Risk management solution providers and what their customers really want – Certa

As part of our Q4 research into supplier risk, third-party and supply-chain risk management (TPRM/SCRM) and the solutions that support it, we have not only conducted analyst- and market-led research in the shape of analyses, advisory, definitions and webinars, but taken the pulse of the practitioners who use that technology and who deal with risk on a daily basis (for example here and here). 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.

For today’s vendor viewpoint we asked Jag Lamba, CEO & Founder of SaaS-based workflow automation platform Certa:

Have you witnessed a significant change of appetite for risk-related tech over recent years from your customer base?

“The scope of risks that practitioners must deal with has only grown over the past few years, so we’re not surprised to see that customers are also more willing to invest in tech to mitigate and manage these risks. For instance, the US use of economic sanctions has grown nine-fold from 2000 and 2021, which means companies in industries with supply chains particularly impacted by sanctions, such as manufacturing, see more value in investing in technology that can automate their screening processes.”

What are the primary areas of risk concern for your customers and what are their requirements?

“In recent years, we’ve noticed a significant pivot to focusing on managing risks across the third-party ecosystem, especially in response to rapidly evolving regulations like UFLPA, CSRD, data privacy laws, etc. Many procurement practitioners have expressed concern with keeping pace with new regulations, which has prompted a growing adoption of AI-driven solutions. The need is evolving for not just automation but a technology solution that can easily change and adapt to new regulations without increasing manual workload for teams.”

How do you see the future of TPRM tech and what should be the response of providers like yourself?

“Tech adoption among risk organizations during the past few years was driven by automation and digitization, for instance, automating questionnaires and data collection. The future of risk tech still involves automation, in particular process orchestration, but it’s no longer sufficient to stay on the cutting edge. Instead, we’re going to see that companies who adopt AI will 10x their procurement processes beyond what is currently possible in their organization. For Certa, the future of risk tech means empowering procurement professionals to use AI to save both time and money.”

How has the evolution in customer needs influenced your product?

“We’re excited to have released multiple AI products that will meet the growing needs of risk teams and help to 10x their processes. For instance, we’re very excited about our Design AI feature, which can translate BRDs to workflow designs or changes without any coding. Instead of seeking the help of consultants or IT, practitioners can use natural language to tell AI which designs or changes they want to make, and AI will create them from scratch.

Similarly, our SmartFill technology improves the supplier experience by auto-filling answers to questionnaires based on the supplier’s past responses or answer banks. This saves time for the suppliers and improves the quality of the data that the client is receiving from the vendor. We believe that AI is more than just a trend or a buzzword, but a powerful technology that can supercharge the efficiency and effectiveness of risk teams.”

Many thanks to Certa for sharing their observations. At the end of our series our analysts will consider both the vendor and practitioner contributions we have received and summarize the findings from the authors’ perspectives.