Supply Chain Risk Management Software
What is Supply Chain Risk Management?
Supply chains are inherently complex with interconnected third-party relationships and potential vulnerabilities. Too often, supply chain engineers and manufacturing organizations are limited to spreadsheets and scattered documents to keep track of all processes, resources, and milestones involved in their supply chain or project risk management initiatives. Managing all these components is a cross-functional effort, requiring extensive communication and coordination that is near impossible in spreadsheets.
Keeping track of all your third parties in the supply chain and their associated risks can be a headache. Supply chain risk management software houses these interconnected relationships, so you can collaborate with vendors and suppliers to get the information you need in one centralized platform.
What are the Benefits of Supply Chain Risk Management Software?
From gathering information about new suppliers and vendors to managing current third-party relationships, there are several moving parts to keep track of. The responsibilities extend beyond one person’s scope, and even beyond whole departments. As your supply chain continues to grow, you’ll need to manage third-party risk with supply chain risk management software to keep track of your third-party risk management program’s many moving parts and communicate across departments and levels.
Although you can’t outsource risk, you can still achieve compliance with a supplier risk management system. Stay informed on which policies and regulations apply to various vendors and suppliers. Conduct due diligence and leverage questionnaires and checklists to ensure they are meeting the standards.
Streamline current and potential supplier information in one centralized platform to keep track of what services they provide, what sensitive information they have access to, and generate reports based on the information you collect.
LogicManager’s Supply Chain Risk Management Software:
LogicManager’s supply chain risk management software brings a holistic approach to simplify your third-party risk processes and create efficiency. Our integrated platform provides teams with necessary tools to create a clear line of communication. Here’s what you can expect from our supplier risk management software:
- Centralized Platform: House a list of active third parties in one centralized repository. Identify risks and failure points, apply mitigation activities, and maintain business continuity plans to increase overall profitability and output.
- Incident Reporting: Should a disruption, loss event, or claim occur along the supply chain, LogicManager’s incident management software helps track and resolve the issue, engaging key individuals in the process.
- Automated Workflows: LogicManager uses automatic reminders and notifications to alert the appropriate person when action is required, such as when a contract needs to be renewed, a new vendor needs to be approved, and more.
- Third-Party Risk Assessments: Identify your most critical suppliers and vendors and the risks associated with them using intuitive and objective third party risk assessments.
- Pre-Built Vendor Checklists: Leverage LogicManager’s pre-built vendor due-diligence questionnaires and checklists to ensure vendors are achieving compliance based on internal policies and external regulations.
Get this solution.
If you’re already a LogicManager customer, you can contact your advisory analysts to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our supply chain risk management software in action.
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