Six Step Guide for Vendor Risk Management Programs

Enterprise Risk Management has been gaining relevance in today’s time due to the dynamic nature of regulations and a competitive market environment. Risk management internal to the company is where the majority of companies are focusing on which special emphasis on optimizing internal controls and processes. However, the major party of enterprise risk management is vendor risk. Managing multiple vendors, suppliers and partners are now difficult. With shrinking margins always the concern for corporates, companies can only focus on optimizing its costs in which effective vendor management plays an important role.

Adoption of The GRC Regime in the Past, Present & Future

“Knowledge constantly makes itself obsolete with the result that today’s advanced knowledge is tomorrow’s ignorance”. One has to be on the learning curve and continuously move up. Business today operates in a highly complex & dynamic world. GRC is a discipline that brings together focus areas across corporate governance, enterprise risk management and corporate compliance. The aim of an effective GRC strategy is to ensure that the right efficiencies are brought in and more effective information sharing & reporting mechanisms are enabled.

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