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Supplier Risk Assessment – Survive The Business Risks
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Suppliers are the focal point of almost every process and activity of your organization, and this is why you need to make sure that each of them is performing well. Supplier risk assessment is one of the ways that can help your business survive and overcome losses that are associated with critical suppliers. It is an aspect of supplier risk management that lets you know more about your suppliers and the areas they operate in, so you can be confident in the movement and efficiency of your supply chain. Supplier risk assessment is performed under the assumption that any risk to your critical suppliers can cause disruptions in the supply chain and to the activities of your organization.
There are many different factors that could put a supplier at risk, and it is important for your business to be aware of them. A comprehensive supplier risk assessment will cover every aspect involved under business, financial, and sustainability aspects. It takes a look at areas like business strategy, geopolitical risks, mergers and acquisitions, and supply side constraints. Likewise, it analyzes profitability, revenue growth, liquidity position, and solvency. Under sustainability, factors like business continuity plan, environmental performance, health and safety, and employee practices are covered.
It is important for your organization to be aware and constantly update itself on any potential risk to its critical suppliers. The best way to do this is to work with a reputable company that specializes in supplier risk assessments and monitoring. Doing so eliminates the guesswork and the tedious work involved in reviewing not only the financial performance of each critical supplier, but also the underlying business conditions that may affect the overall performance and credibility of suppliers.
By having a proprietary risk assessment framework, a specialist can monitor supplier risks across hundreds of sustainability, financial, and business risk indicators. Supplier risk assessment can be more effective with a comprehensive supplier monitoring framework, which can capture, analyze, filter, and present every important development related to your suppliers. That way, you can go beyond analyzing and understanding the financial health of a critical supplier, and understand how the business sustainability, performance, and ecosystem of the supplier can become indicators of risk factors.
Once supplier risk assessment has been conducted, the intelligence report will be presented to you in an easy to understand manner. This way, you can prepare a plan of action to address prominent risks. Reputable supplier risk analysts will provide pointers on what you can do and what you should consider when you have to engage the supplier. That way, you have a professional strategy that can effectively resolve your issues with critical suppliers.
About the Company:
Pure Research Private Limited (Pure Research) provides customised research and business intelligence to leading corporates, public sector organisations, financial services firms, and professional services firms. The company specialises in providing high quality procurement and supply chain intelligence to CPOs and procurement professionals worldwide. Analysts from Pure Research work as an extension of its client’s procurement teams to deliver high quality insights on suppliers and supply markets. The company has offices in London, U.K. and New Delhi, India.
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