By: Tom J. Canova, Co-Founder, CMO, Modevity
In Today’s complex business ecosystem, companies rely more and more on third-party supplier relationships and a growing supply chain to meet organizational objectives. It is vital for any company to manage these relationships and apply due diligence to onboard new vendors and apply third-party risk analysis and continuous monitoring against varied compliance risks.
Over time the organizational supplier visibility begins to drop – and it becomes increasingly difficult to know your true exposure to supplier risk. But managing the risk presented by your suppliers and the value they provide to your business is more crucial than ever. It is essential to apply third-party risk solutions to support your organization’s continued success and protecting its reputation in the future.
There are regular headlines in the business and consumer press of major data privacy breaches, ransomware attacks, supplier governance problems, and social injustices submerged in a supply chain, leadership malfeasance, etc. Because of the speed of information flow and the 24-7 news cycle, the line between a positive headline and a negative one can often be tracked to a single event resulting from an overlooked supplier concern.
The key to effectively managing your supplier relationships is data and information. Unfortunately, most organizations lack a complete view of their third-party relationships and have an inefficient process to maintain the information necessary to manage these relationships.
The data and information necessary to effectively manage a supplier relationship should include:
- Supplier performance, including the ability to meet business expectations and maintain risk controls over the lifespan of the relationship.
- Supplier risk profile, including risks inherent to the relationship and the adequacy of supplier controls that have been put in place to mitigate these risks.
- To manage the complexity and dynamics of a supplier ecosystem, enterprises need for a complete third-party risk evaluation and reporting solution. This is the one of the most critical tools an organization can use for monitoring and managing a supplier base. It not only provides analysis of internal and external information and data points but allows you to turn the information into actionable intelligence to address potential problem areas before a negative event occurs.
The Modevity Third-Party Risk Due Diligence Research Solutions include:
- Company Ownership Analysis on Corporate Entities, Networks, Partners and Executives
- Reporting and Analysis for Regulatory Compliance and varied Agency Rules & Sanctions Lists – (ITAR, FCPA, BSA, OFAC, FinCEN, CFIUS, BIS, PEP, etc.)
- Bankruptcy, Litigation, Criminal Reports
- Company Certifications, Patents
- Adverse Media & Social Media
- Business Credit Profile Reporting
- Scheduled Supplier Risk Due Diligence Research Assessments & Monitoring
Modevity Contact info:
Phone: (610) 251-0700
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