The spread of COVID-19 has highlighted the importance of supplier risk management capabilities and of tight supplier integration across key functions ranging from category management and sourcing to contract management and day to day operations.
Benefits of supplier risk management programs
Continuity of supply and services: Develop a multi-level risk assessment model including each supplier and their suppliers across multiple risk domains.
Risk transparency: Leverage internal information to understand and monitor risks related to data privacy, business continuity, regulatory compliance, and brand and reputation.
Mitigate risks: Monitor changing risk profiles to proactively transition risk away from high-risk third parties and confirm corrective activities are implemented.
Read this article for:
- key questions to ask when reviewing functions across the supplier risk management lifecycle
- activities for establishing resiliency, orchestrating recovery and operating in a new normal
- components of an effective target operating model for supplier risk management
- three instances of KPMG delivering what matters to clients.
Supplier risk management programs play a critical role in helping organizations maintain revenue assurance, supply continuity, and regulatory compliance.
