Operational risk: Do your suppliers keep their operating locations, technology systems, and data secure? Operational risk spans the wide variety of risks that occur because of everyday operations.Financial risk: What’s the risk of your supplier going out of business? When you think about financial risk, consider how a particular supplier’s solvency will impact your ability to fulfill your own obligations to customers.
There are four primary dimensions of supplier risk to consider: financial, operational, environmental and social, and regulatory and legal. Without a strong, transparent network of suppliers, businesses are ill-prepared to withstand disruption. Supply risk can also occur when your business relies on too few suppliers or lacks sufficient insight into its supplier network.
A supplier’s policies, financial well-being, and data security are all examples of potential supplier risks. Supply risk, or supplier risk, is any risk created by the processes and decisions of a supplier that could negatively impact your company.
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