Supply Wisdom

Supply Wisdom is a comprehensive third-party risk management solution that, according to the vendor, helps companies stay ahead of supply chain disruptions by providing real-time risk intelligence and actionable insights. The product is designed for companies of all sizes, from small businesses to large enterprises, and is utilized by a wide range of professionals and industries, including risk management professionals, supply chain managers, compliance officers, procurement professionals, vendor management professionals, business continuity managers, IT security professionals, financial institutions, healthcare organizations, technology companies, and manufacturing companies.

Key Features

Comprehensive Real-time Risk Coverage: According to the vendor, Supply Wisdom provides a solution that covers seven risk domains in real-time, including financial, cyber, ESG, operations, compliance, location, and nth party. This coverage aims to provide companies with a comprehensive view of their risk exposure, allowing them to make informed decisions.

Always-current Risk Intelligence: Supply Wisdom offers what the vendor describes as always-current risk intelligence and insights. Real-time alerting notifies users when a risk event occurs or when risk metrics change. Risk metrics are quantified on a scale of 1 to 10, providing a clear understanding of the risk severity. Dashboards with user-centric UX tailored to individual user personas' needs aim to offer a comprehensive view of risk intelligence.

Automated Risk Decision Workflows: According to the vendor, Supply Wisdom enables risk decision workflows based on user-defined risk tolerances, automating risk actions. Configurable workflows based on best practices aim to ensure efficient risk mitigation. Threshold triggers set by the user determine when automated actions should be initiated. Pre-built integrations with major GRC/TPRM and communication platforms aim to facilitate seamless integration into existing systems.

End-to-end Risk Management Automation: With the latest release of Supply Wisdom Exuma, the vendor claims that companies can achieve higher ROI and greater process efficiency. The solution aims to automate risk mitigation across the entire risk management lifecycle, from risk identification to risk decision and risk action.

Full-stack Risk Coverage: Supply Wisdom offers risk packages that, according to the vendor, provide a full-stack risk coverage across seven risk domains. These risk packages aim to enable companies to access a comprehensive view of their third-party and location risks without the need for multiple solutions. The risk packages include third-party risk, location risk, and growing business risk domains.

Comprehensive Risk Metrics: According to the vendor, Supply Wisdom provides over 170 third-party and 160 location risk metrics to assess risk exposure comprehensively. These metrics cover various aspects such as financial viability, cyber susceptibility, ESG compliance, operational vulnerability, and regulatory compliance. The vendor claims that data accuracy is ensured through a combination of AI and human curation, aiming to eliminate noise and provide actionable intelligence.

Quantified Risk Ratings: Each individual risk metric is quantified into a risk rating using pre-defined algorithms, according to the vendor. The risk ratings are on a scale of 1 to 10, with 1 representing low risk and 10 representing critical risk. Ratings are color-coded for easy visualization and understanding of risk severity.

Comprehensive Risk Reports: Supply Wisdom offers both one-time and continuous risk reports to provide a comprehensive view of risk. One-time risk reports include instant risk assessments and comprehensive risk scans. Continuous risk reports provide an ongoing view of risk with real-time and continuously updated risk ratings, scorecards, and visualizations. Risk events and alerts are summarized in alert summaries, enabling users to track and prioritize risk events effectively.

Flexible Access Options: According to the vendor, Supply Wisdom's risk intelligence and features can be accessed through the Supply Wisdom Cloud Platform or via open APIs. The solution seamlessly integrates with major GRC/TPRM platforms and other third-party systems, providing flexibility and ease of use.