Supplier Risk Assessment

In a multi-tiered supply chain, your ability to deliver product is put at risk by the performance of its worst supplier. It only takes one part from one supplier to hold you back and impact deliveries to your customers. You can mitigate the risk in your supply chain by addressing the issues before they become full-blown problems.
The key is to have an efficient way to gather data and insights about your extended supply chain, and to convert that information into an actionable plan. By getting ahead of events, you can manage the situation more successfully and avoid those predictable crises. As leaders, we strive to spend less time reacting to problems through advanced planning and execution. The same concept applies to your supply chain.

Symphony has helped companies achieve that ideal by conducting hundreds of on-site and remote supplier risk assessments. We can deploy our proprietary assessment tools to assess your suppliers’ financial and operational health, and help you devise supplier development or alternate sourcing strategies to mitigate these risks.

Examples of services we can provide:

• Assessment of suppliers in key areas like operational readiness, financial strength, and business continuity planning (including information technology disaster recovery)
• Comparison of supplier’s performance in each of these areas to industry standards
• Supplier development and remediation in the risk areas identified
• Implementation of forward-looking, predictive metrics for suppliers to provide early warning of supply chain disruptions
• Drafting and editing of business continuity and disaster recovery plans addressing operational and IT readiness