Uncategorized
August 16, 2023 by James Zeits | Leave a Comment
Vendor Risk Management is an interesting space. Everyone does it differently, there is no right or wrong and vendors exist in a wide range of services. When building or operating a Vendor Risk program, it at least means you have identified one thing: using third-party vendors comes with some level of risk to your business. […]
Read more »
August 9, 2023 by James Zeits | Leave a Comment
One of our clients is a prototype security team for a global electronics manufacturer. This team provides on-site facility compliance for branded products and handles supply chain vendors, destruction, and tracking of intellectual property like blueprints. The Challenge Initially, the prototype security team was coordinating all of their vendor risk management operations through email and […]
Every business has risks that are unique to its environment. Business risk can result from significant conditions, events, circumstances, or actions that could negatively affect a company’s ability to achieve its goals and objectives and implement its strategies. Regardless of the industry, the success of any business depends on how well they manage their risks. […]
Running a business comes with different types of potential risks. These risks can arise from malpractices, lack of efficiency in operations, cyber-attacks, exposed vulnerabilities in your firewall, failed internal control processes, loss of key people, external events, and more. Some of these can destroy a business, while others can cause severe damage to business operations […]
Procurement policy provides fundamental guidance to the business on best practices in conducting procurement for goods and services. Its purpose is to establish procedures for the business for procurement of all goods and services. Procurement policy also ensures that all goods and services procured are obtained for the best possible prices, at the required specifications […]
Today, information technology (IT) plays a critical role for businesses, and if it’s not handledaccordingly, this results in increased IT risk, and thus, increased risk for the entireorganization. It is important to identify risks to your IT systems and data, take measures to reduce or managethose risks, and develop an adequate response plan in the […]
While many companies have internal security policies in place, they overlook the importance of having clear, standardized, and actionable third-party risk management policies and procedures. A vendor management policy is an essential part of a company’s larger compliance risk management strategy. It’s the best practice for companies that work with sensitive data or seek to […]
When you decide to work with external vendors, you agree to take on any potential threats and risks posed by those third parties, as well as their digital operations. All vendors pose some level of risk to your organization, especially financial, operational, reputational, and cyber risks because they have access to your sensitive data and […]
The majority of businesses today deal with third-party vendors and service providers that are an essential part of their business ecosystem. But although third-party relationships are crucial to the success of any business, they come with a significant amount of risk that can cost an organization — in reputation, legal fees, and lost revenue. That’s […]
In today’s interconnected world, companies of all sizes make outsourcing a key component of their business model. Outsourcing work to third-party contractors helps businesses in all industries be responsive and agile in a disruptive environment and may even provide them with a competitive advantage. When you work with third parties, they also pose additional risks […]
A Vendor Management Program (VMP) refers to the strategic and tactical measures a company implements to work efficiently with its vendors, suppliers, and other third parties. VMP’s include policies and procedures that are explained in shared documents. Such programs allow organizations to control costs, manage risks, and improve their products and services. What is the […]
Risk is unavoidable for any business operation, so mitigating those risks is critical to yourcompany’s survival. A common area of concern for most modern businesses is compliance risk.While global regulations and accessibility grow, compliance risks for businesses grow as well. Depending on the sector in which your company operates, both internal and external regulationswill dictate […]
May 8, 2023 by James Zeits | Leave a Comment
Against a backdrop of continual manufacturing supply chain constraints, worker shortages, and cybersecurity threats, managing third-party and vendor risk has become increasingly important for the manufacturing industry. As the world seeks to move past the chaos of the pandemic, businesses are seeking to bolster their resilience against future shocks by investing in digital transformation measures. […]
Executive Summary Since early 2020, manufacturing supply chains have seen unprecedented global disruption, leading to tighter margins for suppliers and increased pressure from regulators to manage supply risks. Even prior to COVID-19 and its continuing knock-on effects, doing business with third parties had become an increasing business and supply chain risk for global manufacturing. A […]
The benefits of outsourcing business functions to third parties are undeniable, such as lower operational costs, enhanced supply chain stability, and smoother entry into new markets. But relationships with third-party vendors, contract manufacturers, traditional suppliers, agents, distributors, technology providers, and more are inherently risky. As the third-party networks that companies rely on grow larger and […]