Innovation in resilient supplier networks

Identifying risk and driving resilience

Geraldine Craven

As we conclude the third and final day of presentations, discussions and networking at Procurement Leaders’ IN:IN – Resilient supplier networks event, we reflect on three key take-aways from this virtual event.

Resilience offers a competitive edge to organisations by helping them be more agile

Volatility and disruption have become the new norm and organisations who intend to thrive in this new era need to embrace agility and get a clear resilience strategy in place. As organisations become increasingly agile, third party risk management cannot be treated as a separate activity – risk is one of many factors considered across all decision-making relating to third-party spend. But…! What we don’t want, of course, is for the pendulum to swing so far that it hampers the kind of risk-taking necessary for growth. The sweet spot of calculated risk is the interesting space for procurement to be playing in – weighing up value and risk to inform strategic decision-making and really drive long-term growth.

Like all decision-making, having access to all the facts, understanding all the risks, and having clear governance in place to act on all that information is key, and this is how we’re seeing third party risk management evolving today. With a greater value placed on corporate resilience, the conversation is changing – CPOs no longer need to justify the expenditure, instead they are helping the organisation realise that resilience is a value unto itself.

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