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CVM Supplier Diversity Blog

Supplier Risk Assessment vs. Vendor Risk Assessment

A business that an organization hires, purchases goods and services from, or otherwise contracts to provide something can be referenced by many names: supplier, vendor, third party, contractor, reseller, provider, merchant, partner. The last example—partner—is especially apt, because a key supplier can become a valuable asset for the company it’s working with. A strong partnership forms, and both the contracting organization and the supplier greatly benefit from the arrangement. 

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How Supplier Risk Assessment Relates to Supplier Diversity

Perhaps the most famous incident of a supplier being inadvertently responsible for a catastrophic business and reputational loss is the 2013 Target data breach. Cyberattackers obtained system credentials given to an HVAC vendor to access Target’s systems. The result: The payment information of 41 million customers was exposed, as well as contact information of more than 60 million customers. 

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What Is a Supplier Risk Assessment?

Companies need suppliers to provide key functions, goods, and services to thrive. When the supply chain is diverse, organizations benefit even more.

Yet, every vendor you contract, every component you buy for your production line, and every operational necessity you outsource carries added risk. Unless you plan on not using a single supplier at all—which is, of course, virtually impossible—that risk is unavoidable.

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5 Benefits to Implementing a Supplier Registration Portal

Becoming a supplier diversity professional was supposed to be how you changed the world or at least improved a corner of it. You got into supplier diversity to strengthen the supply chain, bring innovative solutions to your organization, and positively impact both your company's bottom line and the diverse suppliers you cultivate relationships with. Instead, you spend hours collecting and entering supplier data into spreadsheets, calling to verify your data is correct, and wondering where it all went wrong. 

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How Often Should Data Enrichment Be on Your Radar?

Did you know that every year approximately one-third of supplier data become outdated? That's disheartening news if you're still spending hours and hours manually entering and verifying supplier data. Manually adding and verifying supplier information is time-consuming and costly. Unfortunately, because we are human, manual data preparation is also a guaranteed path to data inaccuracy.

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For over a decade CVM's mission has remained unchanged: lead the transformation of Supplier Diversity program management and support Supplier Diversity programs. CVM helps corporate supplier diversity programs in every stage of their evolution; from those that are just getting started, to the most advanced, world-class programs. Equipped with unparalleled data intelligence, superior technology and expert guidance, businesses can effectively establish and advance their Supplier Diversity initiatives.