2023 ProcureTech100 - Risk Management
In the new age of digital Procurement, risk management and new technologies come hand in hand.
Adopting a more advanced, sophisticated approach to risk management is a core component of successfully implementing next-generation strategic Procurement.
This comes as an essential (and inevitable) benefit of an organisation making a commitment to digital transformation, digital technologies, process automation and data-driven decision making.
As a result, our recent research into next-generation strategic Procurement revealed that compliance and risk is one of the Procurement areas where digitalisation is achieving the greatest improvements. In fact, a staggering 95% of respondents stated that digitalisation is an important part of achieving this objective.
Respondents see digitalisation as a key part of not only increasing the efficiency and bottom line of Procurement, but also to improving its risk management, resiliency, and transparency.
Across this year’s leading digital solutions, the Cybersecurity domain remains a critical focus area, with more than half of all security incidents being a direct result of issues with third parties.
With cyber attacks targeting vendors and suppliers, the organisations that don’t invest in proper third-party risk management (TPRM) solutions are more at risk of major incidents. As a result, TPRM will also need to continue extending deeper, reaching fourth and Nth parties. As organisations expand their supply networks, it will become increasingly difficult to manage the inherent risks that their supplier ecosystem or supply chain poses. At this point, sophisticated digital solutions will prove invaluable.
Running in parallel, the regulatory environment is rapidly changing and evolving. This environment is making it more challenging to track and manage third-party compliance, which creates complex compliance risks and high pressures. However, digital solutions are quickly evolving to offer more advanced assessment methods and automation, thereby fostering greater operating efficiency.
These factors are making risk intelligence a key funding priority. Investing in the creation of a risk-intelligent monitoring and management system is a key priority for organisations of every size and sector. It is imperative that partnerships and data and its associated integrations (both internal and external) are built into the data ‘fabric’. As a result, organisations will work increasingly closely with their third-party networks, to address ESG and Cybersecurity risks and issues, while increasing numbers of data providers are integrating into the risk platforms.
“We need digital solutions to go beyond the prediction of risks, to drive action through the automation of alerts and recommendations to act.” Mark Gillett, Managing Director, ProcureTech
“Organisations that have made limited investments in TPRM so far - or are smaller and more agile - can leverage the newer generation of digital risk solutions as an opportunity to accelerate towards highly integrated and tech-enabled third-party management and monitoring in real-time.” Mark Gillett, Managing Director, ProcureTech
Founded: 2018
Company HQ: USA
The Only Dynamic, Intelligent Map of the Global Supply Chain
Altana applies AI to billions of public and non-public data points, crafting the Altana Atlas, the only dynamic, intelligent map of the global supply chain. Altana’s platform grants unparalleled supply chain visibility and insights to governments, major logistics firms, and key global enterprises. The Atlas allows users to understand the distant origins of products well beyond direct suppliers, discover trading relationships deep in their networks, measure labor and environmental impacts, identify related risks and opportunities, and collaborate to manage all of it.
Founded: 2013
Company HQ: USA
Certa eliminates the procurement bottleneck and allows companies to onboard third-parties 3x faster.
Certa’s no-code platform makes it easy to digitize and manage the lifecycle of all your suppliers, partners, and customers. With automated onboarding, contract lifecycle management, and ESG management, Certa eliminates the procurement bottleneck and allows companies to onboard third-parties 3x faster.
Founded: 2014
Company HQ: USA
Make data-informed business decisions with Craft, an enterprise intelligence company.
Craft is an enterprise intelligence company helping organizations make data-informed business decisions. Our platform provides comprehensive, validated and always up-to-date commercial data, analytics, and actionable insights.
Founded: 2012
Company HQ: USA
The world’s best supply chains run on Everstream Analytics.
The world’s best supply chains run on Everstream Analytics. Through the application of artificial intelligence to its vast proprietary dataset, Everstream delivers predictive insights and risk analytics that tell businesses what matters when it matters and the impact anywhere in their supply chain. Everstream’s proven solution integrates with procurement, logistics, and business continuity platforms, generating the complete information, sharper analysis, and accurate predictions required to turn the supply chain into a resilient, sustainable, and competitive business asset. To learn more, visit https://www.everstream.ai/.
Founded: 2013
Company HQ: USA
Making the world a safe and transparent place to succeed
Exiger is revolutionizing the way corporations, government agencies and banks navigate risk and compliance in their third-parties, supply chains and customers through its software and tech-enabled solutions. Exiger’s mission is to make the world a safer and more transparent place to succeed. Emboldening its 550 customers across the globe, including 150 in the Fortune 500 and over 50 government agencies, with award-winning AI technology, Exiger leads the way in ESG, cyber, financial crime, third-party and supply chain management. Its work has been recognized by 40+ AI, RegTech and Supply Chain partner awards and named one of Fast Company’s 2023 ‘Brands That Matter’.
Founded: 2016
Company HQ: USA
Your entire trust journey on one integrated platform
OneTrust is the trust intelligence cloud platform organizations use to transform trust from an abstract concept into a measurable competitive advantage.
Organizations globally use OneTrust to enable the responsible use of data while protecting the privacy rights of individuals, implement and report on their cyber security program, make their social impact goals a reality, and create a speak up culture of trust.
Founded: 2017
Company HQ: Austria
Prewave is making supply chains more resilient by monitoring and predicting supply chain risks through AI technology.
Prewave is a data analytics startup specializing in the prediction of supply chain risks from social media data.
Founded: 2003
Company HQ: USA
ProcessUnity is changing risk and compliance with next-gen Third-Party Risk and Cybersecurity Program Management tools.
ProcessUnity’s cloud-based solutions help organizations of all sizes automate their risk and compliance programs. Our highly configurable, easy-to-use tools significantly reduce manual administrative tasks, allowing customers to spend more time on strategic risk mitigation. As a Software-as-a-Service technology, ProcessUnity deploys quickly with minimal effort from customers and their IT resources. Our technology delivers faster, better results, and the ability to scale governance, risk, and compliance programs over time. ProcessUnity’s suite of applications includes Third-Party Risk Management, Cybersecurity Program Management, Policy and Procedure Management, Enterprise Risk Management, Regulatory Compliance Management, Product and Service Offer Management, and more.
Founded: 2007
Company HQ: USA
The standard for financial health transparency between business partners.
RapidRatings is a company engaged in the development of a cloud predictive analytics platform. It analyses the financial health of public and private companies and provides them with risk management programs.
Founded: 2010
Company HQ: USA
Strengthening the supply chains that power our lives.
Every year, tens of thousands of events – ranging from natural disasters to factory fires to health epidemics – shut down manufacturing and wreak havoc on global supply chains. We believe a resilient supply chain is good for everyone: it keeps product flowing, the world moving, and most importantly, people in their jobs.
Resilinc was founded with the purpose of strengthening global supply chains, making them resilient, sustainable, transparent, and secure. We do this via our technology-driven solutions, which create an ecosystem where organizations can collaborate with their suppliers and customers with a spirit of transparency and trust to acquire unmatched visibility into their multi-tier supply networks, and partner across tiers seamlessly to recover supply chains during disruptions.
Since our launch in 2010, Resilinc has defined the supply chain mapping, monitoring, and resiliency space and is widely considered the gold standard for supply chain resiliency, worldwide. With over 1 million supplier sites mapped encompassing over 4 million parts and raw materials, we are the first line of defense for our customers, helping them navigate supply disruptions.
Our early-warning alert system monitors and predicts potential disruptions across suppliers, sites, and materials; our platform enables them to collaborate closely with their suppliers; our historical data-backed insights give them options on appropriate actions to take. Always innovating, our AI-powered predictive solutions can predict delivery delays, price movements, and supply constraints for raw materials and commodities before they happen. Resilinc helps our customers protect revenue and turn supply chain risks into opportunities to gain a competitive advantage.
Founded: 2013
Company HQ: USA
SecurityScorecard is the global leader in cybersecurity ratings
SecurityScorecard is a company that develops a cybersecurity rating and continuous monitoring solution for identifying vulnerabilities from an outside-in perspective. It offers a SaaS platform that provides vendor risk management, threat reconnaissance, self-assessment, cyber insurance, mergers and acquisitions, and compliance capabilities. The platform enables enterprises to gain operational command of the security posture of their ecosystems delivering critical data points, such as web, application security, patching cadence, network security, hacker chatter, social engineering, and leaked credentials, DNS health, endpoint security, IP reputation, and cubit score. The company serves financial, insurance, technology, retail. healthcare, government, and enterprise industries.
Founded: 2011
Company HQ: USA
Sourcemap enables companies to trace their products down to the raw materials through end-to-end supply chain mapping and traceability software.
Sourcemap enables companies to manage standards at every step in their supply chains through end-to-end supply chain mapping and traceability software. The largest pharmaceutical, automotive, food, apparel and electronics companies use Sourcemap technology to manage their supply chain risk, ensure resilience, and meet regulatory requirements for human rights and environmental sustainability across more than 2.7 million sites around the world.
Learn more about the 2023 ProcureTech100.
