How To Risk Management

038: How To Integrate The Identification Of Risk Into The Sourcing Process

Today, I am going to continue a topic that I first started to discuss a couple of weeks ago on the topic of risk. We have heard a number of guests talk about the growing importance of risk, and procurement’s role in monitoring, mitigating and managing risk.

I received a listener question related to that show that I think was a great question. The question was: How do you integrate the identification of risk into the sourcing process?

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“What is important is that you have a consistent process that determines whether a supplier should be monitored for certain risks, and what those risks are.” 

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About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.

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