Mapping and Risk Assessing

Supply chain management starts and ends with mapping and risk-assessing your suppliers and manufacturers, and this process is never-ending as new relationships form.

Supply chain management starts and ends with mapping and risk-assessing your suppliers and manufacturers, and this process is never-ending as new relationships form.

Icon - Risk assessing your supply chain

02

Risk Assessing Your Supply Chain

Once a supply chain map starts developing, you can begin to risk-assess your relationships. Risk assessing should be a tailored approach that works for your business, starting with purchasing spend, country risk, product risk or other factors to enable a targeted strategy for assessing manufacturing sites or suppliers. A risk-grading matrix will be created in line with your requirements and appetite for risk, using each individual non-conformance from a third-party audit or online assessment and grading it as a minor, major, or critical non-conformity (NC). The overall risk for that supplier or manufacturer is then determined by counting all the individual NCs and their severity. This creates a new priority list based on actual risk and allows your business to focus on improving the highest risk sites first.

Icon - Managing risk

03

Managing Risk

Now that each relationship is mapped and risk-graded, it falls to the suppliers and manufacturers to improve their grade. We require sites to upload evidence and root cause analysis to show they have corrected the non-conformances (NCs) and explain what they have put in place to prevent a recurrence. We use our team of global expert auditors to review the evidence and advise whether the NC can be closed or if further evidence is required. Should a site not cooperate, we agree a defined escalation process with our clients to ensure they are aware of any particularly critical issues or uncooperative suppliers.

“Verisio is an essential partner for N Brown in managing our supply chain. Support from the team is invaluable, and their expertise is always close by. Chasers and risk-grading are all customised to our company’s needs, ensuring we have the exact processes we want. We would recommend Verisio for any company that needs support with its supply chain management.”

“Verisio is an essential partner for N Brown in managing our supply chain. Support from the team is invaluable, and their expertise is always close by. Chasers and risk-grading are all customised to our company’s needs, ensuring we have the exact processes we want. We would recommend Verisio for any company that needs support with its supply chain management.”