This Spend Matters Vendor Analysis gives an overview of smartKYC, a risk (supplier due diligence) solution built to ensure that organizations stay on top of reputational and compliance risks.
With the increasing number of regulations in recent years that require companies to perform due diligence in their supply chains, e.g., the German Supply Chain Act, California Supply Chain Act, and EU’s Corporate Sustainability Due Diligence Directive (CS3D), companies are faced with multiple challenges. One is to collect and analyze information to ensure their partners are not engaged in malicious activities that would create compliance and reputation risks.
smartKYC is a solution that helps address such challenges. The vendor started in the banking industry, which has had similar regulations for many years and requires financial institutions to scrutinize their customers (Know Your Customer). As supply chain-related regulations started to appear, the company extended its value proposition and potential market to companies wanting to benefit from KYC-like capabilities for their third parties (KY3P, Know Your Third Parties), including suppliers.
This Vendor Analysis provides an overview of smartKYC, a look at the competitive landscape, user considerations and an analyst summary.
Here’s why smartKYC matters:
To the market — smartKYC increases an organization’s productivity and compliance by ensuring they never miss emerging risks or events related to their supply chain
To potential buyers — smartKYC can either serve as a standalone solution to watch specific companies or integrate with other procurement solutions to provide in-depth and real-time insights about the companies with which they work.
The post smartKYC: Vendor Analysis — Supplier risk solution overview, competitors, user considerations, analyst summary appeared first on Spend Matters.
