How well do you know your suppliers?
It has become the norm that most organisations perform comprehensive due diligence on new suppliers and vendors as they go through an onboarding process. However, with constant changes to the…
Vendor Risk Management
By monitoring all the relevant market and operational conditions, our Vendor Risk Management Solution delivers automated, continuous monitoring of risks and 100% peace of mind.
How well do you know the vendor you onboarded? If there were significant changes like a change in ownership or financial position, would you know before it impacts your business? Keeping an ongoing vigilance over your vendors can help to avoid potential issues such as loss of money or supply chain delays and most importantly reduce your exposures.
Certainty in an increasingly uncertain world
In a globalised economy with increased levels of government and consumer scrutiny over supply chains and reputation, it is essential that organisations continuously monitor risks and provide assurance to their Board and Executive teams that exposure from suppliers and vendors is being monitored and managed effectively.
Supporting your operations management and internal risk compliance teams
Due to manual processes, many organisations only perform vendor risk assessments at the initial engagement onboarding phase. However, vendor risk profiles can change rapidly, this leaves your organisation vulnerable to the negative impacts of restructures, takeovers, legal disputes or financial stress.
Coupled with an increased exposure to sanctioned organisations and individuals, politically exposed persons (PEP) and bank account changes, this has resulted in organisations needing to be far more responsive and aware of changes in their vendor landscape.
By monitoring all these market and operational conditions, in real-time and on an ongoing basis, our VRM solution delivers automated, continuous monitoring of these risks and 100% peace of mind.
Contextualising the risk for your organisation
Understanding changes in your vendor circumstances such as being in financial distress or the inclusion in a sanctioned entity list is critical for any organisation to know. However, your organisation’s response to these changes needs to be commensurate with your exposure to the vendor in question. With this in mind, SatoriVRM will combine this information with internal data points based on your activity with that vendor (such as open contracts, open POs, historic spending, etc) to ensure that if your exposure from that vendor is high, you can respond in line with the urgency that it requires. Having all the facts in hand ensures that you respond in the appropriate manner.
How it works
SatoriVRM provides a level of independent assurance that the operational risk management and internal control frameworks are working as intended. They also ensure that these operations are complying with the relevant legislation and regulations relevant to their industry.
The combination of internal data from your ERP and procurement systems, combined with external data sources on an ongoing basis allows the generation of material insights needed to stay on top of continuous changes in your vendor landscape.
SatoriVRM for every scenario
- Vendor Onboarding
- Credit Risk Reports & Alerts
- Bank and Business ID Verification
- Sanctions, PEPS and Adverse Media
- Business Register Lookup
Vendor Onboarding
- Secure portal for supplier submission
- External verification of supplier submission
- Automated credit report with every application
- Submission of attachments such as directors’ guarantees
- Automated trade reference checks
- Integration to ERP via API
Credit Risk Reports & Alerts
- Change in credit score
- Payment defaults
- Change of directors
- Bankruptcy risk
- Change in overall risk rating
Monitor key suppliers’:
- Payment defaults
- Court actions and insolvency notices
- Mercantile inquiries
- Administrator or liquidator appointments
- ABN/ACN/Company status changes
- Director’s changes
- Address changes
- Contextualise the above against your commercial activity for these suppliers:
- Historical spend
- Open POs
- Unpaid invoices
- Spend thresholds
- Open contracts
Bank and Business ID Verification
- Independent and Automated Bank Verifications for suppliers and/or employees
- Utilising a unique Open Banking Consumer Data Right (CDR) mechanism to verify supplier bank account details
- Continuous supplier bank account verification/monitoring
- ABA file management
Sanctions, PEPS and Adverse Media
- Sanctioned organisations and/or individuals
- Politically Exposed Persons (PEPs) and persons of interest
- Adverse Media
- Daily updates
- Follow up from regulatory authorities
- Routine list comparison to provide comprehensive updates and changes
Business Register Lookup
- Satori can automate the check of suppliers’ ABN and GST registration on an ongoing basis to ensure that suppliers’ remain:
- Registered with ASIC and their ABN is valid and correct
- Registered for GST (if applicable) and if this changes, ensure that GST is not levied and paid against these supplier invoices
”"The challenge in these trying times is that often controls, policies and procedures are overlooked. Companies are not able to update and enforce their controls at the same pace, when they are focussing on keeping their head above water.”
Gavin SteinbergCEO, Satori
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SatoriVRM Guide
Delivering early identification for rapid response, SatoriVRM provides 100% assurance of mitigation and reduced financial loss by delivering highly targeted alerts regarding potential risk exposure related to an organisation’s suppliers.
Because it’s fully automated and delivered as part of our model, SatoriVRM reduces manual activity by automating manual checks. Supported by our Managed Services team, it ensures complete accountability and coverage of this critical part of any business.
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