Risk Management as a Service
Third party risk management has become a “must” for any purchasing department. The supply chain has been affected in recent years by many factors (price increases, wars, pandemics…).
So, how do we manage supply chain risk at forsitis?
- We identify the potential risks.
- We assess its potential impact on the organization.
- We act on it to mitigate its impact by stablishing methoodlogy or by implementing a solid procurement strategy.
- We establish an efficient and sustainable management plan for the entire supply chain.
The Importance of contracting Third Party Risk Management Services
Today’s complex and global sourcing models, with thousands of suppliers associated with the organization, make it extremely difficult to identify risks, let alone mitigate them.
Procurement teams face various types of operational, financial, compliance and industry risks. Forsitis helps clients proactively identify third-party risks and manage them in the most effective way by developing comprehensive supply risk management strategies. In doing so, we are able to mitigate vulnerability and ensure business and company continuity.
How we manage Supply Chain Risks?
1. Risk assessment
We start by identifying the risks. forsitis conducts a comprehensive risk assessment across the organization to determine what could go wrong. The assessment is conducted using relevant metrics, multiple sources of information and augmented data analysis to get an accurate picture of the current situation.
Risks are then ranked and prioritized based on their likelihood of occurrence and potential impact on the business, to produce a risk matrix that allows us to manage the key risks.
2. Risk mitigation
At forsitis we know that having a risk management plan is not enough. We help you monitor and track the progress of your risk mitigation initiatives to ensure they work in real business situations. We work closely with our clients to develop various contingency measures and design business continuity plans based on their organizational needs.
3. Supply chain risk management plan
Once the risks have been identified and prioritized, we develop a comprehensive risk mitigation plan based on short-, medium- and long-term risks. forsitis also helps clients identify the right people to implement the risk management plan, assign responsibilities and create escalation mechanisms for these risks.