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 […]

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. […]