Talk to us today about how we can help ensure you are getting the products and services you bargained for.
Supplier Risk Reviews
Your business relies on a myriad of large and small third-party suppliers. Your procurement process ensures rigorous due diligence, supplier selection and contract negotiation and formation. Your Service Level Agreements (SLAs) contain robust and actionable rights and obligations and monthly performance dashboards provide line of sight – ensuring you are getting the products and services you bargained for.
However – your suppliers have many masters and their commitment to your objectives, priorities and standards are not always aligned. How do you ensure a regular independent assessment of your ‘actual’ risk exposure with this supplier is within acceptable limits.
How we can help
We can leverage our team’s extensive contractual and supplier risk experience with deep enterprise and technology risk expertise to act on your behalf in the assessment of supplier risk. Allow us to work with your teams to exercise your contractual rights to review your supplier’s risks, independent of those who manage the relationship day to day.
Maintain strong operating partnerships with key suppliers while benefitting from a short, sharp, but insightful independent assessment of the risks you are exposed to through that supplier. Whether it be Privacy, IT Security, Regulatory, AML/CTF, Business Continuity, Data, or overall reputational risk, we can identify current and emerging risk exposures that you can remediate to ensure a sustainable partnership, that delivers what you are paying for.
Key areas of focus
Our team can help you:
- Identify suppliers where an independent risk review (within the terms of the contract or other rights you have) will provide improved transparency and confidence in the actual risk you face
- Work with your teams to target specific risk areas (such as IT security or Business Continuity) where you may have existing concerns or exposures
- Complete a detailed examination (or a high-level overview) of the ‘wriggle-room’ between the contractual terms, the SLA details, and limited operating transparency, through which some suppliers can intentionally, recklessly or accidentally increase your risk exposure – which remains invisible until something happens
- Set up or support a systemic supplier risk review process that helps you meet your own business objectives, risk appetite or regulatory requirements
Get actionable and meaningful insights
Whichever service or support we deliver, we will provide you with a report that presents a meaningful view of your organisation’s supplier risk management and the measures required to safeguard your business. The report includes:
- Actionable insights based on our engagement and industry expertise
- Where relevant, benchmarking data to call out leading or lagging behaviours
- Overall risk rating, based on our self-assessment of your business risk