In today's fast-paced business environment, companies face numerous challenges in managing financial risk effectively while unlocking added value from their procurement processes. To gain valuable insights into this critical area, we turn to procurement experts Stephen Brandt & Chad Hill from Trust Your Supplier (TYS), and Eric Evans from RapidRatings, who share their wealth of experience and knowledge in the field. 

Stephen Brandt, a value engineer at Trust Your Supplier, emphasizes the importance of understanding regulatory goals and compliance risks in procurement. With 15 years of experience in the industry, Stephen highlights the need to uncover value while mitigating financial risks effectively. 

Chad Hill, the Chief Revenue Officer at Trust Your Supplier, underscores the significance of leveraging technology to enhance supply chain management. With over 17 years of experience in procurement technology, Chad emphasizes the importance of collaboration and amplifying the mission of delivering value to the market. 

Eric Evans, a seasoned expert with 20 years of experience in data risk and compliance, provides valuable insights into the role of predictive analytics in managing financial risk. As a partner at RapidRatings, Eric discusses the impact of rising interest rates and leveraged debt on companies, particularly in the wake of the COVID-19 pandemic. 

One of the key challenges highlighted by Eric is the need to assess the financial health of critical relationships within the supply chain. By segmenting companies based on their criticality and leveraging predictive analytics, organizations can gain deeper insights into potential risks and opportunities. 

Furthermore, Eric emphasizes the importance of continuous monitoring and due diligence in supplier onboarding processes. With the help of platforms like Trust Your Supplier, organizations can customize their monitoring strategies to align with their specific needs and priorities. 

Chad Hill echoes the importance of resilience in today's business landscape, emphasizing the interconnected nature of financial, operational, and environmental risks. By leveraging technology and expert insights, organizations can better anticipate and mitigate potential risks, ensuring long-term sustainability and growth. 

In conclusion, mitigating financial risk in procurement requires a holistic approach that integrates technology, expertise, and strategic partnerships. By leveraging predictive analytics, continuous monitoring, and customized solutions, organizations can unlock added value while safeguarding against potential risks, ensuring resilience and success in today's dynamic business environment. 

About Eric Evans:
Eric manages strategic partnerships/alliances at RapidRatings including leading partner API integrations into procurement, supplier risk, and governance risk & compliance platforms to benefit joint clients. Eric is involved with various working groups of Shared Assessments including Co-Chair of the Continuous Monitoring Group. Eric has over 20 years of work experience with various companies including Aetna, EDGAR Online, and Donnelley Financial Solutions.  He graduated from the University of Connecticut with a BS in Finance and completed his MBA in Finance at the University of Hartford. He is based in the RapidRatings NYC office and lives with his wife and Cavalier King Charles in Stamford, CT.