Tradeshift Risk: bringing real-time risk monitoring and compliance to SME’s

November 4, 2015  |  Compliance, Financial software

Tradeshift has announced Tradeshift Risk. It is an innovative way to monitor and mitigate supplier risk in real time. A move marking another milestone in Tradeshift’s mission to get 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 This limited visibility stems from out-of-date, inaccurate data that buyers have to manually maintain themselves, and constant changes in regulatory compliance requirements.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.

Tradeshift Risk’s innovative network-based approach benefits the entire supply chain while mitigating risk across the entire organization. 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.

Christian Lanng, CEO of Tradeshift:
“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. “Tradeshift Risk will finally end the compliance headaches and mitigate risk in real time for organizations of all sizes.”

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

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