The Smart Cube (a WNS company) a global provider of strategic research and analytics solutions, today announced the latest updates to its Supplier Risk Intelligence solution.
Supplier Risk Intelligence (SRI) is an end-to-end risk monitoring and management solution - the most comprehensive of its kind - providing a holistic view of supplier risks, including financial, operational, legal and ethical, and labour and environmental aspects. The solution combines artificial and human intelligence to track supplier risks on an ongoing basis and deliver actionable insights without the usual noise. As a result, businesses get advance visibility and understanding which allow them to take the right actions at the right time.
With the solution's major upgrade in May 2023 introducing category risk dashboards and updated risk deep dives, the latest upgrades concentrate on optimising workflows to help procurement teams put risk management front and centre in their processes and to embed risk management protocols across the complete supplier lifecycle.
Driven by user demand, the latest features include:
● Upgraded Action Planner - significantly enhances risk mitigation processes with new features:
○ Subtask within a task: divide tasks into smaller action items and assign different owners
○ Approval mechanism: add up to three level of approvals on a task or subtask
○ Email alerts: Automated email alerts to assign tasks to corresponding users
● Know Your Supplier: a reliable solution for pre-diligence and pre-contract compliance management, these safeguards for new suppliers cover sanctions, anti-money laundering (AML), anti-bribery and corruption (ABAC), politically exposed persons (PEPs) and adverse media
● Upgraded REST APIs: catering to new and expanded demand from clients to use Smart Risk for their internal and customised dashboards.
With these expanded capabilities, Supplier Risk Intelligence effectively enhances customers’ ability to mitigate against risks, plugging gaps in commonly applied supplier risk management workflows. While adherence to traditional risk management processes results in many shortfalls, including limited visibility into risks and pass through of high-risk cases, The Smart Cube’s holistic approach strengthens processes with robust intelligence and interventions during both pre-and post-contract phases of supplier lifecycle.
Sayan Debroy, Head of Supplier Risk Intelligence at The Smart Cube, said: “As the risk landscape continues to move at pace and grow in complexity, we have seen substantial growth in demand for our Supplier Risk Intelligence solution, with the number of customers doubling in the last 12 months.
“Companies increasingly want to use SRI as part of their own systems, to truly ingrain risk management in their own teams and processes. Our improved solution helps to embed a risk-aware mindset into procurement workflows and optimises end-to-end processes across the risk management lifecycle.”