Monitoring Supplier Risk
The number of suppliers an organization partners with makes tracking potential risks or regulatory compliance extremely difficult. Supplier risk management requires organizations to monitor and identify risks across all suppliers, requiring different due diligence and decision-making levels.
- Dependency on multiple 3rd party risk verification tools
- Increased costs due to unmanaged API usage in large 3rd party operations
- Quantitative rather than Qualitative augmented information
- Data overlap issues among various 3rd party risk providers
- The need for manual research of suppliers as opposed to proactive monitoring