SAN FRANCISCO--(BUSINESS WIRE)--Tradeshift, the global supplier collaboration platform, today announced Tradeshift® Risk, an innovative, all-encompassing way to monitor and mitigate supplier risk. This move marks another milestone in Tradeshift’s ongoing mission to rid business of legacy, outmoded, and impractical processes between buyers and suppliers.
Finance and procurement teams have long been plagued by risk due to limited visibility into supplier compliance and external risk factors. This limited visibility stems from out-of-date, inaccurate data that buyers have to manually maintain themselves, and constant changes in regulatory compliance requirements. Tradeshift Risk provides a single automated source of all supplier data, ensuring that it is constantly verified in real time against company and regulatory compliance guidelines. The solution identifies non-compliance, issues alerts and guides users on how to resolve risks.
“The current technology landscape in the supply chain compliance space is siloed, cluttered and poorly executed. It is simply not acceptable for modern organizations to waste countless man-hours and old-fashioned paper trails to combat compliance issues,” said Christian Lanng, CEO of Tradeshift. “Tradeshift Risk will finally end the compliance headaches and mitigate risk in real time for organizations of all sizes.”
Tradeshift Risk’s innovative network-based approach benefits the entire supply chain while mitigating risk across the entire organization. Tradeshift Risk shifts the cumbersome task of ensuring accurate supplier data from the buyer to the supplier. Suppliers can add and update all their relevant data, which is then verified via Tradeshift Risk. Buyers can subscribe to verified supplier profiles and get instant access to up-to-date data throughout their supply chains. And they can also use scoring and rules to help strategically segment their supplier bases.
“Organizations today struggle to maintain the large volume of inbound information from their supply chains,” said Amy Fong, Senior Procurement Advisor, The Hackett Group. “Fresh and accurate supplier information is foundational to risk mitigation, as is the ability to continuously monitor supplier compliance in real time. Procurement leaders must think about what level of information is needed from different types of suppliers based on various risk drivers and customize their information gathering processes respectively.”
“Tradeshift’s platform for mitigating supplier risk is a major leap forward in solving the long-standing issues around data, sources and supplier intelligence which are often key culprits in creating risk,” said Heiko Schwarz, Co-Founder, Managing Director, riskmethods. "The networked-based approach makes it easy, and rewards buyers and suppliers alike, to collaborate to reduce overall supply chain risk."
Important innovations of Tradeshift Risk:
- Actively manages the risks of non-compliance by leveraging real-time profiles for all suppliers, not just the top tier
- Provides a “single source of truth” that contains all data relevant to supplier risk from a large set of internal and external sources, and analyzes the data and provides real-time purchasing guidance to buyers
- Puts suppliers in charge of keeping their profiles current on Tradeshift
- Incentivizes suppliers to be active partners while still remaining free to suppliers
- Connects seamlessly with Tradeshift® Buy and Tradeshift® Pay to bring buying, supplier management, and payments out of their silos and unify them all in one place; for example, it automatically pauses transactions for high risk suppliers
- Extensible for specific business needs via Tradeshift Apps, such as those through EcoVadis for supplier sustainability ratings and riskmethods for supply chain risk management
For more information visit: http://tradeshift.com/solutions/risk/
About Tradeshift
Tradeshift connects buyers and suppliers, and transforms the way companies buy, pay, and work together. Tradeshift connects 500,000 companies across 190 countries, and is headquartered in San Francisco with offices in New York, Copenhagen, London, Paris, Suzhou, Tokyo, Munich, and Novosibirsk.
