🔍 The trends for 2024's Risk Management leaders 

As digital technologies continue to advance and transform traditional procurement processes, risk management technologies have become entwined into procurement and supply chain solutions. This year’s ProcureTech100 risk management solutions are paving the way for highly advanced, sophisticated, and future-proofed approaches more than ever before.

This year, the core areas of focus for Risk Management solutions are:

Cybersecurity & Data Privacy

Ever rising threats from data breaches and cyber risks, have reinforced the need for advanced and responsive cybersecurity and data privacy technology, with an additional emphasis on suppliers’ data protection protocol and compliance with regulations including GDPR.

Multi-Dimensional Risk Indicators

Rather than relying solely on financial data, the use of multi-dimensional risk indicators is propelling a trend towards the creation of a holistic picture of supplier risk.

AI-Driven Capabilities

Leveraging AI for real-time risk monitoring, automated supplier assessments, and predictive analytics identifying potential disruptions ranging from natural disasters to geopolitical and reputational risks, AI-driven risk management solutions are providing a new level of visibility into supply chains and procurement decision making.

Risk management remains a core tenet in the next generation of strategic, digitally enabled procurement, and is of tremendous benefit to organisations looking to mitigate the impact of a wide variety of risk factors. As leaders continue to focus on digital procurement transformation, the ability to leverage process automation and data-driven decision making to reduce or eliminate risks is highly attractive.

🔥The 2024 ProcureTech100 pioneering solutions for Risk Management

This year's digital procurement solutions were selected through a rigorous process, including the comparison of over 40 data fields, and extensive discussions between expert panellists that highlighted the significance of this capability across the procurement landscape. 

This year’s Risk Management leaders are: 

• Altana - A Value Chain Management System, providing a unified, comprehensive approach that goes beyond standard supply chain risk management. The tool offers unprecedented visibility, contextualised AI decision support across business areas, and a collaborative network with end-to-end workflows.

• Certa.ai - An AI platform that makes it easy for users to digitise and manage the lifecycle of all their suppliers, partners and customers. With automated onboarding, contract lifecycle management and ESG management, Certa eliminates onboarding bottlenecks, while maintaining all compliance and risk controls.

• Everstream Analytics - Through the application of AI and predictive analytics to its vast proprietary dataset, Everstream Analytics delivers the predictive insights and risk analytics businesses need for a smarter, more autonomous and sustainable supply chain.

• Exiger - An innovative supply chain management tool, offering market-leading capabilities in software supply chain risk management, Scope 3 and carbon scoring, and industry UX.

• Prewave - Combining Tier-N transparency, supplier mapping, ESG standards and due diligence compliance, Prewave is a leading supply chain management software. Its supply chain super-intelligence ensures resilient, sustainable and future-ready supply chains, integrating risk data from every tier of the supply chain.

• ProcessUnity - Cloud-based solutions that help organisations of all sizes automate their risk and compliance programmes. Its technology delivers faster, better results, and the ability to scale governance, risk, and compliance programmes over time.

• RapidRatings - An advanced platform that helps some of the world’s leading companies manage enterprise and financial risk, while setting the standard for financial health transparency. Furthermore, the platform’s predictive analytics provide detailed insights into how suppliers, vendors, and other third parties are likely to perform.

• Resilinc - Technology-driven solutions, which create an ecosystem where organisations can collaborate with their suppliers and customers, to acquire greater visibility into their multi-tier supply networks, while seamlessly partnering across tiers, to recover supply chains during disruptions.

• Sayari - Providing global corporate transparency and supply chain risk identification for government and industry. Sayari’s commercial risk intelligence software harvests comprehensive corporate and trade data from more than 250 jurisdictions worldwide and surfaces previously hidden risk insights in an intuitive network analysis platform.

• SecurityScorecard - A global leader in cybersecurity ratings, response, and resilience, with more than 12 million companies continuously rated. SecurityScorecard's patented rating technology is used by over 25,000 organisations for enterprise risk management, third-party risk management, board reporting, due diligence, cyber insurance underwriting, and regulatory oversight.

• UpGuard - A comprehensive cyber risk solution that combines third-party security ratings, vendor questionnaires, and threat intelligence capabilities to help businesses manage and improve their security posture.

• Vanta - A leading trust management platform that helps simplify and centralise security for organisations of all sizes.
  
  

With their ability to strengthen supply chain resilience and unlock multi-tier visibility, these solutions are giving teams the agility required to adapt to market shifts, geopolitical risks, and natural disasters.

👉 To explore these solutions and the rest of this year's ProcureTech100 cohort, read the full Yearbook here.