Vendor management professionals are in an excellent position to collaboratively pull together resources across the organization to determine potential risks. Basically, by playing the “what if” game and asking probing questions to draw out – or eliminate – possible negative outcomes, everyone involved adds their insight into parts of the organization to gather a comprehensive picture of potential impacts.
Financial Risk Impact Tool
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Identify and Manage Financial Risk Impacts on Your Organization
Good vendor management practices help organizations understand the costs of negative vendor actions.