In today’s business environment, risk management continues to gain widespread recognition as a critical factor in protecting your business’ performance and ultimately your bottom line. Building a strong risk management program is a necessity to maintain continuity of quality, product, and supply while increasing revenue and growing margins.
That’s why a robust risk management program has become a mandate from many boards and executive management teams. Supply chain and procurement management need increasing visibility and transparency into key suppliers for insight into potential issues or disruptions, which could cause significant impact to the company. However, risk management doesn’t start and stop with supply chain and procurement functions. All business areas – credit, finance, operations, compliance and IT – are incorporating risk management principles.