Kari Miller, Regulatory and Product Management Leader, Pilgrim Quality Solutions, an IQVIA company
Risk is a major focus in most businesses today, regardless of industry. In the past few years, the Life Sciences have seen a steady rise in supply chain issues resulting in lost market caps, recalls, regulatory fines, and other financial impacts valued in the billions of dollars. So it’s no surprise that minimizing business and operational risks, as well as legal and regulatory compliance, is on every executive’s mind, and for good reason.
Supplier risk, put simply, is the probability associated with a supplier causing an interruption in an organization’s supply chain and to the availability of products and services within that supply chain. Supplier impact, at a minimum, two legs of the three-legged Governance, Risk, and Compliance (GRC) stool: Risk and Compliance. It is safe to say then that the impact of suppliers on an enterprise is significant. (more…)