Nobody likes getting caught off guard. Finding out that your largest, most trusted supplier is suddenly one court order away from bankruptcy. Having to deal with a breach of confidential data. Trying to save face after your crisis management efforts fail. Ouch!
These are real potential catastrophes for an enterprise. But in business, we tend to lump them together under the watered-down category of “risk.”
As many executives have belatedly realized, risk must be taken very seriously. It can disrupt supply chains, eat up revenue streams and destroy entire brands. But just being aware of risk isn’t enough to provide protection. So what do you do about it?
First, you read our new INSIGHT IT piece, “RISK: Data-Driven Intelligence Is the Key to Effective Third-Party Risk Management.” It includes three crucial technology-related considerations for early identification and management of risks presented by vendors and suppliers.
A must read for CIOs and IT teams looking to buttress their defenses against potential exposure from third-party contact points.