As organizations across the US implement resiliency plans and manage the unexpected implications of COVID-19, leadership teams are evaluating numerous ways to effectively deal with this new normal. Organizations will need to rethink traditional strategies to successfully emerge from this time of uncertainty. They will need to innovate and design new processes, look for key partners to help them sail through, and promote a culture of adaptability.
In light of this, the traditional vendor risk management program will need to adjust to new challenges. Across organizations, vendor management leadership is faced with critical questions as they evaluate operations for their businesses.
External Influences: With unpredictable market demand and the ensuing business needs, how prepared are you to manage operations efficiently and effectively with a differing level of support from your vendors?
Liquidity & Financial Implications: How will you deal with additional operational expenses amidst limited working capital of your vendors?
Supply Chain Resiliency: How will you manage operations when outsourced services are not available or existing vendors are unable to meet your demands?
Human Resources: Do you have adequate tools, resources and in-house management capabilities to assess, remediate and report vendor risks proactively?
Virtual Mobility: How will you continue to assess the medium / high risk vendors while conducting business virtually?
In our webcast we will discuss some of these aspects, and how they impact an organization’s ability to evaluate and mitigate vendor risks. We will introduce the concept of the Grant Thornton Intelligent Vendor Risk (GT IVR) solution to describe a how a low-touch managed services capability can help you:
- Enable a tailor-made vendor risk management program for organizations
- Enable efficient workflows and automation to help lower costs for your vendor risk management program
- Leverage vendor risk intelligence from multiple sources in an integrated manner to establish a truly intelligent vendor risk posture
- Enable customized reports to provide risk-based intelligence to various stakeholders of the vendor risk management program
During the webcast we will provide a live use-case demonstration of the GT IVR solution to provide hands-on experience of how the solution can enable an intelligent vendor risk program.
Finally, we will discuss how we can enable this solution for organizations using a cloud-based technology platform to drive a truly plug-and-play service, including people, process, and technology perspectives.
Recommended Field of Study:
- Describe key supply chain gaps that have emerged during the COVID-19 pandemic
- Recognize how COVID-19 has shifted the vendor risk management programs
- Describe the solution architecture to manage these risks
- Utilize an automated and intelligence driven vendor risk management program to identify key risks
- Illustrate the various use-cases enabled by the vendor risk management program
- Determine how best to adopt the program for organizations
Communications & Marketing
Understanding of the critical risks of a vendor risk management program, Understanding of how vendor risks may impact/ impair business operations
Group - Internet
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