Accenture (NYSE: ACN) and Ripjar, a leading UK-based data intelligence company, are collaborating with Royal Dutch Shell to further enhance risk screening within its global supply chain using artificial intelligence (AI).
Shell is leveraging Accenture’s industry experience and risk expertise to configure Ripjar’s AI technology for analysis of its supply chain. The insights will provide additional accuracy and efficiency in screening for risks across Shell’s third-party supply chain transactions. The AI technology embedded in the system could also reduce data-reporting errors by over 80%, when compared to third-party legacy systems.
By integrating this tool on Shell’s cloud-based infrastructure on Microsoft Azure, Accenture will also ensure Shell is positioned to scale the solution, creating cost efficiencies. Additionally, the solution optimizes accessibility, providing self-service capabilities to Shell employees globally as they conduct due diligence on third-party vendors.
“In a proactive move to tackle the growing challenges associated with criminal activity, security and fraud in today’s global business landscape, Shell is reinforcing its risk management capabilities across the supply chain,” said Adam Markson, a managing director and lead for Risk and Compliance at Accenture. “Together, we are taking a time-consuming, manual process and applying state-of-the-art automation with more insights into data to not only improve accuracy, but also give management complete audit capabilities and accountability over the entire screening process. Indeed, Accenture was selected for its deep industry expertise and track record of implementing the next generation of compliance capabilities and enabling transformational change.”
“Global energy companies like Shell can better provide the products and services that are essential to our society with the help of a business ecosystem,” added Jeremy Annis, CEO, Ripjar. “Ripjar’s technology, enhanced by AI, can help reduce the number of steps it takes to conduct due diligence and detect risks through continuous real-time monitoring of the supply chain.”
The multi-year deal builds on Accenture Ventures’ investment in Ripjar and a strategic alliance formed in 2018.