![]() The cost of insuring the risk may be so high that it does not make financial sense.ĭeveloping actionable plans is the most important step. ![]() The decision on whether to accept the specific risk (carry the cost) or take action to prevent or minimise it depends on the organisation’s appetite for the risk. With every risk quantified, the team can evaluate which supplier risks need to be addressed and in how much detail. Ideally, a project or risk manager should help generate these ideas in both group and one-on-one settings, and then allocate ownership for individual risks. Is the risk high, medium or low? It requires a team effort to define the most critical risks. There are three main steps to developing a risk management plan, built around effective supplier risk analysis Identify the risks, evaluate the risks and create a contingency plan. Spend Matters believe that this fragmented approach is the wrong one and that a holistic view is needed, backed by technology. Can you identify them? How do you manage supplier risk?Īccording to analysts at Spend Matters, many companies deal with risk on a piece-part basis. This is not an exhaustive list there may be others that may occur within your supplier relationships.
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