Defining and Driving a World-Class Supplier Risk Management Program
No company can afford to ignore their responsibilities with regard to risk management, and supplier-related risk is a crucial area of focus.
Procurement has historically relied upon supplier-provided point-in-time information from unveriﬁed sources to monitor risk, resulting in significant risk exposure for companies. Procurement is often indecisive about supplier involvement and/or investment. Because they can’t achieve world class risk management in isolation, procurement may end up doing nothing - by far the worst option given today’s supply chain disruptions.
In this paper, created in partnership with GRMS, we address the three primary supplier risk management considerations facing procurement organizations today and propose a solution that lightens procurement’s burden while strengthening key supplier relationships.
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