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MANILA, Philippines – Every business depends on suppliers. Whether they provide raw materials, logistics, technology or other critical services, suppliers play a direct role in an organization’s ability to operate, serve customers and grow. Yet many companies continue to view supplier verification as a one-time procurement requirement rather than an ongoing business risk management practice.
This mindset needs to change.
As supplier networks expand and become more interconnected, so do the risks associated with them. A supplier’s financial standing, compliance status, operational capabilities and cybersecurity readiness can change over time. What may appear to be a reliable supplier today may present risks tomorrow. Business leaders should therefore integrate supplier oversight deeper into broader risk management efforts through regular monitoring and assessment.
The consequences of failing to do so can be significant, leading to delays, rising costs, compliance concerns or service disruptions.
