Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ' Risk Management Services Procurement Research Report' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the professional services industry. This report breaks down the data and analysis behind the procurement of risk management services and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Risk Management Services Procurement Market Intelligence Report (Graphic: Business Wire)
"Post-2008 global financial crisis, all businesses have been prioritizing risk management services to protect themselves from unexpected risks," says SpendEdge procurement research analyst Suraj Kumar S. "Some of the top risks industries faced in 2016 were damage to reputation, compliance risks, political risks, social risks, vendor risks, and cybersecurity risks," added Suraj.
Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
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- The growth of the global risk management services market is triggered by instability in financial markets, especially in emerging economies such as China, Brazil, and India.
- Risk scoring is an algorithm for evaluating a vendor and ranking them on a scale of 1 to 1,000 where higher numbers denote higher risk and vice versa. Collaborating with suppliers who can offer risk scoring will help easily quantify threats and deficiency associated with vendors.
- Purchasing managers find it difficult to understand suppliers' risk assessment methods, which is required to understand the risk severity level. Hence, they must ensure that the risk assessment of suppliers is updated on a constant basis.
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Risk Management Services Pricing Trends
Fixed fee pricing and hourly billing pricing are the two most widely accepted pricing models in the global risk management services market. Fixed fee pricing model facilitates easy benchmarking of price quotes against competitors and ease of budgeting as the fee is already decided for the entire contract. Furthermore, it transfers ownership of risks associated with adherence to budgets to service providers.
According to SpendEdge procurement analysts, hourly billing pricing model offers greater control over budgets and accounting processes. Moreover, it allows purchasing managers to compare pricing between competitors.
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