Today's global and complex procurement models, which have thousands of suppliers associated with the organization, make it extremely difficult to identify risks, let alone mitigate them.
Procurement organizations are faced with various types of operational, financial, compliance and industry risks. GEP helps clients proactively identify third-party risks and manage them effectively, by developing comprehensive risk management strategies to mitigate vulnerability and ensure business continuity.
We typically follow a three-step process to develop a robust third-party risk management strategy for your procurement organization.
GEP's holistic approach towards third-party risk management ensures that your procurement organization is capable of handling any business uncertainties effectively.
We start by identifying risks. GEP conducts a comprehensive, organization-wide risk assessment to determine what can go wrong. The assessment is done using various relevant metrics, multiple sources of inputs, and augmented, artificial data analysis to get an accurate picture of the current situation.
The risks are then scored and prioritized, based on their likelihood of occurrence and potential impact on business.
Once the risks have been identified and prioritized, we develop a comprehensive risk mitigation plan based on short-term, medium-term and long-term risks. GEP also helps clients identify the right people to implement the risk management plan, assign responsibilities and create escalation mechanisms for these risks.
Governance, Reporting & Dashboard
At GEP, we understand that merely having a risk management plan in place isn't enough. We help you monitor and track the progress of your risk mitigation initiatives to ensure that they work in real-life business situations. GEP offers a wide range of proprietary risk management tools and insightful dashboards tailored to help you interact with your suppliers and other operational stakeholders, and make timely, informed decisions. We work closely with our clients to develop various contingency measures and devise a business continuity plan based on your organizational requirements.
Expertise on Demand
With over 15 years of experience of working with procurement organizations of hundreds of Fortune 500 and Global 2000 clients across industries and categories, GEP offers unmatched expertise in third-party risk management.
Our unique combination of robust processes, big data feeds, augmented artificial intelligence, predictive analytics and reporting frameworks helps organizations proactively identify and mitigate third-party risks.