Supplier Management Solutions

A Financial Services provider was conducting hundreds of assessments a year via manual surveys, email requests and Excel spreadsheets. They felt concerned because they were only able to assess a small amount of their suppliers using a highly manual process. The challenge of getting surveys completed properly and on-time was a constant challenge. Through a manual process if a supplier or partner was considered a risk, the work involved was very time-consuming. The company wanted to automate the full life cycle management from data gathering, notifications, risk scoring, security analysis right through to SLA’S etc. They required a solution that could consolidate their business information in one single view helping them determine which suppliers were a potential risk and why. They needed to measure and complete due diligence on their supplier ecosystem.

The customer selected Red Flare’s Supplier Risk Management solution for initial full assessments of internal and external suppliers. Red Flare has enabled the client to now document all of the company’s third-party relationships and associated contracts, as well as the business units and named individuals in their company whom are responsible for each of these relationships. Red Flare provided Use a single platform repository to aggregate all third-party information and leverage a series of risk assessment questionnaires.  Red Flare enables the customer to collect relevant supporting documentation for analysis and determine the company’s residual risk across several categories. The platform allowed the customer to demonstrate third-party risk and performance management assisting with document performance metrics and service level agreement for each supplier and service to ascertain whether each engagement is delivering expected performance. Red Flare helped the customer to gain a holistic understanding of their businesses dependency on various third parties across all of their your business units.

The solution was implemented within three months following a well-defined processes. Since the solution has gone live, the company has doubled the number of yearly assessments. They now have complete visibility of their supply chain and any risks associated with in this. Meanwhile, high risk suppliers are escalated for evaluation and action is being taken to de risk. Since implementing Red Flare’ Supplier Management solution, the customer’s business has now been able to automate what was an extremely manual assessment process. They have eliminated multiple spreadsheets and increased staff productivity now becoming proactive instead of the previous reactive approach to Supplier Management. Red Flare has helped the customer move from a time consuming process with follow ups and delays and now has improved supplier performance, lowered costs, and has helped the customer avoid the consequences of disruption and risk to the business.