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When we talk about reputational risk, we refer to damage to a company’s name or brand resulting from the negative actions (inadvertent or not) of a top-tier supplier or sub-tier part of the supply chain. Find our in-depth guide to third-party and supply chain risk management with accompanying free download here.
This piece covers how risk data specifically comes into play for traditional spend analytics vendors. The post How spend analytics solutions support risk management appeared first on Spend Matters. This content is for members only. Visit the site and log in/register to read.
In 2025, the world of supply chain management continues to evolve, with technology playing an increasingly vital role in risk mitigation. As businesses face growing complexities in logistics, compliance, and…
To round off that perspective we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to Risk Management for an explanation of this complex environment.
What’s Inside: How organizations can most effectively focus on long-term value creation, not just short-term cost savings The impact that embracing innovation and new technologies such as artificial intelligence (AI) can have The essential elements every organization needs to balance cost, risk, and sustainability
A common thread among the conversations we’ve had recently with senior procurement practitioners tells of the extent to which attitudes towards risk have changed over the past decade. Today, just the combination of the words risk, environment and supply chain make the practitioner sit up and think differently. And Stephen is not alone.
As part of our theme this quarter on Procurement’s role and value in supply chain risk management, we are speaking with practitioners in the field to understand their perceptions of risk — clearly different industries perceive types of risk in different ways. And we must remember that one cannot escape supply chain risks.
When we refer to man-made risk, we are talking about disasters that have an element of human intent or negligence, as opposed to natural disasters which are unavoidable and occur naturally. Find our in-depth guide to third-party and supply chain risk management with accompanying free download here. What causes man-made risk?
To round off that perspective, we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to Risk Management for an explanation of this complex environment.
Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and risk management. The environment is marked by heightened demand and expectations, compounded by challenges such as rising input prices, supply chain disruptions and geopolitical tensions.
This dependency, while essential, introduces potential risks that can lead to operational delays, regulatory penalties and financial instability if not effectively managed. The post Navigating the top 5 third-party risks in procure-to-pay processes appeared first on Spend Matters. This content is for members only.
As part of our third-party/supply chain risk management (TPRM/SCRM) series, today we address the risk management landscape. Many solutions exist to manage risk in its broadest definition. The post The risk solution landscape is complicated appeared first on Spend Matters. Visit the site and log in/register to read.
However, risk is a major element of the contract lifecycle. Whether this is due to a contract being written on third-party paper or a particular redline/edit that does not align with the company’s playbook, CLM solutions use both internal and external tools to assess risks. Here, we explore the overlap of these types of solutions.
As part of our series on all aspects of risk management, we are taking a look at the digital capabilities of risk solutions (supplier risk management, TPRM and SCRM). Risk governance: Risk identification and sensing; Risk analysis and evaluation; Risk treatment and mitigation; Risk monitoring; Incident management.
Financial institutions must navigate a complex web of policies, procedures and regulations to ensure compliance and manage risk. It required a partner that would help embed its intricate buying processes — with all its validations, risk assessments and tiered approvals — into a unified system.
As part of our series on all aspects of risk management, we are taking a look at the digital capabilities of risk solutions (supplier risk management, TPRM and SCRM). Risk governance: Risk identification and sensing; Risk analysis and evaluation; Risk treatment and mitigation; Risk monitoring; Incident management.
This Spend Matters Vendor Analysis gives an overview of smartKYC, a risk (supplier due diligence) solution built to ensure that organizations stay on top of reputational and compliance risks. smartKYC is a solution that helps address such challenges. This content is for members only. Visit the site and log in/register to read.
While natural disasters are not solely caused by carbon emissions, the evidence is clear: the more carbon in the atmosphere, the more extreme these events become, which in turn exposes supply chains to increased risks. We explore these risk factors in this article. This content is for members only.
This Spend Matters Vendor Analysis gives an overview of RapidRatings, a solution built to address financial risk. It offers an in-depth financial risk assessment solution designed to evaluate the financial viability of suppliers through comprehensive analysis of financial statements of public and private companies.
What are the risks for procurement in 2023? What should leaders do to deliver value amid uncertainties? Read the GEP Spend Category Outlook 2023 report now to build successful spend management strategies across 22 indirect & direct categories.
With supply chains stretching across borders and relying on multiple vendors, the risks are highbut so are the opportunities. In this article, well explore proven strategies to safeguard your supply chain, minimize risks, and keep your business running smoothly, no matter what obstacles lie ahead. Evaluating these risks is essential.
This Spend Matters Vendor Analysis gives an overview of Enlighta Spice, a supplier governance and risk solution built to manage performance and risks related to external spend with a focus on services spend. This content is for members only. Visit the site and log in/register to read.
This article aims to help you understand different procurement fraud risks, arm you with a set of effective strategies for managing procurement fraud, and help you understand the true benefits of effective procurement fraud management. Lets take a look. This enhances productivity and reduces operational costs.
As businesses navigate these turbulent waters, the stakes have never been higher, with the potential for unforeseen risks and challenges at every turn. The fluctuating trade policies and geopolitical tensions have created a volatile environment, leading to a surge in supply chain risks.
Without the right strategy, enterprises face hidden risks and unnecessary spend. Tail spend — often unmanaged, fragmented and costly — can account for as much as 80% of total transaction volume. It’s time to shift from fragmented, ad hoc purchasing to a strategic, technology-driven approach.
However,as the global air cargo industry faces unprecedented challenges,a critical question emerges: is the booming demand for cross-border e-commerce air cargo at risk? Harnessing effective strategies is crucial to mitigate these risks and ensure the sustained growth of the industry.
Effective and efficient tariff management is rooted in robust direct materials and supply chain risk management. Supply Chain Risk Management (SCRM) complements this by systematically identifying and mitigating supplier risks, such as financial instability, geographic vulnerabilities and inconsistencies in supplier operations.
“Halo Ai was born out of a deep industry need, which I recognized when I took on the role of Head of Third-Party Risk at a major Canadian financial institution, a company with over 190 years of history and a workforce exceeding 100,000 employees. What are Halo Ai’s greatest strengths?
In today’s interconnected digital landscape, the backbone of global trade and supply chains faces a new and evolving threat – cyber risks. The Evolution of Cyber Risks in Supply Chains Cyber risks in supply chains are constantly evolving, presenting new challenges for businesses worldwide.
The paper highlights real-world examples and use cases that demonstrate generative AI's transformative effects on operational efficiency, risk management, and cost reduction.
This is why AI for risk management is one of the most powerful tools banks and fintechs can rely on to detect and prevent fraud in an automated way. But how is AI revolutionizing fraud risk management in the credit sector, and how can BPM and BPA optimize this process? What is the Role of BPA in Fraud Prevention?
Imagine ordering a smartphone online, expecting swift delivery, only to receive a notification that the estimated arrival time has been pushed back by several months. This kind of delay is…
Additionally, spend analytics enables procurement teams to track compliance with procurement policies, identify potential risks and ensure that resources are allocated efficiently. Additionally, it can model and marry a variety of data alongside the spend, from contracts to risk. This content is for members only.
Maja Tepeh , Senior Brand Manager at supply chain risk management solution Prewave , shares what their customers are looking for from their digital procurement investment. However, the cost avoidance from mitigating ESG-related supply chain risks, such as regulatory fines or disruptions, is equally important.
Drawing on our work with global companies across manufacturing, automotive, pharmaceuticals, semiconductors, software, technology, financial services, and a range of service industries, we outline the key strategic and tactical actions companies are taking to navigate this period of heightened uncertainty.
Audit Supply Chains: Identify and address environmental and social risks in the supply chain. Risk Management Actionable Steps: Identify Risks: Develop a checklist of potential procurement risks, such as supply chain disruptions or quality issues. Monitor Continuously: Use procurement dashboards to track risk indicators.
What is Halo Ai HaloAi is a third-party risk management (TPRM) solution that aims to be a one-stop shop for third-party risk so that organizations do not need multiple point solutions. Halo Ai uses AI models to connect, correlate and contextualize real-time data points to bring customers the full risk story.
This Spend Matters Vendor Analysis gives an overview of Aravo, a third-party risk management (TPRM) solution built to empower businesses to effectively manage risks, enhance accountability and protect themselves in a world where third-party engagements are both more critical and more scrutinized than ever.
From demand forecasting to inventory optimization, risk mitigation to sustainability — AI is set to transform everything. AI isn’t the future. It’s here, now. 30% of businesses have invested in AI. Another 57% will do it in the next 12 months*.
This expansion of compliance requirements translates directly into more administrative workload, higher risk of error and potential bottlenecks at US ports. But even so, this latest test is a clear reminder that risks come from all angles, and not all of them can be forecasted.
Risk Mitigation: Identify and manage procurement risks by ensuring supplier reliability, diversifying sources, and monitoring market trends. When committing an organisations spend, we are facing risks from all angles, consider whether if its a risk or an issue and how these can be mitigated early.
These issues can lead to financial losses, compliance risks and disruptions in payment workflows. Trustpair offers an AI-driven fraud-prevention platform designed to eliminate these risks through automated bank account validation, continuous vendor master data monitoring and real-time risk assessment.
This must-read annual report informs procurement and supply chain leaders of the types of risks to expect and their levels of impact. GEP experts in nearly two dozen critical categories guide you in the right direction in our annual comprehensive resource — GEP Spend Category Outlook 2024.
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