Supplier risk management for complex supply chains - made easy
Supply chains are becoming increasingly complex. They rank among the top three threats to the economy. At the same time, IT security requirements are on the rise. And with the EU’s NIS2 regulation, many companies are now focusing for the first time on assessing and monitoring the security of their suppliers. Consequently, there is a great deal to assess and document. Traditional IT risk management processes are not up to the task. The continuous minimization of cyber risks posed by third-party companies is therefore essential for companies to safeguard their own value creation, business continuity, and competitiveness.
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
Security ratings serve as a basis for objective and comparable assessments. Our knowledge article explains how these metrics are derived and how they should be interpreted. What is a security rating?.
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
The Platform: The Tool Behind Risk Assessment
The technology behind the assessment is software that continuously evaluates suppliers: a tool that combines analysis, questionnaires, and supporting documentation into a single interface. The IT risk score used in the dashboard is a form of security rating. Our knowledge article explains how such assessments are derived from externally observable signals and what limitations apply to their conclusions. What is a security rating?.
At the heart of the platform is a performance dashboard that clearly displays all security-relevant supplier information relating to criticality, IT risk score, compliance status and changes. This makes it possible to see at a glance where potential risks from third parties exist and act accordingly. The risk evaluation can be carried out both via fully automated IT security analyses and via digital questionnaires, which are provided to the suppliers for completion. These are available as standards-based templates for GDPR, NIS2, DORA, TISAX, ISO 27001, DIN 27076, CSC and NIST. In addition, you can also create your own questionnaires, e.g. for self-classification in certain guidelines and certifications or for internal security training.
The supplier risk management platform offers:
Effortless, continuous monitoring through automated, KPI-based IT risk assessments of the external attack surface at freely selectable intervals
Efficient survey and evaluation thanks to ready-made, flexibly customizable online questionnaires for supplier self-disclosure, compliance checks, contractual reporting, etc.
Automatic warning messages in the event of changes and exceeding the risk tolerance
Fast organization and administration by automatically collecting, evaluating and documenting supplier data
Accelerated communication thanks to deadlines, query intervals, filters and functions for responding to security breaches
Simple data maintenance through automated supplier queries and filing of relevant documents with expiration dates in the supplier master data sheet
Outstanding scalability through Rest API for automated data integration and optimal retrieval in SIEM, SOAR, SOC and ticketing systems
Risk management of the entire life cycleFrom due diligence to revaluations and continuous monitoring
Award-Winning: Best of Technology Award 2024
The WirtschaftsWoche Award is an important award that is presented every year. This prize recognizes technological innovations and solutions that enable significant progress in various industries. The focus is particularly on companies and projects that promote Germany's competitiveness through technological excellence and creative approaches. The Purchase & Supply Chain Management category recognizes innovative solutions that improve the efficiency and effectiveness of purchasing and supplier management processes.
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
Identify and reduce your cyber risks through a comparable and understandable overview of your IT security. Let our experts advise you and find out how LocateRisk can help you solve your cyber risks.
Want to find out more, book a demo or simply exchange ideas? We look forward to hearing from you!
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