Tradeshift, a company that runs a collaboration platform for global suppliers, has launched a product called Tradeshift Risk, which provides visibility into the supply chain and facilitates compliance and reporting in real time. It enables companies to monitor and mitigate supplier risk by having access to data about each supplier all in one place.

The platform has the following features:

• it monitors real-time profiles for all suppliers to actively manage the risk of non-compliance;
• verification of supplier data in real time, through the use of tax identification numbers, regional data and the like, which is linked to an API;
• it provides a single source for all data relevant to supplier risk from a large set of internal and external sources;
• suppliers are in charge of keeping their profiles up-to-date but each supplier profile is verified by Tradeshift;
• suppliers are incentivised to be active partners;
• transactions for high risk suppliers are automatically paused;
• real-time monitoring of regulatory issues and satisfaction of compliance mandates for cross-border transactions.

According to Tradeshift's CEO Christian Lanng, companies currently have to manage multiple sources of information to keep track of their suppliers. Tradeshift Risk simplifies that process. He says: “The current technology landscape in the supply chain compliance space is siloed, cluttered and poorly executed. It is simply not acceptable for modern organizations to waste countless man-hours and old-fashioned paper trails to combat compliance issues.”

Jigish Avalani, the company’s president and chief operating officer, told PYMNTS.com that the platform works in a similar way to LinkedIn, with suppliers able to update their profiles and a secure form of messaging that may provide additional reliability compared to company email. He said: “you can be sure that if I send you an email or attempt to contact you, that is going to happen.”