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The Point

"The Point" is written by BMP Editor Kelly Barner as well as a diverse group of guest contributors.

Book Review: Third Party Risk Management

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“Efficient, effective, risk-centric, and risk-adjusted third party lifecycle and risk management is a new and distinct way of doing business. How your company approaches any major change like this one is up to senior leadership.” (p. 162)

 

Third Party Risk Management: Driving Enterprise Value by Linda Tuck Chapman (The Risk Management Association, 2018) tackles one of the topics that procurement organizations discuss most – how to prepare for, handle, and mitigate the risks that result from our company working with third parties. Although it is not declared on the cover, the book is largely focused on the financial services industry. That said, the vast majority of the information will apply to your company regardless of industry or sector.

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Book Review: Fundamentals of Risk Management (5th Ed.)

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“When considering any contribution that risk management can make to the organization, it is important to decide whether the contribution will relate to strategy, projects and/or operations. The decision will enable the risk management activities within the organization to be aligned with the other business operations activities and imperatives.” P. 292

 

Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management (5th Ed.) by Paul Hopkin (Kogan Page, July 2018) provides a thorough and instructive foundation for anyone looking to increase their enterprise’s rigor around risk. By acknowledging and discussing critical contextual issues such as global finance, international regulations, corporate culture, and natural human responses to risk, this book sets the reader up for success - and empowers them to proactively and positively navigate the inevitable uncertainty we all work in the midst of.

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Recommended Webinars June 4-8: 3rd Party Financial Risk, Real World RPA, Transforming Supplier Management

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And… we’re back! After a 1 webinar week last week – likely due to the Memorial Day holiday in the U.S. – June is already shaping up to be an active month for events. If you like to plan further ahead, I recommend "Building a Best-in-Class Category Management Program: The Newest Trends, Tips and Technologies" on June 12th from SIG and GEP.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Recommended Procurement Webinars Feb 26 – March 2: Automated Contracts and Supplier Financial Health

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This is a sleepy week after last week’s flurry of webinars and conferences. If you are interested in a ‘long shot’ webinar worth considering, I recommend “Artificial Intelligence - Changing the Landscape of Due Diligence and Monitoring” from ISM and LexisNexis on March 8th at 2pm ET. Click on the title of each recommended webinar below to view the full description and register.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Webinar Recommendations for August 17 - 21, 2015: RPA is Here to Stay, Supply Chain Index Update, Why Due Diligence Matters

Webinar Recommendations for August 17 - 21, 2015: RPA is Here to Stay, Supply Chain Index Update, Why Due Diligence Matters

This week there are seven webinars being run, and I’ve taken the opportunity to recommend three on topics that are very different from each other while all still providing access to compelling thought leadership. Click on the title of each event below to view the full description in our events calendar and connect to their registration pages.

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3 Reasons Why You Should Consider Dual Sourcing Your Product Or Service

3 Reasons Why You Should Consider Dual Sourcing Your Product Or Service

We’ve all heard the saying, “Don’t keep all your eggs in one basket.” Choosing to dual source a category means using two (or more) suppliers to provide identical copies of a product or service. Many companies choose to dual source a product to maintain quality levels of service to their customers and mitigate potential supply chain issues.

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Why it is Not Worth Preventing Every Disruption in Your Supply Chain

Why it is Not Worth Preventing Every Disruption in Your Supply Chain

Supply chains are similar to humans—imperfect. Their successes within business plans are a product of accurately forecasting how to survive crises and minimize damage in high-risk scenarios. Balance is the key to surviving most situations. In a supply chain, the accord between supply chain efficiency and risk mitigation can be difficult to achieve.

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The weather and your supply chain

The weather and your supply chain

Mother Nature has shown her fury with the 7 feet of snow that has fallen on Buffalo, NY this past week. It is an epic storm that just kept dumping snow on the region. At one point there was 130 miles of highway shutdown for several days. There were tractor trailers stranded and many deliveries that did not occur. You can bet that many supply chains were impacted. Even when the roads did open up again, it was for essential vehicles only. Something tells me that your shipment was probably not considered essential to the National Guard.

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Webinar Notes: Risk Management as a Team Sport: Who Are the Players and What's Your Game Plan?

Webinar Notes: Risk Management as a Team Sport: Who Are the Players and What's Your Game Plan?

This week’s webinar notes are from a July 31st event hosted by ISM and presented by LexisNexis. The event is available on demand on ISM’s site. If you are interested in more on the topic, LexisNexis has made available a white paper and accompanying infographic titled “Leveraging Market Intelligence to Better Manage Supply Chain Risk.

The presenter, Eric Walsworth, LexisNexis’ Director of Supply Management, illustrated each of his points about risk management by drawing comparisons to the 2014 World Cup in Brazil. I won’t embarrass myself by trying to recreate any of that – if you’re interested in the soccer angle you’ll have to watch the webinar on demand.

Walsworth took a need – risk management - that is overwhelming for many procurement teams and broke it down into very clear phases and efforts. Although each of these elements is important to a supply risk management effort, they must all work together in order to be effective. Additionally, although the following seem to be a linear process, they must all be executed in parallel.

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Book Review: Supply Chain Risk

Book Review: Supply Chain Risk

 

Supply Chain Risk, by John Manners-Bell, provides a structured look at risk by establishing a series of intersecting dimensions. First the author outlines external risk categories: Environmental, Economic, Societal, Security, and Technological. Each has several sub categories that provide additional detail and clarity. Then he delves into a number of industry sectors to consider their resiliency factors and concerns: Automotive, High tech, Consumer goods/retail, Food, Fashion, and Pharma/healthcare.

The coverage from both perspectives is equally detailed and illustrated with numerous case studies. In their intersection, for instance where Economic risks intersect with the Automotive industry, any supply chain professional will find the information they need to quickly come up to speed on key areas of concern as well as strategies for assessment and mitigation.

 

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Webinar Notes: RAGE Frameworks Real Time Intelligence for Supplier Risk

Webinar Notes: RAGE Frameworks Real Time Intelligence for Supplier Risk

Editor's note: Buyers Meeting Point would like to thank partner and colleague Jeanette Jones of Cottrill Research for this week's webinar notes. The original posting can be viewed on the Cottrill blog. For our readers without a background in etymology or taxonomies, an ontology is the study of categories of bring as well as their interrelations. In a procurement context, this can most clearly be seen in spend analysis through the category structure and hierarchy used by the company to group and organize transactions.

 

There are many articles and reports about using Big Data for supplier risk, but there is still confusion about what Big Data is and how exactly one moves forward. Tom Fishburne at marketcartoonist.com succinctly sums it up with this gem, “many companies struggle with small data, let alone big data.”

 

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Webinar Notes: Improving Supplier Risk Management in the Age of Big Data

Webinar Notes: Improving Supplier Risk Management in the Age of Big Data

“Risk management is not a purchasing initiative. It’s an initiative and philosophy that has to be embraced by the entire organization.”

-- Rose Kelly-Falls Senior VP Supply Chain Risk, Rapid Ratings and event panelist

This week’s webinar notes are from a February 13th webinar hosted by IASTA and featuring a panel of speakers. An on demand version of the event is available on their website.

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Webinar Notes: The Preparis 2014 Threat Report

Webinar Notes: The Preparis 2014 Threat Report

This week’s featured webinar notes are from a February 6th webinar hosted by Preparis. The event is available on demand on their website. The event was fascinating, in no small part because of the qualifications of the speakers and the organizations they represent.

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Blog Pick of the Week: Nurture the Growth

Blog Pick of the Week: Nurture the Growth

In the Northern Hemisphere, the first day of Spring was 3/21. Sometimes that day feels like everything is waking up and beginning to grow. Other years, there is still snow on the ground and quite chilly.

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Challenge, Choices and Consequences: Sustainability and Risk Round Table

Challenge, Choices and Consequences: Sustainability and Risk Round Table

Buyers Meeting Point would like to thank Stephen Ashcroft and the team at Procurisk for sharing what they learned at this week's Sustainability and Risk round table. For more details please contact Stephen Ashcroft directly at This email address is being protected from spambots. You need JavaScript enabled to view it., on Twitter @ProcureChange or by calling 01744 20698. In addition, the Sustainability and Risk in Procurement group on Linkedin is accepting members.

 

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Webinar Notes: Supply Chain Risk Mitigation

This week’s featured webinar notes are from an event hosted on Thursday by Supply and Demand Chain Executive, “Supply Chain Risk Mitigation: Minimizing Exposure To Supplier Failure, Volatile Commodity Prices, And Manufacturing Disruption’.

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Force Majeure, Hardship, Impossibility, Hell or High Water, Act of God or all of the above?

Last week I attended an excellent supply chain risk management webinar sponsored by the Next Level Purchasing Association and featuring a global supply chain manager from a Fortune 500 company. The event followed the story of this particular corporate supply chain through the 2010 tsunami in Japan (you can click here for my notes).

One of the lessons this particular company learned was about finding the right place for addressing the human side of a very complicated business issue. I was impressed with the efforts they had made, particularly for such a large company. A thought started to form in my mind: what contract clauses were put aside in order to have an appropriate response to the devastation while not creating serious business continuity issues?

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