riskmethods
280 Summer Street Floor 7 | Boston, MA | 02210 United States
Provides solutions and/or services in the following categories:
riskmethods’ mission is to empower companies of any size to master supply risk and create reliable supply networks. To accomplish this goal, riskmethods empowers businesses with a SaaS solution to proactively identify, assess and mitigate all types of supply chain risk. It combines Artificial Intelligence capabilities with pre-integrated risk intelligence from specialized data sources to ensure the right people have the right information at the right time. Armed with a digitized representation of the risk profile for their supply network, customers can make better decisions and achieve the first-mover advantage in the face of threats while lowering the burden on in-house resources. This immediate visibility to emerging risk exposure helps clients assure supply, maintain compliance, protect their revenue and reputation, maintain customer satisfaction, simplify audits and optimize risk insurance fees.
riskmethods: A Unique Risk Management Solution for Manufacturers — Year-End Tech Review
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.Quick Facts
- Founded: 2013
- Headquartered in Munich, with an office in Boston
- Number of employees (range): 51–100
- Percentage of revenue from procurement/supply: 100%
- Serves customers in North America and Western Europe
- Number of customers (range): 51–100
- Industries responsible for the majority of their business: Manufacturing
- Customers include: Acushnet, AGCO, Bosch, HBM, Kardex, Kostal, Leica Camera, Miele, McGraw Hill, Moen, Nexteer, Swisscom
- Available modules: Risk Radar (identify threats), Impact Analyzer (assess impact), Action Planner (mitigate risk)
Background & Overview
Riskmethods has evolved considerably in terms of breadth and capability in the past couple years, enjoying triple-digit annual growth rates since its founding in 2013. The solution combines risk management application functionality, a graphical cockpit, aggregated/curated market intelligence, machine learning algorithms, human flagging/reviews/scoring and guidance/recommendations. Upon loading suppliers, other facilities and lanes into the system, users receive rated/ranked supply chain risk alerts via email, mobile apps or the riskmethods web application. These alerts could involve an overall supplier, a supplier facility, the supplier’s management team, a financial indicator, natural disaster (in the vicinity of a supplier facility, port or lane), political incident or other risk factor. Riskmethods provides a single comprehensive low-cost package to monitor all aspects of supply chain risk — and to embark on risk remediation steps. Its low-touch, rapid deployment model can scale with the level of granularity and configurability that procurement wants to enable. The company’s rapid growth highlights the appeal of the solution for manufacturers. Three different integrated components are included in the solution: threat monitoring (and all related configuration and management controls); threat assessment; and threat mitigation/management (action planner). Among these, the first is the essential component to enabling the other two — and the key differentiator of the solution. The closest competitor is Resilinc, but even Resilinc differs somewhat in philosophy, approach and even go-to-market strategy. Other providers which can offer “substitute” — but not exactly direct competition — to riskmethods include:- Aravo
- SAP Ariba
- Beroe
- BravoSolution
- CVM Solutions/Kroll
- D&B
- IHS
- Intelex
- LexisNexis
- MetricStream
- Process Unity
- Rapid Ratings
- Sourcemap