vendor management

8 Possible Consequences of Not Being Proactive in Risk Management

You don’t need to be a rocket scientist or have a crystal ball to know how chaotic today’s world is. Whether due to rising costs, supply disruptions, or some other industry-specific issue, companies across-the-board and around the world are experiencing unprecedented challenges, where the response/reaction will determine their course for the next decade or more.…

Risk & Compliance Conference Session Provides Deep-Dive into Third-Party Risks

Risk management isn’t solely about managing threats and opportunities within your company. Just like it would be impossible for us to grow food, provide clothing, shelter, and other necessities all on our own, the same fact is true for a company. It would be impossible to provide every raw material or handle every service in-house.…

7 Important Considerations for Addressing Supply Chain Bottlenecks and Shortages

To anyone paying attention, uncertainty is becoming more intense with each passing day it seems. And in this particular moment, supply chain bottlenecks and shortages are fueling much of this uncertainty. I think you’ll agree – besides seeing masks everywhere, one of the most visible and ubiquitous signs of the COVID-19 pandemic over the last…

Risk Appetite and Risk Tolerance – Which Definitions Do You Use?

In follow up to our recent article on handling risks that exceed the company’s appetite, we would like to share this perspective from our friend Hans Læssøe on this complex and controversial topic. Hans’ article below describes how the world’s leading risk management standards, COSO and ISO 31000, have differing definitions on risk appetite and…

The Why, What, and How of ERM Software: An Essential Buyer’s Guide

PART 1: INTRODUCTION PART 2: WHY ERM SOFTWARE IS NEEDED PART 3: TYPES OF ERM SOFTWARE PART 4: HOW TO FIND THE RIGHT ERM SOFTWARE SYSTEM PART 1: INTRODUCTION What do you think is the most difficult part of enterprise risk management for risk managers and executives to make sense of? Is it risk appetite…

ERM at Thanksgiving – An Illustration of Risk Management in Action

It’s Thanksgiving week in the U.S. – the air is crisp, Fall colors abound, and there is a palpable excitement as we enter the year-end holiday season. This week’s holiday provides a great opportunity to reconnect with family and old friends and take stock of what we’re grateful for. On occasion, I like to take…

School Bus Fiasco Illustrates Importance of Robust Vendor Risk Management

If you’re a parent, back-to-school time is chaotic, stressful and exciting all at the same time for you and your child. My son is beginning his second year of pre-school and couldn’t have been more excited to get back and play with his friends on a daily basis again. For public schools in Florida’s capital…

Ford Supplier Explosion: Why Being Prepared for a Supplier Outage is Crucial to Your Company’s Survival

Ford’s popular F-150 pickup is something I’m well familiar with. My husband has owned one for nearly 20 years and spent what seemed like an eternity searching for his newer one a few years ago. He says he doesn’t plan on buying another one in the future, but I’ll believe it when I see it.…

Integrating Strategic Risk Management and Operational Risk Management

Most organizations, if not all, have some level of operational risk management. For example, some organizations are focused on operational risk related to safety or contract oversight of vendors. But a common view of operational risk management is slightly broader by examining risks associated with the actual daily operations of the organization. Examples include understanding…

8 Possible Consequences of Not Being Proactive in Risk Management

Rather than discuss the benefits of risk management in this article, I want to take some time to explain what can possibly happen if you do not proactively identify, assess and manage risks in your organization. As I explain elsewhere, risks in the ERM context is more than just potential hazards – it includes any…

vendor management

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