Using an ERM Assessment Process to understand vendor risks

Vendor disruptions can present a wide array of risks to the enterprise beyond the product or service in question, causing organizations to experience issues on an enterprise-wide scale. Examples include financial, reputational, compliance and technological issues, among others.

To enable companies to achieve their goals, it is crucial to understand all the factors or dimensions that influence the risk a vendor poses.

In this article, Carol Williams shows how to gather vendor information, analyze it, and categorize this information, ensuring that your organization works with vendors that align with your risk profile and can implement action plans if adverse events occur.

Language: English

Author

Carol Williams

Carol Williams has been practicing enterprise risk management for almost 10 years. She is the founder and principal consultant of ERM Insights by Carol, LLC, where she supports organizations in their activities to use ERM to improve resource use and enhance organizational performance.