Chief Procurement Officer

The Chief Procurement Officer knows better than anyone else that business relationships with vendors, outsourced providers and business associates are essential.  Managing risk from these third parties is vitally important in the current regulatory environment.  The nature of these relationships often requires that information be shared.  Risk accrues whenever sensitive information is shared with or processed by third parties.  In some industries, the complexity of extended supply chains mean that third party risk can come from components, materials or services sourced by your suppliers from other organizations.

Managing a supply chain involves extensive risk management.  Dealing with supplier qualification, ensuring business continuity and considering political and environmental factors are all part of managing risk via mitigation strategies.  However, the regulatory environment can present an entirely different type of risk.  Liability is a form of risk that cannot be mitigated.  Liability can come from all sorts of actions taken by your suppliers ranging from a service provider’s data breach to a bribe paid by an agent.  Only by actively monitoring and remediating issues can you provide the necessary protection for your organization.  

While traditional suppliers are the most obvious example, the reality is that there are great many third parties providing services that can create risk for your organization.  For example, a brokerage network for an insurance company may hold significant amounts of Personal Health Information (PHI).  A marketing partner may have Personally Identifiable Information (PII) on your customers.  A CRO will have both PHI and trade secrets.  The reality is that you can be liable for their actions and your business can be at risk as well.  Beyond the direct cost of dealing with a violation, there is a significant cost to your brand.

Economic and operational considerations drive an increasingly global set of these relationships.  The chief procurement officer must be prepared to deal with the broad range of regulations and liabilities that can arise from FCPA to local privacy laws.  The chief compliance officer may be directly responsible for ensuring compliance, but it is in the enterprise’s best interest to make this part of the ongoing management of the relationship.  The chief procurement officer owns those relationships and, thus, owns a big part of compliance.

How We Help

We developed the BenchMark Supplier Risk Management solution to meet these new needs in the monitoring and management of your supply chain and third party relationships. Avior BenchMark  is ready to go with all of the components needed to run a successful program - you can even outsource operations to us using our Managed Service option.  Everything from workflow management, to surveys, to audit capabilities are standard.  Our solution comes standard with all of the necessary reports and dashboards to ensure effective management and oversight of the program.  Avior's on-demand platform enables you to get results quickly, saving valuable time and money. review
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A Practitioners View Of Supply Chain Risk Management

Featured Speaker:
William McLaury
Global Head, Pharma Supply Chain Strategy
Novartis Pharmaceuticals