Technology Partner: Beroe
Risk Indicators – Know your suppliers to prevent risk and improve competitive advantage
Overview
Corcentric Risk Indicators is powered by industry leader Beroe. Beroe provides critical market information and analysis that enables companies to make smart sourcing decisions which lead to lower costs, greater profits, and reduced risk. Beroe has provided these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
Key Features
The Corcentric Risk Indicators program serves as an extension of the Corcentric Supplier Management solution to assess 100% of a company’s suppliers across key risk and compliance parameters.
- Establish a more holistic view of suppliers based on company profiles and supplier risk information such as financial, environmental non-compliance, ESG, ethical/regulatory non-compliance, cybersecurity, and labor, health, and safety non-compliance
- Get an integrated and unified view of supplier risk while reducing the number of individual agreements and the cost of supplier data management by leveraging via a single solution
- Access unique ratings and proprietary risk scores from the leading data providers of supplier risk including financial (Dun & Bradstreet, Creditsafe), reputational (Dow Jones), cyber risk (Security Scorecard), and ESG (Moody’s).
- Establish unified supplier profile views within Corcentric Supplier Management to extend real-time visibility into other areas with dedicated supplier risk views integrated with Corcentric Supplier Performance and Supplier Information Management
- Invest in your most critical or risky suppliers by gearing up or down the number of suppliers and data sources you subscribe to within the Corcentric Risk Indicators application; manage Beroe and Beroe Pro packages granting more information depending on the subscription and need.
Corcentric Risk Indicators Program Introduction
Supplier List
Filtered list of suppliers that have been purchased within the wider supplier repository.
Financial Risk
Under the Financial Risk section, access the Dun & Bradstreet SER Rating and Creditsafe Risk Rating including the last date information was pulled.
Reputational Risk
Dow Jones Risk & Compliance information based on a compilation of adverse media articles across a variety of Ethical and Regulatory areas in addition to Global sanctions OFAC check list. Also includes direct access to where the news article source for the mention.
Environmental, Social and Governance (ESG)
Moody’s provides insights and information through a forward-looking approach that can impact credit quality, including ESG and climate risk.
Cyber Risks
Security Scorecard Cyber Risk Rating a proprietary rating scale based on several key areas for measuring cyber risk based on threats, vulnerability and impact. These include country risk, dark web mentions, evidence of comprised networks, breached employee credentials and more.
Technical FAQs
As an integrated part of Corcentric Supplier Management, Corcentric Risk Indicators provides critical market information and analysis that enables companies to make informed decisions about their supplier relationships to drive smart sourcing decisions.
What supplier risk data can I monitor?
Beroe Risk Indicators provides Corcentric Supplier Management customers with information from the leading providers of supplier risk data including: financial (Dun & Bradstreet, Creditsafe), reputational (Dow Jones), ESG (Moody’s), and cyber risk (Security Scorecard) information.
How many suppliers need to participate?
Clients can determine how many suppliers need to be managed as part of their risk mitigation program, but customers must unlock a minimum of 50 suppliers’ data.
How do I check credit worthiness of a company?
Creditsafe works on a scale of 1 – 100 and predicts the likelihood that a business’s payments performance will become seriously delinquent, defined as 90 days, plus days beyond terms, within the next 12 months or that the business will go bankrupt.
Can I validate information like a DUNS number?
Customers can access a company profile based on Dun & Bradstreet information. Information includes DUNS number, company address, website, NAICs & SIC codes, ownership type, and company hierarchy.
How can I check supplier health?
Dun & Bradstreet Supplier Evaluation Risk Rating (SER Rating) predicts the likelihood that a supplier will cease business operations or become inactive over the next 12-month period based on the depth of predictive data attributes available on the business.
How do I check a company’s social responsibility and reputational risk rating?
Moody’s analyzes data on ESG and climate risk through a forward-looking review. Using double materiality, Moody’s evaluates a company’s impact on the environment and the communities it serves, including how outside factors may impact the company’s long-term performance. Dow Jones enables organizations to manage reputational damage by screening suppliers, vendors, customers, and other third parties to identify red flags. Dow Jones Risk & Compliance information enumerates and compiles adverse media articles across a variety of ethical and regulatory areas in addition to the OFAC global sanctions list. Areas covered include discrimination, human rights violations, workforce disputes, health/safety issues, corruption, fraud, regulatory, sanctions, environmental, and product service issues. This includes direct linked access to the news article source.
How can I quantify cyber risk for my suppliers?
Security Scorecard is a specialist cybersecurity company that provides predictive and actionable intelligence, enabling businesses to anticipate, prepare for and respond to the cyber threats they face.
How do I develop supplier ratings across all areas like financial; environmental, social and governance (ESG); reputational; credit worthiness; and cyber risk?
Customers utilize their supplier dashboard within Corcentric Supplier Management to monitor the risk associated with their suppliers based on the various risk components they have chosen to monitor: Financial, Reputational, ESG, and/or Cyber Risk. Rating can be created by linking back to supplier scorecards and transaction impact on a common dashboard.
Top strategies for better managing supply risk
52%
clearly define metrics
for supply performance and risk
47%
centralize supplier information
in a centralized system or database
37%
clearly define ownership
for managing supply risk
