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Supplier risk isn’t just a major issue for Fortune 500 businesses. Organizations of all sizes need to recognize the responsibility for managing all third-party relationships based on a heightened level of interest and concern in recent years. This is especially true in highly-regulated industries like finance, healthcare, and food services, which operate under constant, intense scrutiny and massive regulatory oversight. With fines that can be in the tens of millions, the potential for being audited and penalized due to non-compliance is compelling companies to re-evaluate how supplier information is collected and how contracts are managed.


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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.

procurement collaboration THIRD PARTY RISK PANDEMIC EFFECTS

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