Today, the supplier landscape is continuously witnessing expansions and contractions due to the ever-changing regulatory pressure. A recent study predicts that the spending on supplier risk management is expected to witness a robust surge in terms of staffing for risk management. The regulators in the supply risk management space are focusing on operational risk management while managing the suppliers on an ongoing basis. In the financial industry, procurement organizations are facing various operational, financial, compliance, and industry risks. To mitigate the aforementioned challenges, leading financial services companies are advocating the need for supplier risk analysis. Effectively devising supplier risk management helps businesses proactively identify third-party risks by developing a comprehensive risk management strategy.
To mitigate vulnerability and ensure business continuity in the financial industry, the client approached SpendEdge’s supply risk management experts. With years of expertise in offering services, SpendEdge’s supply management analysts assist the client to effectively analyze data using various relevant metrics and multiple sources of inputs in the financial industry; thereby, reducing business uncertainties.
The Procurement Pain Point and Insights Offered
With the shift towards a cost-driven environment, leading financial firms are relying on efficient supply risk analysis to manage their business effectively. A renowned financial firm was facing predicaments in curtailing their costs while continuing to grow their business. Also, the client was facing challenges in achieving a balance between regulatory expectations and operational effectiveness. Furthermore, the client was facing predicaments making the contracting process efficient while managing suppliers. The client wanted to make the contracting process efficient and flexible, enable better management of suppliers, and reduce additional costs associated with supplier management.
To mitigate the risks associated with supply chain management, SpendEdge’s supply risk analysis experts followed a blended approach comprising of interviews and discussions with leading stakeholders in the financial industry. In addition, the experts further compiled information from various proprietary sources such as paid industry databases, company presentations, industry forums, and newsletters in the financial industry.
After gauging through the available information, the client gained a holistic view of the vendor risk, the policies, and was further able to carry out a robust risk calculation. Through an effective engagement, the client was also able to automate and streamline the vendor risk process.
By leveraging SpendEdge’s solution, the client was able to increase efficiency and transparency into their vendor risk programs. Moreover, the engagement helped the client to create a centralized repository to capture the vendor’s profile and reduce the overall operational cost. The solution also helped the client implement risk management process to address the key requirements of the customers.