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Do you know how critical managing supplier risk is for your business operations? This insightful article discusses the importance of a robust Supplier Risk Management (SRM) program. Here are the three main components that can help businesses mitigate potential risks and build stronger relationships with suppliers: 1) Supplier Segmentation ➡️ Categorize your supply base based on factors like type of goods/services, business volume, and risk. ➡️ Prioritize efforts on high-risk and critical suppliers to maximize ROI. 2) Supplier Qualification ➡️ Vet suppliers to ensure they meet specific requirements before any work begins. ➡️ High-risk suppliers require additional safety requirements and thresholds. 3) Ongoing Compliance Monitoring ➡️ Continuously monitor supplier performance to ensure ongoing compliance with your standards. ➡️ Implement regular reviews and audits to catch potential issues early. Check out the full article here to learn more: https://lnkd.in/eajkZT7D #SupplierManagement #SupplyChain #Procurement

Do you know how critical managing supplier risk is for your business operations? This insightful article discusses the importance of a robust Supplier Risk Management (SRM) program. Here are the three main components that can help businesses mitigate potential risks and build stronger relationships with suppliers: 1) Supplier Segmentation ➡️ Categorize your supply base based on factors like type of goods/services, business volume, and risk. ➡️ Prioritize efforts on high-risk and critical suppliers to maximize ROI. 2) Supplier Qualification ➡️ Vet suppliers to ensure they meet specific requirements before any work begins. ➡️ High-risk suppliers require additional safety requirements and thresholds. 3) Ongoing Compliance Monitoring ➡️ Continuously monitor supplier performance to ensure ongoing compliance with your standards. ➡️ Implement regular reviews and audits to catch potential issues early. Check out the full article here to learn more: https://lnkd.in/e3iNPJTJ #SupplierManagement #SupplyChain #Procurement

Are you looking to strengthen your supplier relationships and make them more reliable? This informative article by Eddie M Campbell offers valuable insights that could transform how you approach your supplier relationships. The article highlights three critical components of an effective SRM program: supplier segmentation, supplier qualification, and ongoing compliance monitoring. These strategies aim to mitigate potential risks and cultivate a network of dependable suppliers. ⬇️ Check out the full article below and let me know your thoughts and experiences with supplier risk management. Have you implemented any of these strategies in your business? What challenges have you faced, and how did you overcome them? https://lnkd.in/e3iNPJTJ #SupplyChain #RiskManagement #BusinessStrategy

Vendor #riskassessments enable your organization to determine how effectively a vendor responds to and mitigates the current risk environment. In this blog, learn best practices for successful vendor risk assessments: https://hubs.ly/Q02QML2y0 #vendorrisk #TPRM #vendorriskassessment

Are you looking to strengthen your supplier relationships and make them more reliable? This informative article by Eddie M Campbell offers valuable insights that could transform how you approach your supplier relationships. The article highlights three critical components of an effective SRM program: supplier segmentation, supplier qualification, and ongoing compliance monitoring. These strategies aim to mitigate potential risks and cultivate a network of dependable suppliers. ⬇️ Check out the full article below and let me know your thoughts and experiences with supplier risk management. Have you implemented any of these strategies in your business? What challenges have you faced, and how did you overcome them? https://lnkd.in/eajkZT7D #SupplyChain #RiskManagement #BusinessStrategy

Learn how to bulletproof your supply chain in 5 minutes in our latest article here: https://lnkd.in/dsF7qMZq Here’s what you’ll find inside: 1. Learn 4 Reasons Why Supplier Risk Assessment is Important 2. Dive into Steps to Prepare for a Supplier Risk Assessment 3. Explore Supplier Risk Assessment Process in 5 Steps 4. What are Best Practices in Supplier Risk Assessment Plus, also read a Case Study on Lonza that showcases a successful application of these strategies. Remember, Supplier Risk Assessment is an ongoing process, so equipping your team with the knowledge to handle it effectively is crucial now. Read the full blog post here: https://lnkd.in/dsF7qMZq P.S. Got a team of 10 or more? Explore our comprehensive training on Supplier Risk Management Training here https://lnkd.in/gd72x7Yg #SupplyChain #RiskManagement #Procurement #SupplierAssessment #BusinessContinuity #OperationalEfficiency #CostReduction #Compliance

Are you effectively managing your supply chain risk? Recent events have put a glaring spotlight on the importance of managing supply chain risk. A Gartner research reveals that 53% of supply chains reported severe disruptions impacting their cost, services, or sales at least half of the time in 2022. 🔍 So, how can we better navigate these challenges? Here are four steps CSCOs can take: 1️⃣ Establish risk council purpose and authority: Make sure your risk council oversees risk management activities that support the delivery of business strategy and objectives. This will ensure that prioritized risks are identified, monitored, and linked to organizational goals. 2️⃣ Invite representatives from across the business: Evaluate risks and responses holistically by involving representatives from relevant supply chain risk owners and functional areas across the organization. 3️⃣ Define council objectives and activities: Outline your council's objectives and activities in a formal charter to provide a high-level view of its activities, including risk strategy and governance, risk identification, assessment, mitigation, and reporting. 4️⃣ Evaluate council effectiveness: Identify success measures to track progress and effectiveness of the risk council. The council should demonstrate that any risks that materialized and became issues were dealt with effectively. What strategies has your organization found effective in managing supply chain risk, out of interest? https://lnkd.in/eyk3ruzE #SupplyChain #RiskManagement#BusinessStrategy

The post adresses the importance of identifying financial and business risks to uncover supply chain vulnerabilities. It highlights how disruptions can impact supply chain operations and emphasizes the need for risk assessment and management. By calculating financial risks, companies can better prepare for potential supply chain disruptions. The article also explores methods for quantifying these risks to ensure business continuity. Effective risk management strategies are crucial for maintaining a resilient supply chain. #SupplyChainManagement #RiskManagement #BusinessContinuity #SupplyChainSecurity #Procurement #SupplyChainResilience #SCM

PRACTICAL APPROACH TO SUPPLY CHAIN RISK MITIGATION: "You can never protect yourself 100%. What you do is protect yourself as much as possible and mitigate risk to an acceptable degree. You can never remove all risk." #️⃣ n the aviation and defense industry, supply chains are often complex, involving multiple partners and suppliers. Global supply chains are continually evolving and adapting as a result of global events and changes in the larger world. #️⃣ Several issues will be at the forefront of supply chain management, including finding ways to reduce or manage risk, increasing stability and embracing digital tools. A few global supply chain trends to pay close attention to include: 🔳 SUPPLY CHAIN RISK MITIDATION: 👉 Risk has multiple meanings, depending on who you ask. In the context of business operations, it can be in the form of business interruption, product failure, delayed delivery or loss of brand equity, to name a few. 👉 What’s the best way to manage risk in your supply chain? Some would argue that the best option is to avoid risk entirely. One way to do so is to recognize and quantify foreseeable risk so that your company can enhance its performance while minimizing liability. 👉 I works with our clients to help them implement a five-step framework for risk identification, mitigation and risk management. As the focus shifts to finding ways to reduce risk, we’ll work with your company to assess and identify risk and implement actions that mitigate risk.

Is your supplier risk assessment program falling short? Learn how compliance solutions can enhance risk management strategies and protect your business from costly disruptions. https://lnkd.in/gN7U7bdc #SupplierRisk #ComplianceSolutions #DBI360