Continuously monitor, assess and mitigate supplier risks to ensure business continuity, enforce compliance and meet sustainability goals
With our Supplier Risk Intelligence solution, you can:
- Go beyond financial risk indicators to assess operational, compliance, sustainability and performance risks on a continuous basis
- Leverage flexible solution configuration for risk coverage and assessment based on your business needs
- Get ongoing visibility and risk score updates on your suppliers
- Get actionable risk deep-dives and mitigation intelligence and planning module to address risk exposure effectively
Safeguard business continuity, product quality and price competitiveness
For businesses with a large supplier base and complex supply chains, managing risks is a major challenge. A staggering 95% of businesses responding to The Smart Cube’s 2023 risk survey state they struggle to detect risks well in advance of their occurrence. Not only are they exposed to wide-ranging risks associated with suppliers but also risks relating to the broader supply markets and geographies. As a result, an increasing number of companies are experiencing disruptions due to issues with their tier 1 and sub-tier suppliers.
If not monitored and managed, supply-side risks can severely impact:
Business continuity, through stalled supply of critical products and services, manufacturing delays and production shutdowns
Quality and compliance when suppliers fail to meet your required standards – leading to compliance breaches and reputational damage
Brand and reputation as unscrupulous actions of suppliers may affect the perception of key stakeholders including customers and investors
Price competitiveness by driving costs of key commodities up and eroding profit margins right across your product portfolio
Savings opportunities, if favourable developments are missed and not capitalised upon in a timely manner
We do more than just risk identification and monitoring…
Supplier Risk Intelligence from The Smart Cube supercharges your supplier risk management powered by Smart Risk, our proprietary cloud-based platform – helping you take the right actions at the right time. Our key intelligence-led interventions include:
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Compliance screening
Before you engage any supplier, it is important to verify their credentials and screen them for sanctions, money laundering, bribery and corruption, other watchlists and adverse media coverage. This is an essential step to protect your brand and reputation and avoid regulatory issues due to unscrupulous actions of suppliers
Pre-diligence risk review
With an advance view of potential risk exposures across financial and non-financial aspects, you can conduct a tailored and thorough due diligence with fewer follow-ups. And, if a due diligence takes longer than usual, you can use the pre-diligence review to inform your next steps instead of holding up business decisions
Post-diligence risk review
Depending on the outcome of due diligence and criticality of suppliers, you can monitor risks of your critical and other suppliers on a continuous, quarterly, or annual basis. With AI-driven continuous risk review, you will receive immediate alerts and risk score updates when risk exposure changes
Risk deep dives
When you need to better understand your risk exposures to determine the best course of action, you can request a custom risk deep dive to deeply analyse potential risks and assess their impact on your business
Risk mitigation
If you need guidance on how to tackle supply risks, our risk specialists will advise you on how to effectively mitigate your exposures. In addition, we can help you collaborate with key stakeholders to mitigate risks in real-time and with everyone in the loop, using our Action Planner module
How your business benefits
With Supplier Risk Intelligence from The Smart Cube, you can:
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Get a holistic view of risks covering financial, operational, legal and ethical, and human and environmental risk metrics.
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Ensure business continuity by responding to risks before they impact your core operations.
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Safeguard price competitiveness by responding before rising supply costs start impacting your bottom line.
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Proactively mitigate risks using recommendations and custom intelligence to determine the best actions.
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Meet compliance and sustainability goals by assessing which suppliers can truly meet your standards.
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Avoid cost overruns with early visibility into risks and intelligence to mitigate them.
Why choose The Smart Cube?
When you choose Supplier Risk Intelligence from The Smart Cube, you always get:
Supplier Risk Intelligence in action
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Global top 3 snack food company
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European top 20 pharmaceutical company
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Global top 10 aerospace & defence company
Global F&B giant deploys supplier risk portal
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THE CHALLENGE
A global F&B company was concerned about potential supply chain risks due to tariff and trade tensions between the US and China, and wanted to monitor ongoing risks associated with its key suppliers (of ingredients, logistics and packaging categories) and major sourcing hubs.
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OUR APPROACH
The Smart Cube deployed a proprietary risk monitoring portal within a week to monitor strategic, operational, financial, compliance and country risks for key suppliers in near real time. The category manager was automatically alerted via email regarding the risk events (as a part of the early warning feature of our portal).
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VALUE DELIVERED
With early warning of potential risks, the client was able to engage the key suppliers and made changes to its supply chain to reduce its risk exposure.
Supplier Risk Intelligence helps large pharma monitor and manage supplier risk worth $220 million
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THE CHALLENCE
The client wanted to improve its understanding of business and operational risks associated with its suppliers in CRO, R&D and APIs in order to to devise better risk mitigation strategies.
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OUR APPROACH
The Smart Cube conducted detailed financial health assessments and supplier risk assessments for 200 critical suppliers. We monitored suppliers through periodic risk monitoring reports for the top 30 suppliers and the other 170 suppliers on quarterly and half yearly basis, respectively.
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VALUE DELIVERED
The periodic monitoring helped the client proactively monitor performance and mitigate risks of critical suppliers worth $220 million for the 3 categories effectively.
Critical supplier assessment delivered better visibility on 20% of total spend for global A&D firm
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THE CHALLENGE
The client’s supplier relationship team wanted to assess capabilities, performance, operational risks and customer dependence of key direct strategic suppliers to better manage relationships and develop stronger partnerships.
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OUR APPROACH
We completed an exhaustive assessment covering revenues by programmes, revenue dependence on customers (including peers), products supplied to peers, investments focus, quality and other issues, sourcing from low-cost countries, and technological investments for the suppliers (including China-based suppliers where the team did not have any visibility). The insights were used to suggest change in bargaining power, strategic direction and risks.
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VALUE DELIVERED
In-depth assessment of critical suppliers helped the client gain extensive visibility on critical suppliers representing 20% of its total spend and improve partnerships for future programmes.
