Art of Procurement 635: Relationship Building: The Key to Effective Risk Management in Procurement with Oliver Berrouiguet
“You need to know your suppliers, what they can and what they can’t do, and what they’re ready to do on top of the relationship you have every day. In an unstable supply chain, you need to invent new rules.” - Olivier Berrouiguet, President & CEO, Synertrade
The increasing complexity and volatility in the global supply chain is putting more pressure on procurement to level up their approach to risk management. But resource-constrained teams and a varied network of stakeholders with different understandings of “risk” means procurement has to work smarter, not harder, to be successful.
Philip Ideson recently spoke with Olivier Berrouiguet, President and CEO of Synertrade, to get his perspective on how procurement can improve their approach to third party risk management and, perhaps most importantly, how they can adjust their strategy to meet the needs of the moment, which is increasingly defined by instability, risk, and disruption.
In this podcast episode, Philip and Olivier discuss:
- How sustained supply chain volatility is changing the way procurement should approach risk management
- The often overlooked connection between supplier relationship management and supply chain risk management
- Why a more holistic approach to risk management is needed for direct, indirect, and services procurement
- The role of technology and generative AI in shaping the future of risk management solutions
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