Supplier Risk Management
As the world economy changes with increasing velocity, global supply chains become more complex and vulnerable. Today's complex procurement models obligate organizations to work with thousands of suppliers, making it increasingly difficult to identify risks, let alone mitigate them.
Procurement teams are faced with various types of operational, financial, compliance and industry risks. In this volatile business environment, a deep understanding of supply chain ecosystems and the organizational resiliency to respond quickly to threats and their impact is critical to business success.
We in Standard Keys help clients proactively identify third-party risks and manage them effectively with the right plans, processes, and procedures. Additionally, we develop comprehensive supply risk management strategies that mitigate vulnerabilities and ensure business continuity to remain competitive and overcome adverse events.
Supply Chain Risk Management Program
The use of detailed data analytics and mapping helps us evaluate exposures throughout the company's extended supply chain to build a robust supply chain risk management strategy. It also allows the identification, weighing, and prioritization of interdependent risks which facilitates the development of a customized risk mitigation and transfer plan that is in line with your business objectives.
We use a value-driven analysis to prioritize and segment key products and services for risk identification. And we measure the impact of disruptions across the supply chain by primarily focusing on the products and services that are at the core of your organization's value drivers. This method helps minimize volatility and positions your organization for sustained growth.
How will we manage the supply chain risk?
We follow a three-step approach to develop a robust risk management strategy for your procurement organization.
We start by identifying risks across the organization. The assessment is done using relevant metrics, multiple sources of input, and data analysis to get an accurate picture of the as-is situation. The risks are then prioritized, based on their likelihood of occurrence and potential impact on business.
We put a risk management strategy in place and we help you track the progress of your risk mitigation initiatives to ensure that they work in real-life business situations. We work closely with you to develop various contingency measures and create business continuity plans based on your organizational requirements.
Governance & Reporting
It is never enough to have a supplier risk management strategy in place.
We help you closely monitor the risks as they arise, the mitigations in action and the effect the risks have on the organization and its prosperity. And we produce regular reporting on the outcomes of the strategy.