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CORONAVIRUS RESPONSE: riskmethods — our first line of COVID-19 supply risk defense

03/13/2020 By

In response to the coronavirus outbreak, this Spend Matters PRO series examines selected technology providers that procurement, finance and supply chain organizations should explore to reduce and mitigate COVID-19 supply risk — and to recover faster on the upswing. The introduction to this series grouped the technology providers that we will cover into five specialty areas, with one vendor shown as an example:

* Supply risk management (e.g., riskmethods)
* Sourcing and commodity management, including advanced sourcing, direct sourcing and commodity management to help dynamically plan and source (e.g., Jaggaer)
* Advanced procurement analytics to enable direct procurement and/or to perform “spend planning” when demand drops out or spikes (e.g., Sievo. See the series profile of Sievo here.)
* P2P that emphasizes working capital, dynamic discounting, payment control and related finance priorities (e.g., Basware)
* Fraud, P2P and Vendor Management Safeguards (e.g., APEX Analytix)

Today, we profile the first essential COVID-19 procurement technology vendor: riskmethods.

Riskmethods is a fit-for-purpose, real-time global event monitoring solution that can be “loosely coupled” from an integration perspective, allowing rapid deployment. It showcases the ability to analyze COVID-19 event impact, identify mitigation approaches, define plans and enable the ongoing monitoring of countries, regions, suppliers and facilities — among other capabilities.

Let’s dive in.

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Coronavirus Response