**London**: SpendHQ has introduced a Supplier Risk Management solution to help businesses proactively monitor and manage supplier-related risks amid increasing supply chain disruptions. The launch responds to 90% of supply chain leaders facing challenges, with 60% reporting financial losses due to delays.
SpendHQ, a provider of spend intelligence and performance management solutions, has introduced a Supplier Risk Management solution aimed at addressing supply chain disruptions through proactive monitoring. The launch comes as a response to a recent survey indicating that 90% of supply chain leaders faced challenges in the last year, with 60% reporting financial losses due to delays.
Scott Macfee, CEO of SpendHQ, emphasised the necessity of this solution, stating, “Procurement teams face growing complexity as supplier relationships increase and supply chain risks intensify. This solution unites intelligence from leading procurement and supply chain risk providers, equipping teams to mitigate supplier risks related to financial health, cybersecurity, ESG compliance, and more.”
The new solution is designed to help companies manage risks associated with suppliers by offering real-time insights into various factors, including suppliers’ financial health, cybersecurity vulnerabilities, and ownership and political risks. Collaborating with partners such as RapidRatings provides deep financial insights, allowing businesses to anticipate potential defaults, while apexanalytix offers monitoring for cybersecurity protocols to detect vulnerabilities that may lead to data breaches. Additionally, cooperation with EcoVadis ensures that companies can assess suppliers’ performance regarding environmental, social, and governance (ESG) issues.
John R. D’Aleo, CEO of RapidRatings, expressed pride in the partnership with SpendHQ, stating it is focused on improving supply chain risk visibility. Annette Gevaert, Senior Vice President of Alliances at EcoVadis, echoed this, highlighting the importance of integrating sustainability data for informed decision-making and enhancing procurement processes.
The Supplier Risk Management solution is available as an add-on to SpendHQ’s strategic procurement platform, which consolidates spend data, project tracking, and performance management into one user-friendly interface. In conjunction with this, SpendHQ has launched a Supplier Risk Management Masterclass, designed to provide companies with expert insights and strategies for effective risk mitigation.
As global supply chains continue to face increasing scrutiny and complexity, such innovations in risk management tools could become essential for businesses aiming to maintain robust supply chain operations while minimising potential disruptions.
Source: Noah Wire Services
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