Furthering the collaboration that began in 2019, RapidRatings (RR) and Trust Your Supplier (TYS) announced an integration that provides a seamless port into RR’s FHR Network. This allows buyers to more easily access a supplier’s financial health and gives private company suppliers a trusted way to share this type of data.
This announcement highlights the value and growing potential of TYS. For buyers, TYS allows for a secure way to find, evaluate, and onboard suppliers in a highly efficient manner. This is achieved by allowing the buyer access to aggregated data via a single network, thus mainstreaming the workflow by avoiding the need to consult other sources outside the platform.
In 2019, IBM and Chainyard announced the Trust Your Supplier blockchain network, designed to improve all parts of the supplier life cycle information management process, starting with supplier discovery. TYS, through a digital passport, allows suppliers to share information with any permissioned buyer on the network. Integrated data from third-party partners, found in Marketplace, help buyers determine verification, compliance, and other essential risk considerations for each supplier.
Value of TYS for Supplier Discovery and Evaluation with Emphasis on Data Partners
Identifying and evaluating potential suppliers, especially for new products or services, can be a time-consuming and frustrating experience. Yet, one can argue that this component of the supplier information life cycle is the most important. The growing number of announcements of new offerings from emerging and established providers in this space all utilizing advances in data analytics, AI, and blockchain is a testament to this.
Focusing on supplier discovery and evaluation, advances in technology are helping buyers to more efficiently access information that meets the top three requirements for conducting research to ensure quality: 1) data must be verifiable, 2) data comes from authoritative sources, and 3) data must be current.
How TYS Addresses the Three Top Requirements
Verification – It is a best practice to use multiple sources for supplier verification and evaluation. The more sources referenced, the more accurate the assessment. TYS allows for an easy way to view integrated data points from varying providers to get a solid overall assessment of a supplier.
Quality of Sources – The use of authoritative sources is what makes TYS stand out. The authority of any resource starts with the credibility of the author or organization responsible for producing the information. The data providers partnering with TYS are impressive. Currently they are:
- Accuity (LexisNexis) – criminal activity and fraudulent players identification, payment validation
- ComplyAdvantage – AML (anti-money laundering) screening and monitoring
- Consolidated Screening List (CSL) – International Trade Association’s United States Government restrictions list
- Dun & Bradstreet – supplier risk and diversity assessments
- EcoVadis – supplier sustainability assessments
- Global Data Consortium (GDC) – digital identity verification and reputational, commercial, and regularity risk measurement
- GLEIF – open, global legal entity reference data
- KYC SiteScan – KYC (Know Your Customer) supplier due diligence
- RapidRatings– financial health ratings and assessments for private and public companies
- Resilinc – supplier and associated sub-tier supplier risk benchmarking
- Nuna Network – registered companies in China data
- Verisk Maplecroft – global ESG risk assessments
- Visko (IBM) – curated news leveraging entity identification and event detection
Current – Aggregated data is kept up-to-date with the system notifying users when information has been updated. Suppliers own the data in their profile, which puts the responsibility on them for updating. Third party data used for outside verification and evaluation is updated according to the individual application offering, thus reinforcing the importance of using high quality providers.
TYS Marketplace is where you find the key data partners. They are organized by categories that include: Financial Risk Management, Financial Risk Indicators, Digital Identity & Wallets, Diversity, Vendor Due Diligence, ESG, Adverse Media, Screening and Sanctions, Data Validations, and Cyber Security. A buyer can filter to identify data partners that provide free and/or premium apps. A premium app is a “bring your own license” through API integrations and a buyer can pay directly for some applications on TYS. App settings for the partner offerings allow for due diligence and internal workflow customization (this is a feature to note). The allowance for flexible pricing is another strength of TYS. Freemium information is made available for the discovery and verification searching that is done before a buyer requests permission to connect and view a supplier’s full profile. This allows a buyer to more efficiently evaluate a connected supplier, which is more time-intensive and includes the use of customized questionnaires. For freemium content, for example, GDC provides regulatory risk verification data for up to 300 suppliers. KYC offers 10 free reports, and ComplyAdvantage offers 100 screenings. It’s important to note that all providers’ pricing models for TYS are different.
There is so much more to discover about this offering. It is worthwhile to further explore!
Image by Gerd Altmann from Pixabay