Sustainability and ethical business practices are increasingly important in supply chain risk management. As regulatory developments around due diligence and reporting place new and evolving requirements on organizations, supply chain leaders need better visibility into their supply chain processes and partners.
To help organizations achieve this, OpenText is introducing a new product called OpenText Active Risk Monitor, a cloud service that aggregates risk data from multiple sources and allows users to view it against their supplier base.
Drive action by consolidating ESG risks insights into a single view
Information related to different types of risks involving suppliers and other partners is often fragmented across different sources and systems. By consolidating insights and metrics around environmental, social and governance (ESG) risks into a single view, organizations can drive more targeted and consistent actions to enforce their policies and address issues around different areas of ESG which, over time, helps make their supply chains more sustainable.
Make ESG risk data more meaningful by viewing it in business context
While consolidating ESG risk insights is a great starting point, these should not be addressed in isolation from broader supply chain risk management. To holistically manage risks around supply chain partners, other risk factors such as financial risks and the criticality of the supplier for the buyer’s business operations need to be considered together. In addition to ESG related data, Active Risk Monitor allows users to assess supplier credit risk based on company credit scores and ratings, as well as categorizing suppliers in a flexible way to put the risk data in business context and make it more actionable for users.
Improve risk management with diverse insights from leading providers
One of the key challenges for managing supplier risks is availability and completeness of relevant information. To enable users with reliable and actionable information, OpenText partners with some of the leading providers of different types of risk data in the market, including:
- EcoVadis for sustainability ratings
- Acuris for adverse media exposure and sanctions
- Dun & Bradstreet for credit risk, industry classifications, diversity indicators and globally consistent financial statements
These partners provide a comprehensive view and global coverage across several key risk categories, allowing Active Risk Monitor users to tap into the leading expertise in the market.
With the CE 23.2 release, Active Risk Monitor will be available for beta users. Contact OpenText for a demo and discover how Active Risk Monitor can help your supply chain improve risk management and become more sustainable.
