Supply chain management system Interos unveiled new functions to speed up the discovery and communication of supply chain risk throughout a number of departments such as business continuity planning and purchasing. The newest functions further the underpinnings of the Interos Resilience Operations Center (IROC) framework, according to an announcement.
“There is no one-size-fits-all approach to third-party risk management,” Interos CEO and Founder Jennifer Bisceglie said in the announcement. "The Interos ROC framework is designed to address the needs of almost every organization with common information and analytics to support the tactics, techniques and procedures organizations can use appropriate to the scope of their third-party risk management challenges and goals."
Analysts are told about risks — financial or otherwise — at the time that they are discovered. Clients can introduce further information from their in-house records to the company’s artificial intelligence (AI) technology, and the company said the data is kept safe as well as separate from “Interos managed information.”
In addition, application programming interfaces (APIs) simplify the process of bringing together outside information sources and business systems.
The offering comes as the company said that the pandemic, new governmental mandates, oppositional geopolitical motives and broken trade agreements have brought about a change in third-party risk management approaches.
In separate news, Esker recently rolled out a new supplier management technology in its procure-to-pay technology stack that will assist companies in handling and digitizing their supply chains. The new cloud-based technology will provide a full view of supply chains, assisting with decreasing risk and the procure-to-pay team's workload.
Additionally, the service provides greater visibility while offering a comprehensive data collection process that intakes just what is required for every supplier. The necessary parties can see every supplier activity, including validation and new vendor registration.
The technology also provides simple uploading of data and onboarding for suppliers, and it will alleviate as well as decrease risk by making sure the detail related to suppliers is accurate and complete.