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Third-party RiskManagement (TPRM) within Services organizations, especially Financial Services (FSI), has become critical over the last few years. Some of this is due to regulation but a lot is simply due to the increase in risk occurrences of varying types and the increasing complexity of third- party relationships.
Our panelists included: Hend Salem , Manager of StrategicSourcing – Non Clinical at The Ottawa Hospital Carol Izzio , Director of Procurement at Sheridan College Christine McParland , Director of Residence and Ancillary Services at St. Find the summary of their advice in this article or watch the full conversation here.
Strategic procurement is more than just buying goods and services—it’s about creating value, optimizing resources, and aligning purchasing decisions with organizational goals. In this blog, we’ll explore key best practices and show how leveraging group/cooperative purchasing can help you master the art of strategicsourcing.
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. Why is visibility so important? Be proactive to mitigate supply chain risk by understanding your suppliers.
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. Why is visibility so important? Set expectations with suppliers.
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. Why is visibility so important? Set expectations with suppliers.
There is also a discussion of what the guidance calls “concentration risk” – the danger of having too many critical functions delivered by one supplier, meaning that if it fails, there would be serious problems for the customer organisation. .
Others may still be applied to help businesses better manage the effects of the crisis. Before diving into specifics, I feel it is important to note how the crisis has emphasized the importance of Procurement / Supply Chain leaders having a balanced set of objectives. For proactively monitored contracts for risk, 94% vs. 16%.
The results of the pilot will be helpful as we evaluate security considerations regarding access and as we consider ways to leverage AI with appropriate risk-management safeguards as envisioned by Executive Order 14110, OMB Memorandum M-24-10, the AI in Government Act and the Advancing American AI Act.”
During the Coalition’s Cybersecurity Symposium: The Cyberside Chat last week, Stacy Bostjanick, DoD’s Chief of Industrial Base Cybersecurity, emphasized the importance of CUI training. The plan notes that the effectiveness of cyber riskmanagement varies among agencies.
Be it stronger support or stricter policies around supplier management for sustainability and diversity or more efforts to improve the communities involved in and around a business. Resiliency has always been an important business strength but naturally during times of crises, there is more focus on this. Building Resilience.
This week, the Coalition, along with other industry associations, met with OMB and the Office of Federal Procurement Policy (OFPP) to discuss a number of important topics, including the BCI. The Coalition looks forward to continuing the dialogue with OMB and OFPP on this important initiative. To register click here.
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