A new artificial intelligence risk detection tool is helping users surface, understand and mitigate threats to their supplier networks within hours.
Supply Chain Explorer, a SaaS platform developed by AI software provider Exiger, allows users to visualize, prioritize and escalate high risk relationships. The tool discovers supplier networks across digital footprints, global shipping data and contract awards data in a centralized application — delivering transparency into supplier risk for government agencies and critical infrastructure sectors, including the defense industrial base.
Purpose-built in response to market and client demand, Supply Chain Explorer was developed in close collaboration with corporations and government agencies.
Over the past six months, the solution has been used by Exiger customers to detect, quantify and mitigate risk within just 24 hours across a number of different supply chain crises and cyberattacks. Corporations and federal agencies have used the tool to analyze global supply chain disruptions from Russia’s invasion of Ukraine, understand the impacts of Log4j software vulnerability, and, most recently, to assess damages from Okta Inc.’s data breach by illuminating supplier networks in a few clicks.
“The turbulence of the market has given us unique insight into the challenges our clients face in trying to understand their supplier networks in both their day-to-day work and during a crisis,” said Exiger’s Chief Product Officer Brendan Galla.
The tool detects risk for direct suppliers as well as sub-tier suppliers. In a recent global market study of over 300 risk management professionals, Exiger, in partnership with Stax Inc., found that 77% of large companies indicated the need to monitor risks of suppliers down to Tier 3 or deeper.
Supply Chain Explorer draws on an aggregated blend of internal and external open data sets, including over 31 million direct unstructured and structured data sources, 1.3 billion contract records, 7 billion source records of supply chain installations, more than 75 million software bills of material and can access data on over 600 million legal entities through DDIQ. The solution also provides a comprehensive view into supply chain risk across 50 different categories and subcategories, including sanctions, trade embargoes, enforcement, state ownership flags, cyber, modern slavery and adverse media. The platform will ultimately include other macro risks, such as disruption for raw materials, natural disasters and more.
Data appears in a streamlined, user-friendly interface, removing the noise and complexities that come with traditional manual due diligence and risk identification methods, Exiger says.
“Risk management and procurement professionals are swamped in this environment,” said Exiger President Brandon Daniels in a statement. “Supply Chain Explorer was designed to help our customers focus, prioritize and triage risk proactively.”
