Supplier risk management for complex supply chains - made easy
Supply chains are becoming increasingly complex. At the same time, IT security requirements are increasing. And with the EU regulation NIS2, many companies are focusing on evaluating and monitoring the security of suppliers for the first time. As a result, there is a lot to check and prove. This cannot be managed using traditional IT risk management processes.
LocateRisk ensures the necessary progress and enables proactive supplier risk management, making supplier assessments more reliable, faster and supplier management much easier. Automated workflows, valid risk data, continuous monitoring and response functions for effective collaboration - everything is centralized in one place.
Recognize cyber risks in the supply chain at a glance
Supplier risk management: Minimize workload and safety risks
As the company grows, the number of business partners and the associated risk increases. This means even more checks, even more administrative work and even more costs. Anyone who sticks to time-consuming checking methods (even with Excel spreadsheets) in the face of these developments is risking their own competitiveness.
The good news is that the increase in supplier evaluations can be easily managed with automated processes. LocateRisk's Supplier Risk Management makes supplier monitoring simple, transparent and scalable at any time with objective, comparable assessments and standardized templates. This increases efficiency, saves resources and reduces costs.
- Reduction of additional expenses through automation
- Neutral third-party assessments via flexible cyber risk scoring
- Automation of IT and GDPR complianceExamination
- On-demand valuation new and existing business partners
Reduce the complexity of supplier risk assessment
IT security managers are already working at the limit. How are they supposed to keep looking for threats in the supply chain? But "business as usual" can have devastating consequences. This is because cybercrime threats are increasing rapidly. And vulnerabilities can be exploited at any time, as demonstrated by the serious attacks on Solarwinds, MoveIT, Adesso, Count + Care and others show.
So where to start? Which suppliers to assess, when and how, using which method and to what extent? Continuous monitoring with customizable views of results and the ability to react quickly to security problems is the key to effective cyber risk prevention.
This is exactly what LocateRisk does. You can easily monitor and manage your supplier portfolio across the entire lifecycle in one place. The solution combines fully automated IT risk analyses with digital, standards-based questionnaires and provides you with an end-to-end overview of your business partners' IT risk performance.
- Accelerated processes thanks to powerful workflows
From due diligence to revaluations and continuous monitoring
- Up to 75% time saving compared to manual supplier risk assessment according to customer feedback
- Dashboard functions provide a structured insight in the relevant supplier evaluations
- Effective communication via the platform by requesting statements, evidence and verification of improvement measures
Verifiably comply with supply chain security regulations
NIS2, DORA, TISAX and other regulations and standards require compliance with increased IT security measures. LocateRisk's supplier risk management supports you in meeting these requirements. Through regular security checks and automatic reporting, you can prove at any time that you have taken all the necessary measures to secure your supply chain.
- Automatic collection, evaluation and documentation of supplier data
- Warning messages in the event of changes and overruns the risk tolerance
- Accelerated evaluation process through ready-made questionnaire templates for GDPR, NIS2, DORA, TISAX, ISO 27001, DIN27076, CSC and NIST
Make better decisions on the basis of facts
Digitalized security processes improve and simplify collaboration between purchasing, M&A and IT security officers. Instead of paperwork and manual evaluations, you receive objective, KPI-based and therefore comparable results. You can immediately see which companies are at risk, derive decisions from them and communicate the relevant results to management and supervisory authorities.
- Comprehensive valuation through a combination of self-disclosure questionnaires and objective IT risk analyses
- Prevention of business risks by benchmarking the IT security situation of suppliers and service providers
- Effortless communication and IT security verification to management and supervisory authorities - fact-based, automated and always up-to-date
Conclusion
Digitalized and automated processes are indispensable in supplier risk management in order to continuously minimize supply chain risks.
LocateRisk not only gives you a comprehensive insight into the IT security situation of your business partners, but also the tools to respond proactively and efficiently to threats.
Start right away: Increase the efficiency of your supplier evaluation and risk management processes. Arrange a demo appointment here
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