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Partner with Procurement to Build Business Resilience

Why finance needs to work closely with procurement to manage and mitigate supply chain risks, and how to accomplish the culture change this shift may require.

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Companies today are re-evaluating how they manage supplier relationships, for a number of reasons. Many organizations have experienced unexpected interruptions in their supply chains over the past few years, whether due to natural disasters or political unrest, because the global financial crisis forced key suppliers to close their doors, or because tight liquidity prevented suppliers from scaling to meet the company’s new levels of demand.

At the same time, businesses have become increasingly aware of the potential impact of cyber risks on their supply chain, thanks to incidents such as the data breach at a Target supplier, which put the personal data of 70 million Target customers at risk and damaged the retailer’s long-standing reputation.

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