Supplier Risk

Monitoring and Intelligence

SensoR Technologies: Helping you achieve visibility across your supply chain.

WHO ARE WE

The need to monitor and proactively manage your critical suppliers has never been greater. Not to do so may result in impacted revenue, operational disruptions, data breaches, or diminished reputation.

U.S.- based SensoR Technologies offers customers like you a way to monitor threats to your supply chain through its technology platform. A once heavily manual process can now be streamlined, in some cases automated, for greater efficiency by enabling increased capturing, reporting, and monitoring of suppliers risks.

SensoR Technologies can provide you the framework, technology platform, and data analytics and machine learning you need with support from functional and industry subject matter experts specific to your needs.

Currently in the proof-of-concept phase, SensoR Technologies will be available commercially in Q1 2021. For more information and see how you and your company may migrate risk to your critical suppliers, contact SensoR Technologies via email at narsolis@sensortechnologies.com.

Supplier Discovery

The first step in the end-to-end, supplier risk mitigation process includes SensoR Technologies helping you to:

  • Pull current list of suppliers from the last 12 to 24 months with associated spend and attributes; then
  • Segment and identify critical suppliers – ones that have direct revenue and operational impact, have access to your internal systems, or access to sensitive data (e.g., personal identifying information, customer data, employee profiles) and indicate which ones are sole-sourced.
  • Followed by identifying subcontractors and lower-tier key suppliers.

Risk Identification

After the Supplier Discovery step, SensoR Technologies will help your company:

  • Organize a cross-functional team to align on risk model and questions.*
  • Survey your critical suppliers for risk information and compliance according to the company’s requirements.
  • Receive and process responses from suppliers to identify risk areas across your supply chain.

 

* NOTE: core team is identified as a set of constant members from functions such as Procurement, IT, and Finance; subject matter experts such as HR, Marketing, and Sales are brought in as needed based on the function of the supplier.

Risk Prioritization

Prioritizing supplier risk is essential in the risk mitigation process and SensoR Technologies is here to help you:

  • Conduct more in-depth reviews of responses, including supporting documentation.
  • Score each supplier response based on the risk model and place them on appropriate risk tiers.
  • Apply appropriate management and monitoring activities based on the various risk tiers (low, medium, high, very high).

Risk Mitigation

It’s during the risk mitigation step that SensoR Technologies brings true value to your company by:

  • Working with the cross-functional team and appropriate company stakeholders to address priority high and very high risks suppliers.
  • Identifying specific gaps with targeted suppliers and actions required to address those gaps.
  • Helping assign company leads to work with targeted suppliers to remove and mitigate their risk areas.

Risk Monitoring and Tracking

SensoR Technologies provides a full end-to-end service concluding with risk monitoring and tracking by:

  • Presenting supplier risk profiles and remediation progress via web/mobile dashboard.
  • Conducting ongoing risk monitoring and tracking across your critical suppliers by:
    • Continuously monitoring appropriate social media feeds, news feeds, company sites, and other relevant 3rd party sources.
    • Applying machine learning and data analytics to surface new/pending risks.
    • Helping your company proactively manage risks through actionable insights.