Risk management is a key factor in any purchasing and supply management practice. While traditional ideas of Strategic Sourcing and Procurement were reduced to cost savings initiatives, SS&P groups play a crucial role in minimizing supply chain related risks for their organizations.
With the development of a proper risk management plan and implementation of best practices, Strategic Sourcing and Procurement teams are capable of predicting the impact of hidden complications within the organization's supply management operations, and can take action to prevent supply chain disruptions. Enterprises must realize that managing risk extends to not only monitoring internal processes for vulnerability, but also the practices and procedures of their suppliers.
The Institute for Supply Management New York Chapter will be hosting their annual conference, Procurement Risk Management - Balancing Change & Innovation next Thursday, March 16th in New York City. In it's 34th year, the one-day event allows professionals in the procurement industry to collaborate on a smaller scale prior to the international conference, ISM2017, to be hosted in May. As a sponsor Source One Management Services, LLC looks forward to the opportunity to meet with other procurement experts and industry professionals discuss risk factors Strategic Sourcing and Procurement groups may face over the upcoming year, as well as in the years to come as the supply management function continues to evolve. Both Procurement Risk Management and ISM2017 are highly anticipated events in the supply chain industry, attracting industry leaders to discuss and collaborate on supply management challenges.