It is the process of identifying, evaluating, and preventing or mitigating any risks that may potentially impact a project’s desired outcomes. It’s also known as Project Risk Management as it can be applied to multi phase projects and programs. All businesses face risk in their day-to-day operations the goal of project management is to identify […]

One of the biggest mistakes that organizations can make in their management of risk is to not take it seriously at all and hope that nothing goes wrong or that if something does go wrong, it won’t cause too much damage. This approach to risk management does not do justice to the true Importance Of […]

For those of you that are in the information technology (IT) field, you are probably well aware of the importance of having an effective vendor management framework in place for every company you work with. For those of you who aren’t as familiar with this type of framework, allow me to give you an overview […]

Vendors are the lifeline of the business and ensuring that the vendors we do business with are financially sound, reliable, and can deliver on time is key to our success. Vendor Risk Management is the practice of identifying, assessing, monitoring and mitigating risks associated with any vendor or third party service used by the organization. […]

The Vendor Management Risk Matrix is a two-dimensional matrix that provides the process to identify, assess and mitigate vendor management risks. The matrix highlights how vendors are classified based on their impact on an organization’s business processes, technology operations or financial well being. It helps you quickly identify which vendors is the highest and lowest […]