, suppliers need confidence that their supply chains can be resilient in times of uncertainty. With SAP’s platform, there is total data transparency with ongoing monitoring in order to act in real time.

With cloud-based deployment and risk due diligence assessments, SAP Ariba's Supplier Risk solution helps provide actionable insights to mitigate risk throughout a business. The platform also helps companies undertake responsible supplier selection by finding those with positive environmental and social impacts. 

Through the platform, users can receive personalised risk alerts through the tracking of more than 200 risk incidents, providing a detailed assessment and understanding of the market.