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As reliance on third parties continues to rise, organizations of all sizes and industries are wrestling with how to establish or improve third party risk management efforts. The challenge is often a lack of visibility and a disconnect between the processes that are spread out to wide number of stakeholders. This includes anything from the ability to understand who you are doing business with across the organization and the potential risks from these relationships, to conducting effective supplier due diligence, drafting meaningful contracts, ensuring contract compliance, to monitoring, renewing or even terminating supplier relationships.
Who you do business with, the contracts that result from these transactions, and how the supplier and contract are managed must be viewed as an end to end process and requires an automated solution to be truly effective and scalable. However, trying to address the automation of all these processes may be difficult due to the readiness of the organization. Where do you start to identify the alignment of process and technology that provides quick adoption?
One area that can provide quick returns is the ability to easily connect the dots between suppliers and contracts and procurement processes. Aligning supplier selection with contracting and ultimately with supplier risk and performance management is key. Without this alignment, companies run the risk of continuing to do business with underperforming suppliers or expose the organization to unacceptable levels of risk.
This webinar will address best practice approaches for initiating third party risk management efforts by improving the integration of their supplier selection, onboarding, contract management, and risk/performance management. Topics that will be covered include:
● Looking at issues around transition from onboarding to contract award
● Addressing the challenges of defining a “contract owner”
● Improving supplier and contract visibility in an environment of constant change