LexisNexis solution helps minimise supply chain risks
LexisNexis Business Insight Solutions (BIS) has launched LexisNexis Entity Insight, a supply-chain and third-party risk media monitoring solution that will empower companies to make decisions about critical suppliers and third parties in near real-time, to minimize supply chain and wider business disruption.
The proactive risk management tool is driven by a PESTLE-analysis framework and will help procurement, supply chain and compliance professionals stay alert to potential business risks. It works by tracking market intelligence and premium news sources that are often unavailable on the open web to help companies capture an in-depth view of reputational, regulatory, financial and strategic risks.
Results from ongoing risk media monitoring are easily integrated with supply chain management (SCM), customer relationship management (CRM) and other internal systems via RSS feeds.
“Companies face increasing regulatory and ethical scrutiny, alongside rapidly changing market forces and it is critical to ensure business risks are being proactively managed,” Mark Dunn, segment leader Entity Due Diligence and Monitoring, LexisNexis Business Insight Solutions. “LexisNexis Entity Insight is an integral part of a supplier and third-party risk monitoring process to help ensure companies meet their strategic goals.”
“Every business active in logistics will appreciate the industry continues to face a challenging global operating environment; not least a changing business risk landscape driven by regulation, technology and increased demand for transparency,” he adds.
Dunn says understanding changing business risks should be on the agenda of every stakeholder, with third-party integrity risk, overseen and managed by global regulation causing an environment that the sector must proactively manage.
“The consequences of not robustly monitoring and verifying supplier and partner relationships can be significant, both in financial and reputational terms. And that includes the businesses on behalf of which the sector is moving goods for, as well as the third parties it may use as part of its own business operations,” he says.