Vendor Audits and Assessing Vendor Risks
Date: February 23, 2017
Time: 9:00 AM to 4:30 PM
Instructor: Tom Cook
Credits: 7 continuing education hours
Course Description: In today’s world, although risk is a part of the equation when it comes to supply chain management, risks can be minimized by proactively planning for unexpected shifts in companies. This seminar on vendor risk management (VRM) provides a breakdown of how to identify those risks before they arise, how to assess their impact and ultimately how to overcome them. Participants will learn to provide a comprehensive view of risks related to third-party relationships and align VRM activities with broader risk management programs. We will identify, manage, and mitigate vendor risks, while discussing various models for on-going vendor risk management activities.
Topics Covered: This seminar teaches participants a balanced consideration between two distinct aspects of an audit: transactional vs. transformational. You will learn how a collaborative culture with your vendors and within your own company’s functional areas (i.e., Purchasing, Engineering, Finance) helps enhance the commercial relationship and ultimately reduces risk. Through the Vendor Audit process, participants will learn techniques that can improve their communication and relationships with key vendors. Vendor Audits can deliver transactional change, while Program Reviews have the ability to make sustainable, transformational changes within your supply base and organization. These skills will allow you to take a proactive approach for continued success. The instructor will show how you can utilize metrics and formulas for assessing vendor risk and how to proactively develop working relationships with vendors to assure compliance, sustainability and cost effective structure
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