Risk-rate your supplier in minutes with Speeki Path™.
Speeki Path™ is the first step in your supplier qualification process.
Knowing risks in your suppliers is critical to a speedy qualification and onboarding.
New legislation in Europe and around the world expects you to conduct a detailed supplier risk assessment of your suppliers with respect to several key ESG and Sustainability risks.
Before you embark on a detailed assessment process like that offered by Speeki Qualify™, you need to know where to focus. Speeki Path™ is the Speeki solution to rapidly provide an answer on what you need to focus on with a named supplier. We give you a path forward that is informed, realistic, not too broad and relevant to the particular supplier.
What is Speeki Path™?
Speeki Path™ is a risk assessment on a named supplier. In short, before you start sending the supplier assessments and questionnaires to complete, you need to know the problem you are trying to address.
Speeki Path™ helps direct your focus on how to qualify the supplier in a smart and intelligent way. You don't want to waste their time by providing useless information, asking irrelevant questions, or obfuscating the entire qualification process with endless queries.
Where does Speeki Path™ fit into your own supply chain process?
Speeki Path™ is a proprietary Speeki system that takes data from your supply chain team about a particular supplier and then returns a map of risk that you should understand before continuing along your qualification path.
Once you have that path forward, you can use the Speeki Qualify™ assessments to have the supplier provide information and documents to explain their position on certain relevant ESG and Sustainability risk areas. Speeki Path™ is your first step in knowing what to look at as part of the qualification process.
What do we need from you to build a path forward with Speeki Path™?
1. Product and services, value, history
- Example: The supplier is providing hosting services for our IT group in several countries.
- We expect to spend more than 1 million per year on these services under a rolling three-year contract.
2. Location, size, structure and experience
- Example: The company is located in India but the data centres are in India and the Middle East.
- The company is private but newly invested in a global company.
3. Answers to Speeki Path™ key datapoints
- Example: They will host client data as well as our employee data from around the world.
- The data centre is very large and has a significant energy footprint.
What are the key datasets built into our proprietary Speeki Path™ risk methodology?
Bribery and corruption risks are higher in some countries and industries than others.
Failure to manage bribery and corruption risks can lead to significant consequences, such as large fines, reputational damage, and internal and external investigations, to name a few. We know the industries, products, countries, regions, and situations where bribery and corruption are more prevalent and impact supply chains. We look at recent cases, peer companies, and similar industries to identify trends in enforcement activity.
Carbon intensity, carbon production, energy usage and impact on natural resources
We know the industries, products, countries, regions, and situations where the environmental impact of a supplier could be significant. We use this knowledge as a data point in our assessment to build a path for managing the inherent risks in the supplier’s activities. Some markets may have large carbon risks but are well regulated and enforced. All these factors are considered.
Diversity, equity and inclusion
Failure to manage diversity, equity, and inclusion risks can lead to reputational damage and difficulty in hiring and retaining staff. We know the industries, products, countries, regions, and situations where diversity, equity, and inclusion are strong and developed and where they can create significant issues.
Human rights and modern-day slavery
Failure to manage human rights risks can lead to reputational damage, significant fines, debarment from public procurement, and internal and external investigations. There are very clear situations in industries, products, countries, and regions where human rights and modern-day slavery issues are more prevalent and impact supply chains.
Pollution, natural resources and impact on the production of food
It is obvious that the provision of certain products and services will have a greater environmental impact than others. The impact on the planet, whether through pollution, reduction in natural habitats, or effects on food production, will largely depend on the type of products and services. Speeki Path™ includes datasets on the likelihood of these risks based on the type of supply.
Country and regulatory rules vary greatly and can impact compliance
Country risk is always considered. Let's face it: countries, their laws, their regulations, and their enforcement play a significant role in determining whether a supplier operates within a regulatory environment they must comply with. Country risk can span several countries. It could be where the company is located, where its subsidiary is based, where its manufacturing or services are provided, or perhaps a mixture of all of the above. Country risk is rarely confined to just one country.
Health and safety
A lack of consideration for health and safety can increase absenteeism and negligence claims, affecting workplace productivity and morale. It may also lead to a supplier's inability to provide you with products and services. There are clearly industries, locations and countries where health and safety practices are less stringent and not enforced. We look to build in current statistics available to determine likelihood of issues.
Data privacy and information security
The protection of and access to an individual’s private data is growing in importance as new international laws come into effect. The supplier who handles your data could pose a significant issue. For some suppliers, this is a big deal; for others, it presents a very small risk. We examine all the data provided by the supplier to determine whether this risk is relevant and how it could impact the supply and the supplier.
Q: Why should Speeki Path™ be the first step in qualification?
A: Because it has to be risk-based.
If you are going to conduct due diligence on your suppliers, it needs to be risk-based. It sounds obvious, but many companies don't do it.
Why? Because they feel they can't assess risk until they complete all the due diligence.
This is a mistake. You need to conduct a risk assessment of your supplier in order to tailor the due diligence. That is exactly what Speeki Path™ does for you.
Using Speeki Path™ adds significant value to your qualification process by conducting that initial risk assessment on each and every supplier. If you don't follow the tailored path provided by Speeki Path™, you may end up with some or all of the following:
If you send a standard questionnaire to every supplier, irrespective of what they provide, you will likely ask many irrelevant questions. Asking irrelevant questions wastes everyone's time, especially that of the supplier and the supply chain team.
At Speeki, we teach people to ask only essential questions that you plan to act upon. Don't ask questions you won't review, focus on, or act upon. Send the right questions to the right suppliers about the right issues. Nothing more, nothing less.
Assessing a supplier for its ESG and Sustainability issues should be tailored. A broad set of questions will be useless. ESG and Sustainability are too broad to address with general topics. You need to target the specific risks of that supplier. A risk-based approach is essential.
Applying the same qualification process to all your suppliers wastes time and money. A targeted approach will save time in establishing the risk profile, reviewing supplier assessments, and conducting due diligence. It's all about targeting your efforts around risk.
Not all suppliers are the same, and not all suppliers pose high (or even medium) risks for ESG and Sustainability issues. Speeki Path™, combined with assessments from Speeki Qualify™, challenges you to focus on risk in certain suppliers.
Speeki Path™ helps you focus your supplier qualification on the highest-risk suppliers. It benefits suppliers by allowing them to focus on quality and production, rather than answering lengthy and irrelevant questionnaires.
By targeting your efforts more intelligently, you will gather better data, gain more transparency, and achieve better results. Your suppliers will be happier and will learn something valuable from the qualification and onboarding process.
The outcome of a Speeki Path™ analysis on a specific supplier
You will know the types of risks across the ESG and Sustainability spectrum for this specific supplier. That risk profile will help you decide how best to conduct further research and ESG risk assessments.
Using Speeki Path™ will be better and faster than relying on simple country risk charts provided by NGOs or other agencies. These country risk indicators are too simple, often theoretical, and frequently outdated.
You will be able to see which areas of ESG and Sustainability you need to investigate further with this particular supplier. You can then start mapping out the tools you will use to assess the supplier's approach to managing risk and identify what research is necessary.
The outcome of Speeki Path™ will help you answer the question, "What can this supplier do to harm our company?" and determine the steps to take to understand that risk, how the supplier manages it, and how to evaluate it.
Knowing where to focus your next steps will speed up the process and reduce the amount of work required from the supplier. It will engage the supplier as a partner in managing risk, not just as a party that "needs to answer questions."
The outcome of Speeki Path™ will provide a map of the type of due diligence or background checks you should undertake with Speeki Trust™. It will help you structure your Speeki Trust™ instructions so that the research team focuses on relevant topics, avoiding irrelevant ones.
Reduced time and effort – your supply chain risk assessment can be completed by Speeki Path™ efficiently and quickly. You can spend more time managing supply and quality risks.
Speeki Path™ features
Simple inputs are required from you.
Our Speeki Path™ process requires some basic inputs from you. We need to know essential information to assess the risk in dealing with that supplier. We limit these questions as much as possible, and they are easily known from your sourcing efforts.
Our model for Speeki Path™ has been decades in the making.
The Speeki team behind the Speeki Path™ methodology has been engaged in over 50,000 due diligence exercises and has supported thousands of supplier risk assessments over the last 15 years. We have the expertise to support your supplier risk assessments.
Very fast risk assessment answers are produced
We use a combination of AI-driven technology and human expertise to identify the risks in a supplier and recommend a Speeki Qualify™ course of action. As we perfect our AI system, this assessment will become immediate.
Our risk model is adapted to include German and European supplier classifications.
Several legislative requirements mandate consideration of specific issues in your suppliers. Some are general, while others are specific to certain products in the supply chain. We have incorporated these into our Speeki Path™ model.
Improvements with Ai are underway
Speeki is working on integrating AI into Speeki Path™ to further enhance our supplier risk management software and accelerate the risk assessment process.
A defensible model for supplier risk
Our Speeki Path™ risk assessment is a defensible approach that demonstrates to regulators how you applied a risk-based methodology to your supplier qualification process. It is best practice to apply a risk model, and that is precisely how Speeki Path™ operates.
Regular updating of the model to reflect industry, country and regulatory changes
Speeki continuously adjusts the Speeki Path™ methodology, using better data to train our AI and human support in identifying ESG and Sustainability risks. We update our models in real time.
Easy connections with other Speeki supplier diligence products
Speeki Path™ is exactly that: a 'path' forward to map out the risks in a supplier and provide a path for conducting research and overall due diligence. Speeki Path™ leads seamlessly into Speeki Qualify™, Speeki Trust™, and Speeki OnBoard™.
The benefits of using a pre-qualification risk identification model like Speeki Path™
A true risk-based model for supplier qualification
Supplier qualification should be based on risk. Not all suppliers are the same, and not all ways to identify, measure, and manage risk are the same. What makes sense for one supplier may not make sense for another. Imagine asking a bulk raw material supplier about their privacy programme – it adds little value, and more time might be better spent on environmental and safety concerns.
Identifying risk with a clear path on how to build research
Speeki Path™ works with other Speeki products to collectively identify and manage risks in suppliers and their qualification. Identifying risk in ESG and Sustainability involves a combination of research, disclosure, ESG assessment, and contract management. Speeki integrates all these areas seamlessly.
Efficient handling of risk and its research
Incorporating Speeki Path™ into your qualification process and leveraging its built-in intelligence saves time and effort. You avoid the need to build your own models or rely on outdated, narrow country risk models.
Defensible risk management
Speeki Path™ provides a trusted source of risk intelligence. You benefit from supplier risk management software that is regularly updated and enhanced with AI technologies as we continue to learn more about supply chain risks.
Simple inputs that are readily available
Speeki Path™ requires minimal inputs and avoids complex information requests. All the necessary information will be available from your supplier selection and engagement process.
Gain insights and clear guidelines
Speeki Path™ helps you manage risk by providing clear guidance on how to address it. The Speeki Path™ process involves ongoing research, assessments, and due diligence, with a focus on what matters most.
How is Speeki Path™ a better model than simply sending a large questionnaire to each supplier?
Do a risk assessment first.
Sending a large assessment to the supplier as part of an initial qualification will add complexity and time to the process. It’s better to be more targeted and only send assessments to the supplier that are truly necessary.
Questionnaires do not include external data with which to compare.
Assessing risk should not only include the risks seen by your business but also political, social, country, and industry risks that may extend beyond your knowledge. Incorporating this information into your risk model is important and valuable.
Self-disclose questionnaires rarely require answers with in-depth detail.
Most large supplier questionnaires are designed for quick 'clicks' to complete the process. They rarely address specific and challenging issues.
An external risk analysis gives strength to the model.
Using an expert to help assess risk with a strong supporting algorithm is entirely defensible. You may need to present your model to a regulator.
Substance over form is often lost in large questionnaires sent to everyone.
Because of the standard nature of these questionnaires, there are many irrelevant questions. Avoid this with a pre-risk assessment like that provided by Speeki Path™.
You can conduct the Speeki Path™ process very quickly.
The Speeki Path™ process is fast. It provides a quick and easy risk guide, helping you focus your attention on critical areas.
Scoring used in some questionnaires is too simple and simply based on answers.
Some questionnaires use scoring to interpret results entered by a supplier. However, scoring often lacks nuance and does not target specific risk questions effectively.
Make the process easier for your suppliers.
It’s essential to keep suppliers engaged without burdening them with lengthy questionnaires. Everything needs to be targeted and efficient.
Why does your business need to do a supplier risk analysis?
Not all suppliers are the same.
Your supplier is part of your ESG and Sustainability ecosystem.
Focus your attention and save time.
No one wants to waste time and money. Focused risk assessments will contribute to your programme and allow you to focus on what is important.
Get the data you need from the supplier and give them something in return.
A supplier relationship is a relationship. Supporting them, sharing your expectations, and giving them feedback are just as important as receiving data as part of a disclosure form.
What makes Speeki Path™ different from other risk assessment tools?
Speeki Path™ is different because it looks at a broad range of ESG and Sustainability issues. Speeki examines at least 20 key ESG areas, as well as other important factors like the country of supply, regulatory changes, and sentiment, to make our assessment.
Speeki Path™ is updated regularly and uses AI to enhance the assessment of the supplier against a key knowledge set. Speeki is the expert in risk and supplier qualification.
How Speeki Path™ works with your existing supplier qualification efforts.
Speeki Path™ starts the supplier qualification process by helping you identify relevant ESG and Sustainability risks using a risk engine, guiding you on what to assess based on your specific needs.
Speeki Qualify™ provides a deeper assessment by asking suppliers to complete detailed questionnaires that evaluate their ESG performance and highlight areas for improvement.
Speeki Trust™ delivers targeted background checks on suppliers, focusing on the specific risks identified through Speeki Path™ and Speeki Qualify™.
Speeki OnBoard™ assists in integrating these insights into contracts by preparing targeted contractual addendums, ensuring that suppliers adhere to agreed-upon terms.
Speeki Partner Integrity™ facilitates ongoing supplier audits to verify compliance with contractual and ESG requirements.
Get started with a workshop to discuss all your qualification and supplier onboarding needs
Speeki is your trusted risk management software vendor and partner for managing risk in the supply chain regarding key ESG and Sustainability actions. Let us help you.
FAQs
- Companies must provide details about the products and services they receive from the supplier, including the value, complexity, and history of these offerings.
- Information on the supplier's location, operational size, structure, and experience is necessary.
- Responses to specific key data points that feed into Speeki’s risk methodologies, which are known by the supplier or the buying manager.
Speeki Path™ differs from traditional questionnaires in assessing ESG and Sustainability risks for suppliers in the following ways:
- Speeki Path™ uses a risk-based approach that identifies specific areas of concern rather than using a broad, one-size-fits-all questionnaire.
- It evaluates suppliers based on risks identified through external data, including political, social, and regulatory factors, rather than relying solely on self-disclosed questionnaire responses.
- Speeki Path™ provides a focused assessment, avoiding irrelevant questions that are typical in broad questionnaires.
Benefits of Utilizing Speeki Path™ are:
- It streamlines the qualification process by targeting high-risk suppliers and focusing on relevant risks, saving time and resources.
- It provides a clear path for further research and due diligence efforts.
- It enhances transparency, supplier engagement, and knowledge on managing supplier risks effectively.
- It helps companies avoid wasting time on irrelevant questions.
Speeki Path™ incorporates diverse datasets to assess country-specific and regulatory compliance risks affecting suppliers. It considers factors such as bribery and corruption risks that vary by country and industry, adapting the assessment based on regulatory changes and enforcement trends.
Speeki Path™ includes datasets on ESG issues like bribery, corruption, carbon intensity, diversity, equity, and inclusion. It uses data on industries, regions, and situations where these risks are prevalent and incorporates recent cases and trends to inform its assessments. The methodology includes proprietary questions that shape a defensible risk model.
Speeki Path™ simplifies risk assessments with targeted analysis, benefiting companies of all sizes and sectors. It quickly identifies critical risk areas suitable for further detailed evaluation, ensuring efficient supplier qualification.
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