Checklist for Supplier Risk Management

Checklist for Supplier Risk Management 2023

According to Deloitte’s 2023 Global Chief Procurement Officer Survey, over 70% of respondents believe that supply chain disruptions have increased procurement-related risk over the past year, bringing forth new complexities.

In today’s rapidly changing landscape, organizations are faced with a unique blend of challenges and opportunities. By creating an effective risk management programme, they can harness disruption and create a distinct competitive edge, foster resilience and ensure compliance across different business departments, including finance, production, sales, quality, IT and compliance.

Risk awareness

Risks come in all shapes and sizes, in varying levels of severity and scope, and they are changing all the time. Challenges range from dealing with diverse sources of risk across the supply base to identifying and managing third-party risk, and from monitoring and assessing compliance with ESG requirements to achieving risk transparency and compliance in multiple business areas. Depending on the organization’s culture and maturity, failure to manage risks can threaten a company’s profit, image and customer satisfaction.

Whether while diversifying your supplier base, analysing risks or implementing effective governance processes, the combination of strategy and risk management is essential to achieving your business goals. This enables businesses to navigate the complex landscape of modern supply chains with confidence, ensuring both operational continuity and ethical responsibility. An effective risk management programme requires constant monitoring, evaluation and adoption of a risk-aware company culture. With the right strategies and tools in place, managing and mitigating risks can be a key component of your organization’s strategy.

Download the Checklist for Supplier Risk Management

Supply Chain Movement and software vendor Synertrade have developed this checklist with ten probing questions to help you assess the maturity of your supplier risk management.

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