Lately, chemical suppliers have started opting for supplier risk assessment studies to realize the risks associated with the supply chain. The primary objective of this study by SpendEdge was to provide companies an all-inclusive representation of the critical suppliers to develop a robust supplier strategy. Additionally, the supplier risk assessment study also provided detailed information about the suppliers including details about the product portfolio, key executives, and financial announcements.
The Procurement Pain Point and Insights Offered
A leading specialty chemicals supplier wanted to assess and form an operational database for the ongoing logging and management of all third-party supplier risks. The specialty chemicals supplier also wanted to gain regular updates on the performance and news specific to the key suppliers and stay well-versed on the latest developments in the supply market. Furthermore, they also wanted to monitor the other suppliers and help keep the category managers informed about any potential risks.
The supplier risk assessment specialists at SpendEdge conducted a blended research methodology, which included primary and secondary research and qualitative and quantitative data collection methods to cater to the specific business requirements of the client. During the course of this supplier risk assessment, the client was able to collect the baseline information of all critical suppliers and their performance and risk levels. Additionally, the supplier risk assessment also helped the client gain a clear picture of the risks associated with their critical suppliers and develop strategies to tackle any potential trouble in the supply market.
Key questions answered in this supplier risk assessment include
The engagement provided the specialty chemicals supplier with an in-depth information source for supplier data management and risk. The information furnished was utilized by the client’s procurement department, information security department, and data protection officer to actively manage supplier data privacy risks. Additionally, the supplier risk assessment also helped the client to identify high-risk suppliers and received a detailed assurance review at no cost.