Supplier risk, which has been a key emergent focus for organizations throughout COVID-19, is only one element of the end-to-end supplier lifecycle management. Organizations are increasingly reliant on third party suppliers to deliver business-critical products and services to their clients and customers.
Many organizations are experiencing disruptions in the reliable supply of key products and services due to these impacts and should act to also strengthen relationships with a new cohort of suppliers to help protect business continuity. They are also finding that failures by third parties can significantly impact their ability to operate effectively and tarnish their societal trust and reputation.
Organizations are beginning to address the concerns around these issues, but it is evident that they should develop a clear strategy for the selection, approval and management of third parties.
Read our latest article to find out key challenges that exist across third party and supplier risk management, and how you can look to overcome them.