Ivalua, a global leader in spend management, today announced the release of an enhanced third-party risk module, called Risk Center, available as part of its latest product release. The latest innovations extend the existing strength of Ivalua’s Supplier Management solution, which had already been recognised as a Leader by Forrester Research Inc. in the most recent The Forrester Wave™: Supplier Risk And Performance Management (SRPM) Platforms, Q1 2018.
Ivalua’s Risk Center offers customers a holistic solution to actively monitor and mitigate third-party risk and compliance. Customers are able to consolidate real-time information spanning supplier performance evaluations, transactional data, spend data, contractual information and external risk information from major third-party data providers. This combined picture is visible in actionable dashboards to provide a comprehensive and timely picture of risk and the potential impact on the business.
“Organisations are increasingly dependent on their suppliers, who can be sources of tremendous value but also increased risk,” said Pascal Bensoussan, Ivalua Chief Product Officer at Ivalua. “Ivalua’s Risk Center brings actionable data and insights from across the supplier lifecycle together with complimentary external data so our customers can effectively manage supplier risk. When combined with the extensive supplier collaboration capabilities embedded in Ivalua’s platform, our customers can unlock the full potential of their supply chains.”
Risk Center’s ability to integrate with third party data providers in real time allows it to meet the unique needs associated with various regulatory environments, industries, and customer compliance models, in an automated fashion. For example, Risk Center can aggregate data on supplier financial health, sustainability, adverse media, sanctions lists, supply chain disruptions and more. Ivalua maintains an open and rapidly expanding ecosystem, including new and updated out of the box integrations with leading providers such as:
- EcoVadis – A long-time partner of Ivalua and leading provider of sustainability risk and performance ratings for global supply chains. Backed by a powerful technology platform, the industry’s most-trusted methodology and a global team of domain experts, EcoVadis sustainability scorecards provide insight and engagement tools to mitigate risk, drive improvements and create value across 198 purchasing categories globally.
“The global supply chain is a breeding ground for hidden sustainability and CSR risks. Our partnership with Ivalua enables procurement to see where they are exposed and the steps they need to take to reduce their risk,” said Pierre-Francois Thaler, Co-CEO of EcoVadis. “The integration of EcoVadis Sustainability Ratings with Ivalua Risk Center brings our mutual customers a powerful combination of insights to optimise procurement decisions, improve supply chain performance and create value.”
- riskmethods – A leader in supply chain risk management, riskmethods empowers businesses to identify, assess and mitigate supply chain risk. By using artificial intelligence, riskmethods helps customers automate and accelerate threat detection, enabling them to gain competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk.
“The integration of holistic supplier risk information within the Ivalua platform is a great opportunity for Ivalua customers,” says Heiko Schwarz, founder and managing director of riskmethods. “With riskmethods available via the Ivalua Risk Center, customers will be able to get a complete view of all types of risk, giving them the tools, they need to avoid the cost of disruptions and respond faster to risk events than their competition.”
- Global Risk Management Solutions (GRMS) – In an upcoming release, GRMS, a recognised leader providing innovative supplier risk management solutions, will also be available. GRMS combines highly configurable software, premium data streams, and continuous human interventions to reduce exposure to global risk and liability. GRMS delivers risk-management-as-an-integrated-service on fully private networks and serves clientele covering suppliers across more than 120 countries.