riskmethods released riskmethods Supply Risk Network, its new hub that enables enterprises and their supply network partners to collaboratively manage supply risk.
riskmethods Supply Risk Network includes riskmethods Sub-tier Visibility, a new and innovative approach to multi-tier transparency that empowers organizations and their supply partners to minimize disruptions, increase resilience, and protect brand reputation.
riskmethods’ Supply Risk Network is the hub that enables both enterprises and their supply partners to seamlessly collaborate to manage supply chain risk. The technology empowers enterprises to assess early warnings and threats, and identify hidden bottlenecks across the supply chain.
When suppliers join, they receive free, real-time notifications of new and emerging risks so they can proactively take steps to secure supply and meet demand. The mutual benefits enhance participation, fuel collaboration, and boost profitability for all parties.
“Gaining sub-tier visibility continues to be one of the most complex and pressing challenges associated with managing supply chain risk. The process is manual, tedious and time-consuming, and rarely benefits the supplier,” said Heiko Schwarz, founder of riskmethods. “We’re overcoming this issue by automating processes, making it easy to collaborate, and offering tangible value for each participant in the trading relationship.”
Supply chains remain vulnerable to all types of risk – financial, geopolitical, man-made, reputational, cyber, and natural disaster – and their consequences, which can cause 4.2% EBITDA loss per year according to McKinsey, are severe. The collaboration and visibility provided by riskmethods’ new collaborative risk management hub strengthens resilience across the entire supply network, enabling organizations to meet customer demands, uphold delivery commitments, ensure compliance, and maintain business continuity.
“riskmethods Supply Risk Network enables enterprises to control their risk exposure,” said Bill DeMartino, Chief Product Officer and Managing Director of the Americas at riskmethods. “Collaboration and sub-tier visibility offer businesses more precise and timely risk insights. Enterprises can avoid costs and disruption by addressing risk before it happens, and use prepared action plans to speed up risk mitigation. Collaboration between all supply parties leads to more stable supply chains, partnerships, and revenue streams for both buyers and suppliers.”
Clariant, a Swiss multinational specialty chemicals company, has been piloting riskmethods Supply Risk Network for over six months and confirms the importance of collaboration and sub-tier visibility. “Our executive level fully supports this collaboration initiative with our supply network. We have a high focus on key topics such as resilience and compliance. These are important for our entire organization to secure our reputation, business continuity, and profitability,” said Artur Kulawiński, Global Supply Risk Manager at Clariant AG. He goes one step further and predicts that “a collaborative supply network and sub-tier visibility will become standard in the market by two to three years from now.”
riskmethods Supply Risk Network was developed by supply chain professionals, for supply chain professionals, based on award-winning technology.