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Supplier risk

1. Initial Supplier Evaluation

Identify potential suppliers.

Collect basic information (e.g., company profile, financial stability).

Assess supplier's market reputation and references.

2. Risk Identification

Analyze potential risks associated with each supplier (e.g., financial, operational, reputational).

Evaluate the geographical location of the supplier for geopolitical risks.

Identify compliance risks (e.g., regulatory, environmental).

3. Supplier Due Diligence

Conduct background checks (e.g., credit history, legal issues).

Review supplier's policies on quality control and risk management.

Obtain certifications and compliance documents (e.g., ISO certifications).

4. Risk Assessment and Scoring

Develop a risk scoring matrix based on identified risks.

Assign risk levels (e.g., low, medium, high) to each supplier.

Prioritize suppliers based on risk scores.

5. Contractual Safeguards

Include risk management clauses in contracts.

Specify performance metrics and penalties for non-compliance.

Establish termination clauses for high-risk situations.

6. Ongoing Monitoring

Set up regular reviews of supplier performance and risk status.

Monitor changes in supplier circumstances (e.g., financial health, management changes).

Conduct periodic audits and site visits as necessary.

7. Contingency Planning

Develop contingency plans for critical suppliers.

Identify alternative suppliers for high-risk categories.

Establish communication protocols for crisis situations.

8. Reporting and Documentation

Maintain records of all assessments, evaluations, and communications.

Create a dashboard for tracking supplier risk levels over time.

Document lessons learned and improve processes accordingly.

9. Training and Awareness

Provide training for staff on supplier risk management practices.

Foster a culture of risk awareness within the organization.

Update training materials as new risks or regulations emerge.

10. Review and Improvement

Conduct regular reviews of the supplier risk management process.

Solicit feedback from stakeholders involved in the process.

Continuously improve the checklist based on industry best practices and lessons learned.

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