As the use of third-party suppliers grows, it is increasingly imperative to be diligent with vendor risk assessment practices. Vendors and other third-party suppliers are essential for keeping most organizations running smoothly. But these relationships can be fraught with perils that can negatively impact your finances, performance, and reputation.
Consider these risks: a disruption in your supplier’s supply chain that delays deliveries, weak security measures that result in a data breach, or noncompliance with important regulations that impacts finances. Through no fault of your own, your organization can be held accountable for missteps made by third parties, which can lead to lawsuits, fines, and damage to your reputation – all a high cost to your organization.
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