The Role of Procurement in Third-Party Risk Management
This guide will explore the areas where Procurement is primed to take an active role in TPRM and the challenges the team may face along the way, strategies for collaborating with other key stakeholders, and steps Procurement can take to establish their role in the TPRM process.
Because Procurement works closely with vendors, they are strongly positioned to help manage and expedite the TPRM process. As the team that handles sourcing, contract negotiations, relationship management, and even off-boarding, they own third-party relationships over the complete vendor lifecycle, meaning they have strong visibility into changes in the vendor ecosystem and can negotiate with potential and current partners on a stronger footing. By taking an active role in TPRM, Procurement can ensure that it achieves its own goals while protecting the wider organization.
This guide will cover:
Because Procurement works closely with vendors, they are strongly positioned to help manage and expedite the TPRM process. As the team that handles sourcing, contract negotiations, relationship management, and even off-boarding, they own third-party relationships over the complete vendor lifecycle, meaning they have strong visibility into changes in the vendor ecosystem and can negotiate with potential and current partners on a stronger footing. By taking an active role in TPRM, Procurement can ensure that it achieves its own goals while protecting the wider organization.
This guide will cover:
- Benefits of Procurement taking an active role in TPRM
- How Procurement can encourage cross-departmental collaboration
- Steps to integrating Procurement and TPRM
- The role of Cybersecurity and the Line of Business in Due Diligence
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