International regulatory compliance dictates that organizations must know the ongoing risk their suppliers pose to not only themselves but also the risk they pose to their clients. Continually changing operational conditions can have severe impact on businesses and their suppliers. The ability of an organization to continue providing business services in the face of adverse operational events is essential.
With the application of Distributed Ledger technology, SupplyBlock’s Vendor Risk Assessment tool enables automated rating of service providers and the overall risk they pose to not only to the company but to their clients as well. Inefficiencies and risks associated with often highly manual based assessments (e.g. spreadsheets) are eliminated e.g. wasted man hours, key person dependency, liability and potential reputational risks as a result of human error.
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SupplyBlock has real-world international application across multiple industry sectors, along with a developed platform and pipeline of new business.