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As teams worked with suppliers through creative solutions, it became obvious that transparency and supplier riskmanagement are essential components to maintain stability during crises like these. The pandemic saw incredible growth in this area and highlighted opportunities for improvement within procurement processes and procedures.
Data-driven decision-making enables procurement teams to improve performance and align with wider organisational goals including corporate social responsibility and riskmanagement. With this capability, procurement departments can keep abreast of market trends and utilise strategicsourcing opportunities.
A checklist guide to getting the most out of your supplier riskmanagement program. This reliance can increase supplier risk or uncover a large source of value and supplier innovation for organizations. . Employ more structured processes around supplier riskmanagement. Drive competition and achieve savings.
Procurement teams had to work closely with suppliers to find creative ways to solve problems, and they instantly realized the benefits of transparency in their supply chains and supplier riskmanagement for business continuity in times of crisis. Strategicsourcing professionals may end up doing tactical work, as well.
Procurement teams had to work closely with suppliers to find creative ways to solve problems, and they instantly realized the benefits of transparency in their supply chains and supplier riskmanagement for business continuity in times of crisis. Strategicsourcing professionals may end up doing tactical work, as well.
Some lessons regarding managing supply chain risk may still help in the near term as companies struggle to reconfigure their supply base to an evolving pandemic. First, category managers should look to investment professionals and take a broad portfolio view of supplier riskmanagement.
Mike Smith, a former director of strategicsourcing at DHS and now executive vice president at GovConRx, said with the successes of the DHS and other pilots, he hoped the FAR Council would take up this project and support CPARs reforms. But if everyone is rated satisfactory, then CPARs has little to no real value.”
In addition, for certain systems, contractors will be required to develop a System Security Plan, implement and maintain extensive security controls, conduct annual security assessments and cyber threat hunting and vulnerability assessments, and comply with continuous monitoring and supply chain riskmanagement requirements.
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