New Solution Gives Procurement Teams Real-Time Insights to Protect Organizations from Financial Instability, Cyber Threats, and Supply Chain Disruptions
SpendHQ, the leading Spend Intelligence and Performance Management provider, announced the launch of its Supplier Risk Management solution that helps companies stay ahead of supply chain disruptions by proactively monitoring supplier risks across financial, geopolitical, and operational factors.
“This solution unites intelligence from leading procurement and supply chain risk providers, equipping teams to mitigate supplier risks related to financial health, cybersecurity, ESG compliance, and more.”
With 90% of supply chain leaders saying that they have encountered supply chain challenges in the past year and 60% reporting financial losses due to supply chain delays, proactive supplier risk management is no longer optional—it’s essential.
“Procurement teams face growing complexity as supplier relationships increase and supply chain risks intensify,” said Scott Macfee, CEO of SpendHQ. “This solution unites intelligence from leading procurement and supply chain risk providers, equipping teams to mitigate supplier risks related to financial health, cybersecurity, ESG compliance, and more.”
SpendHQ has combined data from global market-leading technology providers to build a comprehensive Supplier Risk Management solution that can be managed from a single, intuitive interface. Within the SpendHQ platform, companies can view real-time updates related to:
- Supplier Financial Health: Gain deep financial risk insights from RapidRatings—the leader in global financial health analytics. Access detailed financial health reports, peer benchmarking, and predictive risk assessments to identify potential supplier defaults, bankruptcies, and disruptions—even for private suppliers.
- Cybersecurity Vulnerabilities: Stay ahead of cyber threats with apexanalytix, the top provider of supplier onboarding, risk management, and recovery solutions. Get near real-time monitoring of cybersecurity protocols to detect vulnerabilities early and prevent data breaches that could disrupt operations.
- Ownership and Political Risk: Expose hidden supplier ownership risks using data from supply chain risk intelligence providers. Uncover sanctions, forced labor, political ties, and compliance violations to safeguard your supply chain.
- Supplier ESG Performance: Ensure responsible sourcing and sustainable performance using EcoVadis, the leading sustainability intelligence platform for global supply chains. Monitor compliance, mitigate risks, and drive long-term value.
“RapidRatings is proud to partner with SpendHQ in a shared mission to enhance supply chain risk visibility,” said John R. D’Aleo, CEO of RapidRatings. “By combining RapidRatings’ predictive financial analytics and deep insights into private supplier financials with SpendHQ’s advanced Spend Intelligence, we provide businesses with the knowledge and tools needed to build and maintain resilient supply chains.”
“With this integration of critical sustainability data at their fingertips, the partnership between EcoVadis and SpendHQ will enhance sound, fast decision-making for procurement teams,” said Annette Gevaert, SVP Alliances at EcoVadis. “Our close relationship will further help customers mitigate risk, push performance, and transform their procurement processes so they can play a leading role in the sustainability transition.”
SpendHQ’s Supplier Risk Management solution is now available as an add-on to its strategic procurement platform that combines two complementary products built to empower procurement leaders to make confident decisions by uniting spend data, project tracking, performance management, and risk mitigation into a single source of truth.
- Spend Intelligence leverages AI to organize, cleanse, and analyze procurement data, delivering actionable insights and automated reporting.
- Performance Management helps large cross-functional teams turn data into strategic value, ensuring alignment on top priorities.
Companies interested in learning more can schedule a demo today.
To help companies strengthen their supply chain defenses, SpendHQ has launched a Supplier Risk Management Masterclass—a deep dive into proactive risk monitoring and mitigation strategies. Register today to gain expert insights and practical tools for safeguarding your supply chain.