The Smart Cube, a global provider of strategic research and analytics solutions, announced a major upgrade to its Supplier Risk Intelligence offering. The solution, which has experienced a 167% spike in demand over the past year, helps companies identify, monitor and mitigate risks and ensure business continuity as well as meet risk compliance and sustainability goals.

Central to this upgrade has been the extension of coverage significantly beyond financial and operational risks to cover factors such as anti-bribery/corruption, supplier diversity, labor health and safety, diversity and inclusion, environmental sustainability, and more. With this in mind, Smart Risk – the risk monitoring platform that sits at the centre of the solution – has been upgraded to monitor and assess supplier risks based on 74 different metrics across financial, operational, legal and ethical, human and environmental, and performance factors. This new approach to supplier risk assessment can also be extended to custom deep-dive assessments for clients.

Through expanded features and capabilities, the solution now provides even deeper visibility into supplier risks, leveraging data from multiple sources including company filings, regulatory websites, news/social media, and third-party intelligence. In addition, the ability to pull through information from client systems brings enhanced functionality from bringing together external and internal data.

“The nature of risk is changing and so must the way we think about and measure risk. It’s become imperative for businesses to have ongoing risk intelligence to accommodate the level of today’s disruptions,” said Omer Abdullah, MD, and co-founder of The Smart Cube. “Through our Supplier Risk Intelligence solution, we provide a holistic view of supplier risks by combining human intelligence and artificial intelligence to help companies make sense of all of the available data. Once an incident has been flagged, we provide in-depth analysis and detail into what’s happening and procurement expertise to help navigate and address the situation and ensure resilience.”

The company’s unique solution features:

  • Holistic risk scores and insights covering financial, operational, anti-bribery and corruption, ESG and other intelligence, acts as a single source of truth; this also covers performance risk signals based on internal data
  • Flexible solution configuration offering based on client business needs and budget
  • Mapping of tier 2 and 3 suppliers with tier 1 suppliers for improved visibility of supply chain dependencies and potential disruptions
  • Custom risk deep-dives for better understanding of specific risks flagged by the risk monitoring platform
  • Custom intelligence for timely and effective mitigation of risks flagged to eliminate or reduce risk exposure
  • Risk program support including role as PMO to make risk management effective
  • Access to self-serve intelligence covering 450+ category reports, 5,000+ commodity price data, and much more

“The strength of our Supplier Risk Intelligence solution lies in the ‘end-to-end’ approach – from risk monitoring to risk mitigation – which differs from many other providers who address just one part of the process,” said The Smart Cube Solution Manager, Sayan Debroy. “We are committed to continuing the development of our solution to meet client needs, with cutting-edge features including APIs and role-based dashboards in the coming months.”