Maintaining strong vendor relationships is critical in today’s highly connected and globalized market. But for some organizations, supply chains have become ungovernably large, and the challenges facing procurement and risk management teams are only growing.
At the same time, good third-party relationships offer innumerable opportunities for business growth. They can reduce time-to-market, make your business more efficient and let you tap into resources across the globe. However, every new vendor adds risk to an organization. With supply chain attacks at an all-time high, it has never been more important to conduct the necessary due diligence when onboarding new vendors and suppliers and continue to manage the risk thereafter.
In this paper, we’ll discuss the initial risks involved when onboarding new vendors, and walk through how to track and manage inherent risk in a way that boosts your ability to build partnerships that add value to the entire organization.