There are typically three layers of risk with regards to your suppliers:
- Generic risk of a supplier based on e.g. country of operations and industry. E.g. Textiles from Bangladesh = both high industry and high country risk vs. Australian based consultant = low country risk and low industry risk
- Form response risk. Informed 365 can weight the suppliers responses based on associated risk scoring and give members an overall rating risk rating on their form.
- Risk as perceived by members based on responses to questionnaires. It is worth noting that each consortium member will have a different risk appetite e.g. a certain response by a supplier will be considered non-compliant or risky to one member whereas another consortium member may view it as minor or not risky.
Informed 365 can provide generic scoring based on the consortium members risk matrix which can then be overlaid by individuals risk appetites.