Business leaders should ask this critical question when considering a third-party vendor arrangement: Is our organization entering into the relationship with blind faith?
Instead of operating with blind faith, organizations should create a circle of trust through established due diligence frameworks and processes. They can begin this journey of creating a circle of trust by taking these five critical steps.
• Documenting assessment results, clarifying findings and incorporating lessons learned into the SCRM policies and processes.• Identifying all stakeholders and individual responsible owners . • Conducting research and due diligence on suppliers’ risk on a continuous basis to include the sanctions, cyber, financial, reputational, foreign ownership control or influence , operational and overall risk scores.• Conducting a service level agreement and/or contractual audit.4. Develop and implement an asset management system for software and hardware. You can do this by:
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