Identifying And Extinguishing Risk In The Short And Long Term

1. Use Case Studies To Your Advantage

CPOs are just starting to understand fully the importance big data has on the procurement industry. Use case studies as effective learning tools to help your company prevent a catastrophic event, such as a major data breach. Case studies are a great way to learn from the mistakes of others.

2. Make Technology Your Asset

Leverage technology to identify risk areas in your third-party relationships and global supply chain management.  Identifying software that mitigates risk for your department may reduce operational expenses in the long run.

3. Create An Effective Risk Appetite Framework

A clearly understood and communicated risk appetite statement, as part of a broader framework for the company, will go a long way in strengthening your organizational strategy and overall enterprise risk management approach.