In implementing a Vendor Risk Management Assessment (VRMA) solution, Bloomberg was able to address issues common to corporations across all industries around the world. In this session you will learn how Bloomberg’s VRMA solution enables supplier segmentation, including identifying business critical and high risk suppliers, supplier risk assessment and mitigation as well as proactive supplier monitoring. The value realized is significant. Major achievements include one-stop shopping, thereby eliminating the need for multiple data feeds by harnessing a broad range of supplier information, assessment capabilities and analytics through one integrated platform. An additional benefit is how predictive analytics and push technology of supplier financial viability assessments using Bloomberg’s widely used DRSK product provides forward-looking, quantitative estimates of corporate default probabilities. The VRMA tool uses real-time data and monitoring of corporate news and social media alerts. This dynamic tool has enhanced Supply Chain relationships and revenue concentration through Bloomberg’s highly successful SPLC product, with the ability to identify suppliers of suppliers.
Topics covered in this session included:
- How VRMA can quickly and easily identify vendors and engagements critical to your business and/or high risk
- How VRMA uses a two-tiered approach to enable risk due diligence
- How VRMA assesses inherent/residual risk impact and how to implement mitigating actions and controls
- How Bloomberg’s Vendor Risk Dashboard helps effective risk sensing using predictive analytics, real-time data and monitoring
Categories: 2016 Spring - Orlando, Summit Presentations
SRC Type: Benchmarking and Analysis, Disruptive Digitization, Procurement Operations, Risk Management, Sourcing Management