Mitigate business risk in your supply chain and purchasing contracts through proactive assessment, discovery and continuous monitoring with the ICI Risk Management App

Diagram - the phrase risk management surrounded by the phrases assessment, due diligence, remediation, monitoring, and reassessment

Challenges with Traditional Approaches to Risk Management:

Risks inherently are part of business operations and can have a devastating impact on business continuity, brand reputation, financial loss, cash flows, or/and loss of customer trust, if not managed pro-actively.

Companies with manual contract management processes lack the visibility necessary to proactively identify and manage contract risk on an ongoing basis. This raises a number of challenges:

  • Onboarding of vendors, channels, and customers is fragmented and not standardized, hindering compliance with stringent “Know Your Customer” (KYC) and anti-money laundering (AML) regulations.
  • With the involvement of multiple departments and no seamless collaboration, missing information may lead to inaccurate risk assessment and risk categorization
  • One-off risk assessments fail to continuously monitor third parties for performance against contractual deliverables in terms of quality, quantity, and timeliness, leading to leakage and post-execution noncompliance

Benefits of the ICI Risk Management app:

  • AI-based risk discovery proactively helps organizations in quick planning for risk mitigation
  • Effective risk monitoring reduces the impact of operational, financial and reputational risk, contributing significantly to the company’s bottom line
  • Configurable system can conform to any risk model in the world and even develop industry- and company-specific risk models with no custom code required, thereby greatly reducing deployment costs
  • Seamless integration utilizes customer/supplier/contracts/risk information effectively between CLM, OM, SLM and Sourcing apps, helping to drive actionable insights for businesses

See more resources.