The Supply Risk Management Category

State of Risk 2017: Procurement Needs to Be More Proactive About Supply Chain Risk Management

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That procurement is shedding its origins as a back-office function is old news. As organizations become more advanced, their role in the overall company is evolving into a more strategic one compared with its tactical past. And a crucial component of this strategic transformation is taking responsibility for mitigating supplier and supply chain risk. But how many procurement organizations actually have a comprehensive risk management strategy in place? RapidRatings and ProcureCon Indirect East teamed up to conduct a risk-focused benchmark survey of 88 procurement executives, the results of which are published in a report titled “The State of Risk.”

Here’s How You’re Going to Get Supplier Risk Ratings in Less Than 10 Years

Imagine you're strolling along — or perhaps your self-driving vehicle is spiriting you around the new megacity in which you live — in the year 2025, while doodling around on your iPhone 15 (still unsafe while driving? or would that be cool by then since you're not actually driving?) At any rate, while you're checking a push notification on LinkedIn telling you to congratulate your college roommate who just got a new job at The New Facebook, the supply risk technology that your procurement organization uses is also using LinkedIn; only behind the scenes. For example, as you tap out a "Congrats on the gig, bro," an AI bot lets you know that LinkedIn has been sensing defections at a strategic supplier you have a relationship with. On its own, perhaps no big deal — but synthesized with other data, the picture being painted is the new normal for supply risk management.

Switzerland Again Tops FM Global’s 2017 Resilience Index, But Rankings Have Shuffled

Switzerland has again taken the top spot on the FM Global Resilience Index, which ranks 130 countries and territories according to their resilience to supply chain disruptions. This fourth annual report, released alongside an interactive graphic, cites cyber attacks, natural hazards and supply chain failure among businesses’ most urgent risks today. The no. 1 country may have stayed the same as 2016, but a bit of shuffling took place throughout the list.

ICYMI: Tackling the Complex, Multifaceted “Hairy Beast” of Risk Management

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Last Friday, Spend Matters Founder Jason Busch and Chief Research Officer Pierre Mitchell teamed up to present the webinar Risk and Compliance Management: Embedding Risk Management in Procurement and Supply Chain. Busch and Mitchell began with a segmentation of the types of supplier and supply chain risk and compliance management technologies out there, before moving into the topics of how to embed these technologies throughout your procurement and supply chain functions. They discussed the best ways to create linkages with other areas of procurement technologies, as well as how to create a procurement culture that is risk-aware.

A Primer on Supply Risk Management and Compliance

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While the area of supply risk management is attracting growing interest and investment from procurement organizations, organizations typically deal with risk on a piece-part basis. That is exactly the wrong strategy, argue Spend Matters analysts Jason Busch, Pierre Mitchell and Michael Lamoureux in their latest report, Spend Matters Landscape Definition and Overview: Supply Risk Management and Compliance. One of their core aims in publishing this analysis, they write, is “to change this perspective and help organizations integrate these supply risk management initiatives more effectively.”

Flashpoint Releases Inaugural “Business Risk Intelligence” Report on Cyberattacks

These days, the issue of cyberattacks features pretty prominently in public discourse, at least in the U.S. We speculate endlessly on whether Russia had interfered in the American presidential election. Why did C-SPAN suddenly start broadcasting RT? But this is all a long way of saying that cyberattacks are a hot topic. And it should be part of a company’s risk management agenda.

Top 10 (And Then Some) Supplier Risks for this Year: Webinar Tomorrow!

Join Jason Busch (founder and head of strategy at Spend Matters) and Pierre Mitchell (chief research officer) tomorrow at 12 p.m. Central for The Supply Chain Devil's Dozen: Top 12 Supplier Risks for 2017.

What does 2017 have in store for your organization? When it comes to supply chain and supplier risks, Spend Matters analysts believe you have 12 areas to focus on for the year ahead.

How can you shift your investments and strategies to account for major global changes? How do you "map" these risks to their underlying causes and to the causes of different types of risk?

Sign up here!

Top 5 Global Risks in 2017: Which Ones Procurement Should Watch—and Start Tackling

While our fearless leaders are forging ahead on a new way to think about quadrants / 2x2s / matrices / [insert consulting-term du jour here] to help procurement practitioners make better decisions in real time — more on that initiative very soon — we figured we’d point to a classic 2x2-style look that the World Economic Forum takes on global risk in 2017, from its recent report. Hint: there's a lot of green.

It’s Human Trafficking Awareness Day: Here’s How to Get Your Supply Chains Out of the Dark

The issue of forced labor is incredibly serious business when it comes to major supply chain risks. Not only that, it is also incredibly widespread and pervasive, covering myriad industries from clothing to mining, fishing to farming, and many in between. Awareness exploded onto the global scene with the Thai fishing scandal back in 2014. At the time, Spend Matters Founder Jason Busch wrote, “it seems every quarter there’s a new supply chain crisis involving supplier practices and labor management capturing the attention of consumers.” On this year's National Human Trafficking Awareness Day, here's some food for thought for procurement practitioners looking to get more visibility into slavery in their supply chains.

riskmethods: A Unique Risk Management Solution for Manufacturers — Year-End Tech Review

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This post is part of our 2016 Year-End Procurement Tech Review series, in which we offer procurement practitioners a bird’s-eye view of key vendors and their solutions in select categories. This week, we’re highlighting companies in the risk management and spend analytics spaces.

Riskmethods, which Spend Matters estimates is the fastest-growing supply chain risk management provider, is more than just a cloud-based provider of supply chain risk management software. It is a new type of supply chain intelligence utility. While the provider is still too small to have a solution that is “going viral,” its growth rate is significant relative to all other vendors in the sector and also a bright spot on the broader procurement and supply chain technology market.

Webinar: Managing Supply Chain Risk — A Sporting Story from Titleist

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Only two weeks to go until our webinar with riskmethods. The supply chain risk management provider’s software identifies risk along global supply chains, assesses the risk impact and defines appropriate and focused measures for risk prevention or crisis mitigation. The firm is the perfect partner for our upcoming webinar, titled “Keep your enterprise out of the rough: How Titleist built transparency and increased resilience into their supply chain.”

Riskmethods: Solution Review & Analysis [Plus+]

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riskmethods, which Spend Matters estimates is the fastest-growing supply chain risk management provider based on customer acquisition and year-over-year percentage revenue growth as of Q3 2016, is more than just a cloud-based provider of supply chain risk management software. It is a new type of supply chain intelligence utility. riskmethods combines risk management application functionality (i.e., management of risk types, monitoring, recovery workflows, etc.), a graphical cockpit, aggregated/curated market intelligence, machine learning algorithms (e.g., to reduce occurrences of false positives), human flagging/reviews/scoring, and guidance/recommendations. It is sort of the equivalent of a Bloomberg terminal for managing a risk portfolio in the supply chain – as opposed to managing a stock portfolio in the financial markets. While the provider is still too small to have a solution that is “going viral,” given its limited sales and marketing footprint to date, its growth gives it a unique position in the market. This Spend Matters Plus analysis provides an introduction to the riskmethods solution for procurement organizations looking to understand whether they should consider adding the provider to their shortlists for consideration and competitive alternatives.