From gathering information about new suppliers and vendors to managing current third-party relationships, there are several moving parts to keep track of. The responsibilities extend beyond one person’s scope, and even beyond whole departments. As your supply chain continues to grow, you’ll need to manage third-party risk with supply chain risk management software to keep track of your third-party risk management program’s many moving parts and communicate across departments and levels.
Although you can’t outsource risk, you can still achieve compliance with a supplier risk management system. Stay informed on which policies and regulations apply to various vendors and suppliers. Conduct due diligence and leverage questionnaires and checklists to ensure they are meeting the standards.
Streamline current and potential supplier information in one centralized platform to keep track of what services they provide, what sensitive information they have access to, and generate reports based on the information you collect.