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Practice paper

Best practice vendor risk management in today’s interconnected world

Ian Beale
Journal of Business Continuity & Emergency Planning, 11 (2), 151-162 (2017)
https://doi.org/10.69554/XYWE2174

Abstract

This paper explains why vendor/third-party risk is so important to all organisations, as well as the principal risks that organisations must consider. It describes the responsibility of management to manage these risks with support from risk experts at the selection phase and through the ongoing relationship. Different sources of information about the management of the key risks and alternative ways of collecting the data are evaluated. The paper concludes by discussing how both customer and supplier organisations benefit from a balanced approach to risk management. The approach described in the paper applies to organisations of all types and sizes and can be applied to varied supply chains. The data and insights are based on research conducted by CEB.

Keywords: supplier risk management; vendor risk management; third-party risks

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Author's Biography

Ian Beale is Principal Executive Advisor with Gartner (previously CEB), where he provides thought partnership to audit and risk clients and supports them to implement change. He delivers best practice research-based insights and leads workshops with chief auditors, chief risk officers and their teams in Europe, the Middle East and Africa. Ian has more than 20 years experience as a director of internal audit and risk in large international organisations across such sectors as automotive, advertising and consumer research, and retail financial services.

Citation

Beale, Ian (2017, December 1). Best practice vendor risk management in today’s interconnected world. In the Journal of Business Continuity & Emergency Planning, Volume 11, Issue 2. https://doi.org/10.69554/XYWE2174.

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cover image, Journal of Business Continuity & Emergency Planning
Journal of Business Continuity & Emergency Planning
Volume 11 / Issue 2
© Henry Stewart
Publications LLP

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