Today’s businesses don’t operate in a vacuum. To maintain high standards of efficiency, supply chains everywhere need products and services from third-party vendors. Maintaining relationships with suppliers is a well-accepted part of keeping up production lines, controlling internal operations, and generally conducting business.
However, every partnership you make introduces a degree of risk that must be accounted for. Examples include:
- Privacy concerns
- Digital security
- Business continuity
- Regulatory compliance
- Physical security
Risk is a hot topic in the business sector. Over 9 out of 10 CEOs agree that measuring and communicating risk is critical to achieving long-term success, yet not enough companies know how to conduct risk management practically.
A 3rd party vendor management program is the key to ensuring your safety and benefit from an interconnected workflow. We’ll discuss the details of vendor risk and the ways we can address it.
Vendor Risk Management Insights and Benefits
An October 2023 Deloitte TPRM survey sheds light on the evolving complexities and the imperative for organizations to redefine their approach to 3rd party vendor management.
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