riskmethods’ Risk Scorecard: What’s your risk appetite?
by Laura Enny
At riskmethods food is embedded in our company culture. Visit our offices and you’ll find a croissant, German pretzel, or chocolate lingering on a conference table or desk somewhere. So when we were discussing our flexible risk scorecard, naturally our first thought was to liken it to a buffet. And, because, well, who doesn’t like to talk about food?
Just as every individual will not have the same selections on their plate nor will they have the same amount of each selection on their plate leaving the buffet line, not every company is interested in tracking every single risk, nor are they going to want to have each risk weigh equally on the overall risk score. Companies have their own risk appetite which is why we’ve created the flexibility for you to design your own plate.
riskmethods’ Risk Scorecard: the flexibility to include all the triggers to take the right actions
The possibilities do not end at making selections from the eighty indicators riskmethods can activate for your company’s risk scorecard. Adding your own internal data to the risk scorecard allows you to manipulate the risk scorecard to match your organization’s specific risk language and your organization’s specific risk criteria (and the structuring of that criteria). Additionally you can assign score weighting to both the existing riskmethods risk indicators and your custom risk indicators. The reality is that you have data from your suppliers, from your internal resources, in addition to external sources. Having a risk outlook derived from a variety of sources ensures you have the necessary triggers to make the most informed decisions and take the right actions.
However, if you’re like me, then too many options to choose from can be overwhelming or lead to having eyes bigger than your stomach. So of course just like every great restaurant does, riskmethods provides a best practice suggestion for you.
Ultimately, risk varies by industry, geography, company and even individual. Risk means a lot of different things to a lot of different people and is not a “One size fits all”. We realize that. So, we allow our customers to define it how they see fit, fulfilling the needs of all stakeholders involved. As a result, you end up with one system serving you with a single source of truth for all supply chain risk related information on a silver platter.
If you’re interested in learning more about the top SCRM risks you should have covered, check out the first in a series of 5 papers on the top SCRM Risks from Spend Matters’ Peter Smith.