What will be your procurement risk management strategy against new supplier?

Question

Accepted Answer

My procurement risk management strategy against new suppliers involves thorough background checks, supplier audits, and diversification of suppliers.

Conduct thorough background checks on potential new suppliers to assess their financial stability, reputation, and past performance.
Perform supplier audits to evaluate their quality control processes, compliance with regulations, and overall reliability.
Diversify the supplier base to reduce dependency on a single supplier and mitigate risks associated with disruptions in the supply chain.
Establish clear communication channels and expectations with new suppliers to ensure alignment on quality standards, delivery schedules, and pricing agreements.

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