RiskTrace Revolutionises Supplier Risk Analysis with AI Under New UK Procurement Law
June 2, 2025 | Hampshire, UK
As the UK Government Procurement Act 2023 comes into full effect, RiskTrace.co.uk is emerging as a pivotal player in transforming how public sector procurement teams assess supplier stability. Leveraging cutting-edge artificial intelligence, RiskTrace’s automated Financial Viability Risk Assessment (FVRA) tool is helping government departments meet the Act’s stringent new requirements with unprecedented speed and accuracy.
£222 billion total public procurement spend in 2023/24
£22.1 billion spent on Strategic Suppliers
20% of suppliers showing declining financial health
RiskTrace’s AI analyzing 11,000+ data points per supplier with real-time monitoring
The Procurement Act 2023, which officially applies to procurements commenced after February 24, 2025, mandates more rigorous supplier assessments, including detailed financial viability checks
These requirements have placed significant pressure on already overstretched procurement teams, many of which are grappling with staff shortages and increased workloads.
RiskTrace’s AI-powered FVRA tool addresses this challenge head-on. By automatically sourcing verified financial data from Companies House and processing over 11,000 data points per supplier, the platform delivers comprehensive risk assessments in minutes—tasks that previously took days
This automation not only accelerates procurement workflows but also reduces human error and enhances decision-making accuracy.
“Our platform is designed to do the heavy lifting,” said a spokesperson from RiskTrace. “We’re enabling procurement teams to focus on strategic decisions rather than data crunching. It’s about smarter, faster, and more reliable public sector procurement.”
The tool aligns closely with Prime Minister Keir Starmer’s broader vision for AI in public services, which aims to unlock up to £40 billion in productivity gains annually. RiskTrace’s solution exemplifies how AI can be responsibly and effectively integrated into government operations, offering both immediate relief and long-term resilience
In addition to initial assessments, RiskTrace also provides continuous monitoring of supplier financial health, allowing for early detection of potential risks to the supply chain. This proactive approach is especially critical under the new legislation, which emphasizes transparency, accountability, and risk mitigation.
As public sector bodies adapt to the new procurement landscape, RiskTrace stands out as a model of innovation—demonstrating how AI can not only meet regulatory demands but also drive meaningful improvements in efficiency and governance.