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What is Supplier Risk Management?

Art of Procurement

Supplier risk management is the effort associated with identifying, assessing, mitigating, and monitoring risks associated with an organization’s third party. The post What is Supplier Risk Management? appeared first on Art of Procurement.

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Be Prepared: Improving Supplier Risk Management In Your Business

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Supply chain management and procurement sit poised on the frontlines of managing global supply risks for their brands. That’s why companies are always looking for new ways to streamline and increase efficiencies while also mitigating the risk within their supply chain. Understanding Supplier Risk Management.

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The Key Pillars of Third-Party Risk Management

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Third-party Risk Management (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.

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Relationship Building: The Key to Effective Risk Management in Procurement

Art of Procurement

“You need to know your suppliers, what they can and what they can’t do, and what they’re ready to do. The post Relationship Building: The Key to Effective Risk Management in Procurement appeared first on Art of Procurement.

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Supplier Risk Management Considerations for the Coronavirus Outbreak

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This crisis demonstrates the increasingly global nature and complexity of supply chains and the imperative to manage the risk within this complex supply chain. Know where your supply chain is located – Identify those countries that are currently at high risk and map your supply chain against these affected areas.

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It’s Time to Rethink Supply Chain Risk Management

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Organizational abilities to effectively assess risk and engage suppliers to mitigate it are woefully lacking in most cases. For example, nearly half (43.9%) of CPOs responding to a recent survey by Ardent Partners indicated that they do not know what percent of their suppliers are high risk. Few knew until impacted.

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Will 2021 be about Cost Reduction or Strategic Supplier Relationships?

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PWC has been publishing the annual procurement survey since 2015, capturing many of the trends in procurement that we now see in organisations, such as the focus on supplier risk management. The feedback from the survey was that process adaption and change management are the most important factors.