Supplier risk management identifies and mitigates the risks associated with engaging a specific supplier and monitoring and measuring their performance continuously throughout the life-cycle of a system or project. This involves establishing a focus on monitoring risks at activities such as:
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- defining specific strategies for risk management at the executive level
- defining the scope of risk management to be performed
- defining the scope of the project and ensuring agreement wi the supplier
- identifying additional or new risks according to a strategy and throughout the project as new risks develop
- analyzing the risks and the priority in which to apply resources to monitor these risks
- defining, applying, and assessing risk measures to determine changes in the status of risk and in the progress of the monitoring activities
- applying appropriate actions to reduce or avoid the impact of risk.
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