Closed-loop system that manages risk from identification to closure

ACTIONS
AUDIT FINDINGS
CONTINGENCY PLAN
DUE DATE
E-TRAINING
FOLLOW-UP
QUALITY COMMITMENT
RECOMMENDATION
SOURCING MITIGATION

Systematic Risk Reduction

How do you ensure that suppliers and internal operations proactively address deficiencies that put performance at risk?

SRS Use Case Example

An electronics device manufacturer conducted annual risk assessments. Yet a review found little follow through – most identified deficiencies remained unaddressed year after year.

After implementing SRS, executives saw rapid progress on risk measures and could readily compare risk performance globally. The rapid progress was due to six significant improvements:

  • Risk assessments were consistently applied globally across suppliers and internal operations
  • Incentives were improved by including risk ratings into performance scorecards and reviews
  • The SRS predictive risk platform assigned actions to address identified risks and followed-up until closure
  • Suppliers and internal sites benefited from SRS e-learning, templates, follow-up and support
  • Procurement managers documented contingency plans, such as alternate sourcing and inventory plans in the SRS phone app
  • Supplier risk performance transparency, readily accessible by phone app and web

risk-mitigation-mapSample Features

  • Assessments are followed by SRS’ patented risk reduction workflow
  • Prioritized risk actions (e.g. audit, quality, BCP) with assigned person, due date and follow-up
  • E-learning and Help Desk support to support rapid progress
  • Tracking of contingency plans (e.g. alternate sources, buffer)
  • Risk performance trends, current status and projection
  • Procurement managers and auditors discuss supplier risks during supplier reviews, with risk data at hand on any device
  • Track commitments from suppliers to improve quality/delivery metrics and address audit, risk and compliance actions

supply-risk-chart2Benefits

  • Better business performance via reduced supplier variances
  • Massive time savings from digitization versus manual efforts
  • Transparency – executives sees measures improving month after month
  • Risk managers’ quick responses to customer and executives’ questions, assures them that risks are under control

Measurable risk reduction for internal operations & suppliers.

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