Competition is intensifying, making strong supplier relationships crucial. Risks are soaring, but according to Zippia, only 6% of companies have full supply chain visibility. Given current global and local supply chain challenges, enhanced visibility into vendor and supplier risks is essential.
Effective vendor selection is key. Organizations must modernize their supplier assessment and monitoring to keep pace with disruptions. By rapidly leveraging technology to assess multiple risk categories across your supplier network, you can streamline onboarding and identify potential issues with existing suppliers.
How RSM can help
RSM has formed a strategic business alliance with Equifax to provide a one-of-a-kind supplier risk rapid assessment. Our risk assessment experience, coupled with the Supplier Risk Solution platform, helps provide a deeper understanding of your supply chain. Leveraging technology to assess multiple types of risk within your supplier network can improve the effectiveness of onboarding new suppliers while simultaneously flagging changes in the risk profile of existing suppliers.
The supplier risk assessment offers the following:
- Greater insight into your supply chain
- Analysis of your supply chain risk, including financial, cybersecurity, geopolitical and operational
- Identification of mitigation strategies that align with best practices and standards
- Development of a pathway to compliance
- Evaluation of environmental, social and governance (ESG) risks and the identification of opportunities that may enhance your company’s ESG position
Why now?
Having greater visibility into the potential risks of your vendors and suppliers is no longer a nice to have. All over the world, there are new laws and regulations regarding supply chains with compliance requirements that have to be met, including the following:
- United States sustainability reporting
- California sustainability reporting
- B-15: Climate Risk Management
- S-211 – Canada’s Modern Slavery Act
- Bill C-59 Greenwashing
- European Union sustainability reporting
RSM brings its knowledge of supply chains, risk and compliance, technology and ESG to create a comprehensive solution. In addition, our strategic business alliance with Equifax enables us to help you navigate the complexities of supply chains, delivering transparency to support not only regulatory requirements but your operational, risk management and ESG goals as well.
In this way, this risk assessment not only steers your company toward compliance but taps into your organization’s potential for transformative growth.
Beyond compliance
ESG issues are increasingly important for customers, investors and employees, who demand higher business performance standards. Our risk assessment offers your company an opportunity to transcend mere compliance and enhance your organization’s ESG performance.
RSM’s supplier risk assessment offers insights into your company’s broader sustainability issues, such as your carbon footprint, climate-related risks and opportunities, waste management policies and more. Furthermore, the assessment can guide your company toward alternative secondary or tertiary pathways for sourcing and mitigate against single-source supply chain disruption, whether geopolitical, climate-related or financial-related. While the technology, in and of itself, does not support compliance with specific laws, the assessment’s output can help facilitate the process.
Starting your journey
RSM’s goal is to provide your company with a comprehensive understanding of your supply chain operations. Contact us today to discuss how you can turn compliance into an opportunity for more efficient and productive operations or to request a demo.
