Supply chain resilience is now the top strategic priority in organizations across the world. One way to get more visibility into who supplies your third parties and n-tier suppliers is by mining data from your supplier contracts. The problem is Fortune 1000 companies maintain anywhere from 20,000 to 40,000 active contracts at any given time, and talent to manage contracts, monitor third-party risk and manage supplier relationships is in short supply.
Today’s business environment requires everyone to do more with less, which means managing risk is everyone’s job. Procurement, finance, compliance, and other stakeholders need to access all company data from one centralized location, including contracts, risk profiles, questionnaires, certificates, and more.
This whitepaper will show you how procurement teams can work more efficiently with other business units to create a stronger third-party risk management program by simplifying contract management. We’ve created a step-by-step plan to help you marry the processes. We’ll cover:
- The perils of poor third-party risk management.
- The benefits of contract lifecycle management.
- How to integrate your third-party risk management strategy and supplier contracts
Don’t let your third-party risk management program fail because of a lousy contract management process. Contract lifecycle management and third-party risk are complementary processes that work in sync to maximize financial and operational performance and minimize risk.
Click below to download the full whitepaper Boost Third-Party Risk Oversight with Contract Lifecycle Management.
