As the world adjusts to the changed conditions resulting from global disruption, organizations must consider the lessons learned from the impact of the pandemic on the supply chain. In this case, widespread shutdowns made a sudden, dramatic impact on many suppliers and the availability of components and other materials. Sourcing, procurement, and purchasing professionals are often the first responders in such instances. However, the risk management practices in place at an organization determine whether procurement and purchasing staff have the tools needed to adequately and efficiently mitigate supplier risk.
APQC has gathered insights on supplier risk management as part of its Open Standards Benchmarking research focused on procurement. As part of a global survey, APQC asks respondents from various industries to indicate their adoption of key supplier risk management practices. The findings of this research indicate strength in the area of risk management governance, but weakness related to process and enabling technology.