I can assure you that this title conjures up everything from travel to dating to a new job to a weather-related event and finally to your business concerns. The latter is what this article is about.
Risk management isn’t easy. In reality it is about preparing for the next event that will derail our business process, make us miss our planned outcome or worse yet, completely move us off our planned course. I’ve heard it said, ‘stuff happens’. I’ve also heard it said, such as in the Phantom of the Opera, ‘this stuff does not happen to me’. Guess what? It does and the sooner we are prepared for the unexpected the better we bounce back.
The unexpected brings us the benefit to plan for the future
To plan for the future we need to look at where we are now, what we need to move toward the future and look at the expected and planned outcomes we need from our business. In a nutshell it is planning for the unexpected so we can benefit in the future. As we do this we start to build best practices in risk management; emerging with trial and error and also learning from other’s misgivings.
You can’t improve greatly without outside knowledge of others. On Tuesday, March 1, 2016, join us for a webinar titled: Risk- The Four Letter Word Your Mother Never Told You About. The webinar will focus on the lessons learned in risk management including the strategies implemented by procurement organizations for strengthening supplier engagement in order to effectively assess, monitor, manage and mitigate risk to the business. The focus will be on people, process and technology improvements to help you reduce exposure and minimize supplier-related risks.
You will learn:
• Why supplier “value” management is critical for risk management
• What actions are crucial for identifying and mitigating emerging risks
• What key processes are required for proactively analyzing potential risks
• How integrated, strategic procurement technologies support and manage risks