Risk Rate your supplier in minutes with Speeki Path™.
Speeki Path™ is the first step in your supplier qualification process.
Knowing risks in your supplier is critical to a speedy qualification and on-boarding.
New legislation in Europe and around the World expects you to conduct detailed assessments on 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 wide and relevant for 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 to direct your focus on how to qualify the supplier in a smart and intelligent way. You don't want to waste their time providing useless information, asking them questions that are irrelevant and obfusacting the entire qualification process with endless questions.
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, then 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 processes.
1. Product & services, value, history
2. Location, size, structure & experience
3. Answers to Speeki Path™ key datapoints
Speeki Path™ features
Simple inputs are required from you.
Our Speeki Path™ process requires some inputs from you. We need to know some basic information to assess the risk in dealing with that supplier. We limit these questions as much as possible and they are easy known from your sourcing efforts.
Our model for Speeki Path™ has been decades in the making.
The Speeki team behind the Speeki Path™ methodology have been engaged in over 50,000 due diligence exercises and 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 mixture 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 be immediate.
Our risk model is adapted to include German and European supplier classifications.
There are several requirements in the legislation that requires you to look at certain issues in your suppliers. Some of these are general and some of them are very specific to certain products in the supply chain. We have these covered in our Speeki Path™ model.
Improvements with Ai are underway
Speeki is working on integrating Ai into Speeki Path™ to further enhance our risk models and speed up the risk assessment.
A defensible model for supplier risk
Our Speeki Path™ risk assessment is a defensible plan to show 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 the model to reflect industry, country and regulatory changes.
Speeki is continually looking to adjust the Speeki Path™ methodology with better data to train our Ai and human support on 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 risk in a supplier and then provdie a path forward to conduct research and conduct overall due diligence. Speeki Path™ leads 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 to supplier qualification.
Supplier risk 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 spent on environment and safety.
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 is part research, part disclosure, part assessment and part contract. Speeki has all these areas integrated.
Efficient handling of risk and its research.
Building in Speeki Path™ and leveraging its built-in intelligence into your qualification process saves you time and efforts in building your own models or relying on overly simplistic country risk models that are outdated and narrow.
Defensible risk management.
Speeki Path™ allows you rely on a trusted source in risk intelligence. You get the benefit of a model being updated regularly and adjusted further using Ai technologies we learn more and more about risk in the supply chain.
Simple inputs that are readily available
Speeki Path™ does not require a lot of inputs or complex information. All the information will be available from your supplier selection and engagement.
Gain insights and clear guidelines
Speeki Path™ can help you manage risk and know precisely how to manage it. The Speeki Path™ process involves continuing to research and collect assessments and due diligence. Knowing what to focus on is the key.
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 is better to be more targeted and only send assessments to the supplier that are required.
Questionnaires do not include external data on which to compare.
Assessing risk should not only include risks seen by your business, but also risk from political, social, country and other industries that may extend beyond your knowledge. Building this information into your risk model is important and valuable.
Self disclosue questionnaires rarely require answers in depth detail.
Most larger supplier questionnaires are designed as quick 'clicks' to get through the process. They rarely attack 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 densible. You may need to provde 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 a lot of irrelevant questions. Try and 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 quick. It forms a quick and easy director of risk and guides you on where to focus your attention.
Scoring used in some questionnaires is too simple and simply based on answers.
Those questionnaires that use scoring to try and decipher results entered by a supplier. The nature of scoring to assess risk is often too general and not targeted to specific risk questions.
Easier for your suppliers than completing unnecessary complex questionnaires.
There is a need to keep suppliers happy and not have them spend all their time comleting questionnaires. Everything needs to be very targeted.
What makes Speeki Path™ different from other risk assessment tools?
We think that Speeki Path™ is different because it looks at a broad range of ESG and sustainability issues. Speeki looks at least 19 key ESG areas as well as other key factors like country of supply, regulatory changes and sentiment in order 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 are the experts in risk and supplier qualification.
How Speeki Path™ works with your existing supplier qualification efforts.
Get srarted with a workshop to discuss all your qualification and supplier onboarding
Speeki is your partner in managing risk in the supply chain as it comes to key ESG and sustainability actions. Let us help you.