Assessing Supplier Risk: The Foundation for Risk Mitigation
The operating environment for financial services and insurance firms has become increasingly complex, regulated and abundant with risk. As such, supplier and vendor risk management, as well as compliance, have taken on heightened importance. Yet, the organizations responsible for managing that risk often have constrained resources, limited visibility and little understanding of their supplier related risks. The first step in building a best-in-class risk management program is risk assessment.
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The operating environment for financial services and insurance firms has become increasingly complex, regulated and abundant with risk. As such, supplier and vendor risk management, as well as compliance, have taken on heightened importance. Yet, the organizations responsible for managing that risk often have constrained resources, limited visibility and little understanding of their supplier related risks. The first step in building a best-in-class risk management program is risk assessment.