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Risk management

In collaboration with State of Flux, an industry-leading LV= supplier management capability has emerged and in less than 24 months. Risk and complexity has been removed from the supply chain.

LV=
See how Statess improves your risk management

How does Statess help you manage your supplier risks?

The complexity of risk is increasing, as are the regulations, fines and the impact of incidents on share prices. 

Statess enables you to assess supplier risk and resilience through deep auditing and automated information assessment. You can also incorporate accreditations and compliance tracking. Core documents such as business contingency plans can be stored, and the platform can integrate with more dynamic sources of third-party risk information.

Statess provides a channel for your suppliers to report upcoming disruptions in the supply chain, so they work with you to facilitate efficient supplier risk management and mitigation.

The risk management features of Statess enable you to:

  • Capture risk information that is confidential or shared with the supplier(s)
  • Monitor how risky a supplier is in terms of finance, operations, geography, products, CSR and other risk-related areas
  • Monitor supply chain risk, and assess the likelihood and impact of a potential disruption in the supply of products and services
  • Manage supplier risks and issues in collaboration with the suppliers
  • Add supplier and internal contingency plans
  • Report the risk-related information across multiple suppliers
  • Reduce the administration burden for assessing suppliers’ risk management processes and riskiness by using the survey engine of the system
  • Perform enhanced qualifications of supplier suitability
  • Consolidate reporting to provide a single risk and issues register across all or multiple suppliers

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