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Supplier Management and Third-Party Risk

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Over the past few years, companies are collaborating more and increasing their reliance on suppliers to perform a growing number of functions. However, as this business practice grows more ubiquitous, we also see an increase in the risks associated with these suppliers. Service interruptions, data breaches and compliance and quality issues represent just a few of the challenges topping news stories. As new risks are identified, regulations associated with the use of suppliers grow more numerous and complex.

To minimize risk exposure while maximizing the strategic business value these relationships bring, organizations must systematically elevate their supplier risk management capabilities.

Clients call us when:

  • Strategic supply partners need to be leveraged in order to achieve a sustainable, competitive advantage through exceptional supplier management and new, innovative practices;
  • Increasing regulatory pressure creates the urgency to manage supplier risk more systematically:
    • Address regulatory concerns or findings for failing to adequately execute and evidence a compliant program; or,
    • Proactively evaluate your current program’s ability to satisfy regulatory guidelines.
  • Reports of security breaches trigger concerns that you need better knowledge and control over supplier access to sensitive data;
  • Insufficient visibility into supplier relationships creates anxiety about unknown and unmanaged risks;
  • Managing supplier risk has become unwieldy and/or reactive because of an insufficient governance structure for monitoring and controlling supplier relationships; and
  • An upcoming or in progress acquisition, merger or divestiture prompts you to seek help with managing and minimizing supplier risk.

Whether you need to build a supplier risk management program from the ground up or have an existing program that needs an overhaul or fine-tuning, we can help. Our senior teams won’t give you a standard approach to managing risk, but instead work shoulder-to-shoulder with your team to execute a program that enhances your organization’s capability to mitigate risk and evidence your commitment to managing suppliers.