Corporates are engaging more suppliers in the execution of key strategic imperatives.

Risk exposure to Modern Slavery, Governance and Brand is increasing.

Corporates are engaging more suppliers in the execution of key strategic imperatives.

Risk exposure to Modern Slavery, Governance and Brand is increasing.

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RISK INTELLIGENCE

Sourcing and offshoring activities are becoming extensive and sophisticated so as to capture the next level of service delivery, processing efficiency and cost savings.  Businesses are facing unexpected risks but not capitalising on the potential benefits. All these leads to supplier Risk Management and is becoming more critical for business governance and compliance.

What We Do

Supplier risk governance and value creation are viewed as opposed or even as mutually exclusive, when in fact they are inseparable. Every product, decision, activity, and initiative that aims to create or protect value involves some degree of risk.

However complex your supplier portfolio, we have the specialist skills, data, proprietary assets, methodologies, third party data partnerships and technology to help you design and implement a tailored Supplier Risk Intelligence solution that makes identifying and mitigating risk factors simple.

New legislation such as the modern slavery act, the focus on anti-money laundering, and anti-bribery and corruption will have a large part to play. Disruption through external parties will need to be closely monitored to achieve a competitive advantage.

Without focusing on risk, an organisation could face issues with credibility, license to operate and financial viability. Supplier relationships are vital to ensure organisations remain competitive, but need to be proactively managed across the supplier lifecycle to achieve sustainable outcomes for all involved.

How We Do

Proactively identify, monitor and mitigate third-party supplier risk to ensure business continuity and meet compliance and sustainability goals.

  • Go beyond financial risk indicators and evaluate the operational, compliance, strategic and geographic risks associated with suppliers
  • Ongoing risk monitoring using cloud-based Smart Risk platform to identify opportunities early and sound alert.
  • Near-real-time risk rating visibility to identify threats and opportunities.
  • Insight dashboards and deep-dive assessment reports personalised with quality, compliance and sustainability objectives
  • Expert recommendations to help turn insights into quick, valuable actions as well as proactively mitigate risk.

During the recent times, the extent and complexity of sourcing and outsourcing arrangements has increased the likelihood of supplier risks. Regardless of supply, sourcing or outsourcing arrangements involve multiple supplier relationships that are not visible to the end-client.

For businesses with large supplier base and complex supply chains, managing third-party supplier risk poses a major challenge. Procurement surveys are of the opinion that 50% of procurement teams have just low to moderate visibility into their Tier 1 suppliers and  85% of businesses have neither the capability nor capacity to manage third-party risks.

The risk to your organisation’s reputation due to a service or supply interruption, a supplier safety or quality failure, or a supplier’s business practices – for example, an overseas supplier with substandard employment arrangements.

The risk that a supplier failure results in an interruption to customer service – sometimes immediately. For example, an IT failure that prevents customers from placing orders or interacting with your business online.

The risk that sensitive data, including customer data, is compromised by a cyber-security breach or failure in a supplier company.

The risk of non-compliance with the regulatory requirements or the commercial undertakings associated with sourcing, outsourcing or offshoring arrangements in the jurisdictions you operate.

The risk of financial loss or cost overruns from poorly managed sourcing arrangements or supplier failures and inaccurate billing from outsourced parties.

150 Billion

USD 150 Billion is generated by businesses through Modern Day Slavery every year. An estimated 40.3 million people are in modern slavery. For every 1000 people, 5.4 victims of modern slavery. Of these 1 in 4 of these victims are children.

START YOUR JOURNEY WITH SYNE 

A resilient supplychain can help you identify and sidestep risks that are avoidable – and bounce back quickly from those that aren’t.

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