Contracting Excellence Journal

This article, which takes a post-pandemic look at third-party risk management, ties to a recently recorded webinar titled How to Quarantine Your Third-Party Risk.¹ Our two organizations -- World Commerce and Contracting Association (WC&C) and Determine, a Corcentric Company²-- broadcasted the webinar on April 13, 2020.

Imagine yourself reaching beyond today’s crisis management by telescoping into tomorrow. Based on your initial findings, you start by developing smarter forecasting techniques and new strategies for identifying the risk. Then, having reached that level, you start to realize that some contracts really are more equal than others!

How so? Why focus on them? And can you do that?

COVID-19 has created a myriad of contracting issues and challenges, with extensive need for managing changes and renegotiations. The public sector has clearly not been immune, yet it faces greater challenges due to the more rigid framework created by public procurement regulations. This brief summary illustrates those challenges, drawing on recent Guidance issued by the UK Government.

Commercial businesses play a tremendous role in influencing worldwide prosperity, but their future is shaky because of the coronavirus (COVID-19) pandemic outbreak. Many countries’ assets, business, and commerce worldwide that prospered just months ago are now severely strained. The pandemic has changed all aspects of life in business and personal lives.

The 2019 International Civil Service Effectiveness (InCiSE) Index has been published today by the Blavatnik School of Government at the University of Oxford. The index aims to help countries determine how their central civil services are performing and to learn from each other. The full story is at https://www.bsg.ox.ac.uk/news/new-index-ranks-uk-civil-service-top-followed-new-zealand-and-canada and it makes fascinating reading.

I talk to Chief Procurement Officers (CPOs) all the time about their challenges and frustrations. Few if any seem held back by a lack of confidence or uncertainty about whether procurement needs digital transformation. In fact, CPOs are most often frustrated, because they know what they and their teams are capable of doing on behalf of the enterprise, but they don’t necessarily have the support required to translate that potential into results.

In April 2017, the Association of Consulting Architects prepared an Industry Discussion Paper on Procuring Architectural Services.¹This paper sends a clear warning that all buildings should be designed to fit their intended purpose. “They should be efficient to build, maintain and operate, and should have a positive impact on the communities they serve”.

“Can’t we buy this capability As a Service?” A simple question that can open the door to a whole new way of thinking about your business and how you run it. Before you take that step, be sure you’re ready - there may be much more to it than you think. Our expert Peter Allen looks at the new world order of As a Service contracting, what it means for both buyers and sellers, and what it takes to win.

The panel inspired lively commentary from participants about challenges relating to procurement at the crossroads of a major shift. Studies show that 47 percent of today's procurement professionals will soon be considered redundant, according to recent research¹. To watch the discussion, click on Panel Discussion link.

Contracting Excellence Journal

Articles, news and insights from World Commerce & Contracting staffers and over 70,000 Members.

Can you quarantine (protect) third-party risk post-COVID-19?

All contracts are equal – but are some contracts more equal than others?

The Challenges of Public Procurement: A Case Study

Lessons from Coronavirus - case study from Kuwait

World's best procurement management in government

Digital transformation is no time to have a confidence crisis

CONTRACT MANAGEMENT PROCUREMENT Hiring architectural services – Costly mistakes IACCM can resolve!

Buy, subscribe, or sell your own? Secrets of successful As a Service contracting revealed

Procurement at crossroads of change – panelists speak out at Virginia conference

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Contracting Excellence Journal

Articles, news and insights from World Commerce & Contracting staffers and over 70,000 Members.

Download the Pitfalls Report

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Recent Posts

World Commerce & Contracting Membership Types & Pricing

Take a look at the various membership types, or take a better look by becoming a FREE Trial Member