While general practice with respect to Risk Management tends to focus on reducing financial risk and exposure, more and more in the marketplace companies are looking towards Risk Management with a view to how it relates to employees, customers and the perception of the general public with respect to negative events that may affect them.
Many different strategies can mitigate or eliminate risk, with the first step being to approach the Risk in these simple stages:
- Identify possible threats;
- Assess the vulnerability of key assets such as information to the identified threats;
- Risk Manager must then determine the possible consequences of specific threats to those assets;
- Calculate ways to reduce the risks;
- Prioritize the risk management procedures based on their importance to your organization.
When it comes to employee or third party vendor management, to effectively manage risk, your company will have a substantial due diligence process in assessing a supplier or service provider. When you choose Brook as your Vendor Manager, the due diligence process on your suppliers and the risk associated is effectively managed by Brook on your behalf. Some areas of particular interest are in the following categories:
Cash management is a vital component of running a business. Brook can aid companies by mitigating potential cash flow issues utilizing our Supplier Payment Options allowing your suppliers to meet your payment terms.
With the ever changing insurance requirements in today’s marketplace, often smaller vendors are not in a position to comply with these requirements in totality. With Brook as your Vendor Manager, the onus is on Brook to meet your insurance requirements and offsetting that to suppliers is no longer a concern.
Brook has over a decade of experience in managing vendors for large OEM’s. We pride ourselves in being able to bridge the gap that allows suppliers to meet the goals and objectives of the OEM’s in an efficient and cost effective manner.