During COVID-19, procurement and third party assurance teams face unprecedented change in the supply chain, with existing suppliers changing the way they operate and prioritize, and new suppliers being rapidly on-boarded to help keep operations flowing. How to adapt?
As pandemic containment measures escalate, insight into the operations and controls of suppliers can be a daunting task. Not only are existing suppliers adjusting how they work, potentially rendering previous risk assessments obsolete, but new suppliers are rapidly being on-boarded to plug supply chain gaps and provide redundancy during these uncertain times.
Traditional third party assurance processes can often be too cumbersome to adapt to the changing needs of the business, leaving them open to unknown risks.
To help tackle these challenges, here’s a checklist of issues to consider.
Proactively reaching out to critical suppliers to understand how they’re adapting operating models can provide the insight needed to make key decisions.