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When it comes to supplier risk, understanding the strength of your suppliers is crucial to managing the supply chain. Today, more businesses recognize that even small supplier disruptions can result in losses to their own revenue, customer satisfaction or credibility.
When it comes to health and safety inspections, there are further considerations for you to consider. Those risk assessments often contain evidence of material breaches. This is sensitive information and data security should be of primary concern. Whether such information is held in a cloud or on a private business server, you need to know its safe and will not end up in the public domain.
The Golden rule: Know where your data is, which vendors have access to the data, and what privacy and security measures are in place. Ideally, you should hold that information yourself in your own servers under the control of your own companies IT department. Some of the most devastating breaches in the past few years have been rooted in the security weaknesses of third parties, and in fact, hackers themselves admit that contractors are often their primary target. Case in point: the massive Target breach in 2013.
Perform a Third-Party Vendor Assessment
Whether it’s buying stock, paying for overheads, or spending on marketing and advertising, managing your suppliers is crucial for the successful running of your business.
But purchasing services could put your business at risk if you don’t take precautions when choosing suppliers. One of the key measures of the success of a business is good financial health. If you’re looking to maintain your reputation, the key is to use reliable suppliers and to avoid risky contractors. One of the best ways to help do this is by credit checking your suppliers before you commit to doing business with them. It's simple to undertake a business credit check on them by contacting one of the credit reference agencies.
