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PROACTIS Launches Cloud Supplier Risk Management Platform

News Facts

• PROACTIS, the specialist in Spend Control and eProcurement, today unveiled their " Cloud Supplier Risk Management Platform", an evolution of the company's supplier relationship management (SRM) and contract management solution.
• The PROACTIS Cloud Supplier Risk Management Platform - announced at ProcureCon Europe 2011 Conference - combines source-to-contract capabilities with risk management tools to remove the risk of serious problems caused by the actions or inactions of suppliers. It is designed to improve visibility of supplier information throughout the supplier lifecycle; monitoring performance and mitigating risk.
• This platform provides a high level of visibility of each supplier's ability to perform and the likelihood of problems e.g. supplier qualifications and capabilities, certifications and compliance, insurance and disaster recovery plans, actual performance history, etc.
• Built-on the latest SaaS (Software-as-a-Service) infrastructure, the PROACTIS Cloud Supplier Risk Management Platform allows management of supplier risk alongside procurement tools that demonstrably reduce costs.

About the Solution

• The PROACTIS Cloud Supplier Risk Management platform offers thorough, consistent and continuous risk management processes that can cover the entire supplier base:
• A single go-to supplier directory, contract register, and information repository, providing an easily accessible source of supplier intelligence. This includes a record of certifications, specialties, policy documents, insurance policies and expiration dates, product or service categorisations, questionnaire and RFx response documents, review dates, and all other relevant information.
• Electronic supplier qualification tools that enable collaborative questionnaire development and maintenance. A library of standardised questionnaire templates categorised for different types of suppliers is included, allowing a fully electronic process with automated response scoring with complete history and audit trail.
• Electronic workflow-based tools for sourcing activities, with RFx and supplier response evaluation allowing organisations to focus on selecting the right supplier, for various reasons e.g. price, quality, performance criteria, etc. while focusing on specific areas of risk that might be involved in that particular activity.
• Automated supplier and contract monitoring that enable management of the supplier relationship lifecycle including evaluating compliance, the suitability for specific deliverables and the overall performance of suppliers.
• Supplier self-service with controls and alerts to make maintenance of supplier information simple for organisations and their suppliers. This includes controls and alerts to assess potential risks associated with changes.

Supporting Quotes

• "Once-a-year supplier risk assessments don't do the job and as they take too much time and cost, they are often left incomplete. Equally, paying attention to only the top 10-20% of your suppliers doesn't cover enough of the potential risk, and focusing only on initial supplier qualification doesn't take into consideration the rapid rate of change in risk exposure that organisations face in today's tough business climate," commented Simon Dadswell, Director of Marketing, PROACTIS.
• Our goal with the PROACTIS Cloud Supplier Risk Management Platform is to make it simple to put in place ongoing processes that make supplier visibility and risk management both a natural part of everyone's daily activity and a natural part of engagement with suppliers" added Dadswell.

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