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