What’s the best way to cope with a crisis?

Even before the coronavirus pandemic, we had seen an unacceptable number of companies break one of the most fundamental principles of running a distribution center: keeping employees healthy and safe. 

Traditional supply-chain strategies that prioritized efficiency and razor-thin margins over agility won’t work anymore. Brands must now prioritize resilience.

Phil Renaud, executive director of The Risk Institute at The Ohio State University’s Fisher College of Business, runs down the level of risk to supply chains created by relationships with third parties — and relates how a certain type of third party can help to mitigate it.

Vendor risk management, also called supplier risk management or third party risk management, describes the efforts of managing the risks posed by the companies who sell you products and services. This white paper from riskmethods will help you identify, assess and mitigate the risks posed by your vendors or other third parties.