Third party suppliers bring opportunities in innovation, increased profitability, business simplification and a wide range of other benefits. They are often so important to the success of the business that they become a key strategic partner.
However, supplier relationships also bring with them inherent risks. Newspaper headlines often highlight the challenges of managing risk in the supply chain. Some typical examples of this include product recalls that destroy shareholder value and poor standards at supplier facilities being reported by whistleblowers.
It is a business imperative to properly manage the risk in supplier relationships. CEOs, CFOs, Boards and Audit Committees are increasingly looking for evidence that preventative and detective action is undertaken. Our Contract Risk and Compliance team provide the following services to assist in managing supplier risk: