Potential
analysis and horizon scanning
process:
Identify
potential risks
that may arise from suppliers based on internal and external factors such as
supply chain disruptions, financial instability, regulatory compliance, and
reputational risks. Develop a risk management plan to mitigate these risks.
Selection
and nomination process:
Establish
selection
criteria for suppliers based on their capabilities, capacity, quality, delivery,
price, and compliance. Nominate preferred suppliers based on the criteria.
Onboarding
& registration process:
Establish an
onboarding
and registration process to ensure suppliers meet the required standards and
compliance regulations. This includes verification of documentation,
certifications, and quality control processes.
Risk
profiling and mapping process:
Profile and map
suppliers based on their risk exposure to potential risks, such as geopolitical
risks, regulatory compliance, and financial risks. This process helps to
prioritize suppliers based on their risk profile.