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Know Your Vendor – Managing supply chain risk starts with knowing who is in your extended vendor network
Being in the dark about your extended vendor network may increase brand and compliance risk
Increasing global supply chain complexity across industries and the convergence of a wide range of regulations scrutinizing vendor relationships have made brand risk mitigation a key challenge.
Multiple entities can become involved in the provision of a single service, and organizations are increasingly being held responsible for understanding these downstream relationships.
It’s no longer enough to only know your direct third party vendors—transparency into the full vendor network is now necessary.
As global supply chains increase in complexity so too does an organization's exposure to risk. Learn how PwC's Know Your Vendor solution can help.
A robust surveillance solution underpinned by proprietary algorithms and advanced analytics
The complexity of monitoring extended vendor networks calls for a surveillance solution that not only integrates and conducts link analysis on large sets of disparate data, but also turns that data into valuable information using sophisticated algorithms and advanced analytic processes.
PwC’s Know Your Vendor solution is a persistent monitoring solution that:
- Identifies vendors
- Performs enhanced due diligence on vendor networks
- Quantifies the risk surrounding vendors
- Reveals areas of risk to consider mitigation measures
The benefits of knowing your vendors, and your vendor’s vendors
Organizations that adopt a more analytics-focused approach to managing vendor-associated supply chain risk stand to:
- Enhance mitigation of potentially costly reputational and regulatory risk
- Reduce exposure to fraud, corporate social responsibility issues, and adverse media
- Gain data-driven operational insights
- Reduce intellectual property exposure
- Realize potential cost savings through persistent, full-population monitoring of third-party relationships
Powered by PwC’s Strategic Risk Data Lake
Using advanced technology and PwC’s proprietary analytics and algorithms, our Strategic Risk Data Lake integrates disparate data sources, both structured and unstructured, and fuses them together into actionable intelligence to simplify decision making and risk mitigation. It integrates with legacy systems and processes to provide a broad and deep view of vendor relationships, including previously unknown ones.
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