Manage Risk
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Risk Identification & Mitigation
Risk Identification, Planning and Control involves documenting and assessing supplier risks so that mitigating actions can be agreed and progress monitored.
Activities
- Identify risks along with source, cause, consequence, risk impact & likelihood to create a risk score
- Identify risk strategy and mitigating actions
- Analyse changes in risk score and trends, and impact of mitigating actions
- Develop supplier exit strategy
Key Meetings
The team will meet to identify and assess risks, and then to plan mitigating actions. Ongoing meetings will take place to review risks and the impact of mitigating actions.
Risk Assurance
Risk Management Assurance involves reviewing supplier compliance to key company control standards i.e. Business Continuity, CSR, Reputational, Operational, Information Security, Commercial, Contract, Extended Supply Chain and Geopolitical Standards. It also involves ensuring responsibility for key risk management activities is allocated.
Activities
- Establish Risk Assurance Approach
- Identify Individuals to be Involved
- Complete Risk Assurance Activities
- Establish Risk Improvement Plan
Key Meetings
The team should meet to view findings of supplier compliance to key control standards, and agree improvement plans.