If you can’t manage what you can’t measure, then it stands to reason that you can’t measure what you can’t see. And in our current economic landscape not being able to see, manage or plan for disruptions in your supply chain could lead to severe consequences for your business. That’s why Prevalent is providing several free resources designed to help organizations establish more consistent policies for supply chain resilience – so that when we emerge from the coronavirus crisis we’ll better prepared for the next disruption.
Our customizable Third-Party Profiling and Tiering Template includes guidance on how to identify, define and tier third parties based on several criteria, including whether each supplier:
The template includes a simple questionnaire that you can use to determine third-party criticality (rated High, Medium, Low) and corresponding risk level (rated 1-Red, 2-Amber, 3-Green). Once you have a rating for each supplier, you can make better-informed decisions on next steps. For instance, supplier ratings can be used to prioritize assessments of business resilience and inherent risk, as well as other third-party risk management activities.
Our pandemic planning resources are distributed weekly and can be freely modified to reflect your unique needs. The templates incorporate best-practice baselines across industries, and therefore can be integrated with any other risk assessment content you may be using.
Here’s what’s been published already, and what’s coming:
The coronavirus crisis is likely presenting you with unprecedented challenges – both personal and professional. We hope these templates makes your job a little bit easier in the face of this crisis. Once the dust settles, keep in mind that Prevalent also offers a free, one-hour third-party risk management program maturity consulting session. In the meantime, everyone at Prevalent wishes good health to you, your team, and your families.
Assess your organization's exposure with these essential questions for your vendors, suppliers and other third parties.
Vendor risk continues to be in the spotlight as 2020 comes to an end. Here’s the...