The Supplier Risk / Vendor Risk Management Problem​

The reality of today’s global and interconnected marketplace is that your procure to pay department is facing constant threats that may have a serious impact on your organisation’s performance. The negative impact of a single event on your organisation’s financial position or reputation is potentially huge, even devastating. Risk simply cannot be ignored, even while you work to reduce costs.

Organisations with strong supplier risk / vendor risk management programmes systematically identify, assess, and mitigate threats to their assets and data that might be caused by the organisation’s supply chain. This is critical because although suppliers are essential to business, they can also do damage if their security controls have not been adequately vetted.

Strategies for supply chain risk management
By leveraging NXG Forensics, your procure to pay team can stay one step ahead of risk and be aware of your suppliers, knowing the threat landscape, and being able to classify vendors by their level of risk. You will be able to:

1. Maintain a high level of visibility of supplier risk through consistent, consolidated and ongoing management of supplier information throughout the supplier relationship cycle.
2. Build stronger supplier relationships and risk management strategies to counter disruptions as soon as they occur.
3. Manage compliance with industry and government regulatons.

Conclusion
Supplier risk management / vendor risk management can be a time-consuming process. To reduce the amount of administrative time and effort spent managing relationships with suppliers, consider FISCAL’s supplier risk & vendor risk management software and solution to streamline your supplier risk assessment process.

Want to find out more about how you can reduce procurement risk factors with FISCAL?

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