Risk mitigation solution launched
Tradeshift, the global supplier collaboration platform, has introduced Tradeshift Risk to monitor and mitigate supplier risk.
It provides a single automated source of all supplier data, ensuring that it is constantly verified in real time against company and regulatory compliance guidelines. The solution identifies non-compliance, issues alerts and guides users on how to resolve risks.
Christian Lanng, CEO of Tradeshift, said: “The current technology landscape in the supply chain compliance space is siloed, cluttered and poorly executed. It is simply not acceptable for modern organisations to waste countless man-hours and old-fashioned paper trails to combat compliance issues.Tradeshift Risk will finally end the compliance headaches and mitigate risk in real time for organisations of all sizes.”
The network-based approach benefits the entire supply chain while mitigating risk across the entire organisation. It shifts the cumbersome task of ensuring accurate supplier data from the buyer to the supplier. Suppliers can add and update all their relevant data, which is then verified via Tradeshift Risk. Buyers can subscribe to verified supplier profiles and get instant access to up-to-date data throughout their supply chains. And they can also use scoring and rules to help strategically segment their supplier bases.
“Organisations today struggle to maintain the large volume of inbound information from their supply chains,” said Amy Fong, Senior Procurement Advisor, The Hackett Group. “Fresh and accurate supplier information is foundational to risk mitigation, as is the ability to continuously monitor supplier compliance in real time. Procurement leaders must think about what level of information is needed from different types of suppliers based on various risk drivers and customise their information gathering processes respectively.”