Braddon Consulting’s Post

ICYMI: Navigating the top 5 third-party risks in procure-to-pay processes: In today’s interconnected business landscape, companies rely on suppliers and service providers for core procure-to-pay (P2P) activities, including order processing, invoicing and payments. This dependency, while essential, introduces potential risks that can lead to operational delays, regulatory penalties and financial instability if not effectively managed. This article, part of our series on Third-Party Risk Management (TPRM) and Supply Chain Risk Management (SCRM), explores the top risks affecting P2P workflows and some strategies for mitigating them. The post Navigating the top 5 third-party risks in procure-to-pay processes appeared first on Spend Matters.

Navigating the top 5 third-party risks in procure-to-pay processes: In today’s interconnected business landscape, companies rely on suppliers and service providers for core procure-to-pay (P2P) activities, including order processing, invoicing and payments. This dependency, while essential, introduces potential risks that can lead to operational delays, regulatory penalties and financial instability if not effectively managed. This article, part of our series on Third-Party Risk Management (TPRM) and Supply Chain Risk Management (SCRM), explores the top risks affecting P2P workflows and some strategies for mitigating them. The post Navigating the top 5 third-party risks in procure-to-pay processes appeared first on Spend Matters.

Valuable overview of Third-Party risks in P2P processes with explanation how solutions address these by Spend Matters analyst Xavier Olivera - #TPRM #P2P #Procuretopay #procurement #finance #riskmanagement

Xavier Olivera explores the Top 5 third-party risks in Procure-to-Pay (P2P) processes that disrupt operations and impact business value - AND explains how P2P Solutions address these: https://lnkd.in/ensNx2Cy #risk #riskmanagement #TPRM #procurement #finance #procurementleaders #P2P #procuretopay Bertrand Maltaverne Pierre Mitchell #eprocurement Harold (Hal) Good David Turner Geraint John Jon W. Hansen

This article explores the top 10 digital strategies #procurement professionals can adopt to improve #supplier relationships and gain a competitive edge. One such strategy is accepting digital surety bonds as part of your e-procurement systems. This seamless integration streamlines the bidding and contract management phases of a project, ensuring effective risk management. https://lnkd.in/g7wByYiR

#Procurement professionals are always looking for strategic ways to improve their process. This article outlines 10 digital strategies to accomplish this goal. Give it a read!

Supplier management systems play a critical role in enhancing risk management and business resilience. By using these systems, businesses can better assess and monitor supplier performance, improve compliance, and identify potential risks before they become problems. The right platform helps companies mitigate supply chain disruptions, ensuring more reliable operations. With features like real-time data tracking and robust reporting tools, supplier management systems are key to maintaining a strong and responsive supply chain. Learn more on how to use a retail supplier management systems to enhance risk management at the link below: https://lnkd.in/gUfFuEjW.. #WITMEG #SupplierManagement #RiskManagement #BusinessResilience #SupplyChainManagement #RetailTech #ComplianceSolutions #DataDriven #TechSolutions

Navigating the complexities of third-party risk management (TPRM) is no small task for today’s organizations. Regulatory demands are increasing, and the need for accountability in third-party relationships has never been greater. Spend Matters recently published an in-depth analysis of Aravo, a TPRM solution designed to help businesses manage risk and compliance effectively. As an early pioneer in procurement technology, Aravo continues to stand out with its scalable and adaptable platform. From enhancing visibility to improving control over third-party engagements, the solution is built to address diverse organizational needs. The article dives into Aravo’s competitive positioning, key considerations for users, and a breakdown of its capabilities. If your organization is looking for a TPRM solution, this analysis offers valuable insights. Interested? The full content is available on Spend Matters (registration required). #TPRM #Procurement #RiskManagement #risk #Procuretech

Ready to elevate your TPRM strategy? KPIs help measure the effectiveness of activities like sourcing, contract negotiation, and compliance, while KRIs identify potential risks. By leveraging a maturity model and monitoring, businesses can align their TPRM activities with strategic goals and proactively manage risks. Start measuring what matters: https://buff.ly/3WzuGKN #TPRM #Riskmanagement #KPIs #KRIs #Compliance #Thirdpartyriskmanagement #procurementrisk

Is vendor risk management slowing your procurement process down? Using technology to simplify vendor risk management is critical for faster onboarding and identifying risks within the supply chain effectively. One such technology is Onetrust. Onetrust’s robust integration capabilities and automation make it a valuable tool for managing risk while keeping procurement teams focused on strategic priorities. How can I help? With over 15 years procurement experience across industries, my expertise includes: • Simplifying the vendor risk management process • Utilising technologies such as Onetrust to efficiently identify risk • Managing large scale contractual changes, including regulatory changes To discuss your vendor risk management approach and how I can support 📞 Call me at 07973159612 📩 Or email me at jbirdi@openboxprocurement.co.uk #SupplierDueDiligence #EthicalSourcing #GDPRCompliance #OneTrust #ProcurementAutomation