How can you monitor and update your purchasing risk management plan?

Risk and opportunity register is a dynamic document which requires a detailed review periodically. I would prefer to review the entries when ever it gets entered in to the register to mitigate the risk or tap on the opportunity at the earliest as possible!

Risk register in the manufacturing industry based on ISO standards, it would typically involve identifying and managing risks in accordance with ISO, which is the international standard for risk management. This involves assessing risks, developing strategies to mitigate them, and regularly reviewing and updating the risk register to ensure effective risk management.

The risk and opportunity register is a dynamic document that needs to be thoroughly reviewed on a regular basis. In order to reduce risk or seize an opportunity as soon as possible, I would want to evaluate the entries as soon as they are entered into the register!

Your suppliers' and your purchasing function's performance is gauged by your key performance indicators (KPIs). They assist you in keeping an eye on the developments and outcomes of your risk management strategy and locating any holes or problems that require attention. Supplier delivery performance, supplier quality performance, supplier compliance, and supplier relationship are a few typical KPIs for purchasing risk management.

A simple tracking tool logging deviation occurrences can help, especially if you’re displaying KPIs via a dashboard. If any changes are made throughout the year you can then run T-tests or other statistical tests depending on the data. Keeping it simple helps with sustainability.

The internal and external parties involved in or impacted by your risk management strategy and purchasing function are your stakeholders. They consist of regulators, managers, staff, suppliers, and customers. To keep your stakeholders updated on your risk management plan, its status, and its results, you should communicate with them often and openly. In order to better your plan and make sure it meets their needs and expectations, you should also ask for their opinions and ideas. In addition to identifying and resolving any possible problems or misunderstandings, communication with your stakeholders may help you foster a culture of trust, collaboration, and accountability.

The instruments that assist you in determining the efficacy and conformity of your purchasing function and risk management plan are audits and assessments. Depending on the audit's or assessment's goals and objectives, they may be internal or external.

Comprehending your experiences is the last phase in the risk management process. It entails documenting and evaluating the lessons discovered throughout the development, execution, and results of your risk management strategy. Continuous learning from your experiences is important, as is reflecting on each significant project or event that touches on your purchasing function and risk management strategy. The finest practices, achievements, mistakes, and chances for development that you have discovered from your experiences ought to be recorded and disseminated. The learning outcomes should also be used to update your risk management plan overall, your audit and assessment plan, your communication plan, your KPIs, and your risk register.