Retail & Supply Chain
Online sales are on the way to superseding in-store sales, and the supply chain is more integrated and dynamic than ever, sometimes resulting in having more service providers than suppliers of goods for resale. While revolutionary for the sector, digitisation also brings new risks. Due to the abundance of personal data assets, retail is a major target for cyber attacks and subject to strict regulations, which retailers and suppliers need to manage to avoid detrimental business disruptions and reputational damage.
Challenges
- No ongoing visibility of critical supplier risk
Retailers have limited clarity of the risk profiles of their critical suppliers, leaving them vulnerable to potential cyber and business threats and their impact on operations. - Siloed approach to risk management
Misaligned objectives from management, operations and technical departments are difficult to coordinate, causing inefficiencies that lead to onboarding backlogs and inaccuracies. - Overload of incomplete solutions
Multiple specialised solutions that only partially manage vendor risk management create an expensive deluge of fragmented information slowing down decision making.
