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One of the least attended area in the sourcing and procurement world today is the risk analysis. All Contracts bring significant set of risks. While most companies recognize this and respond by adopting a thorough risk analysis process they often limit risk analysis activities to the areas of service provider communication, service level agreements (SLAs) and billing accuracies.
Sourcing Auditors believe that the most important areas in Contract Management world are:
Most research and analysts firms in the sourcing world believe that 50%+ of contracts fail as the risks in the above fields are not managed properly. Our CSAs will conduct a thorough analysis of the risks that your firm is exposed to in the above areas. Be it your service provider model, engaged sourcing strategy, roadmap of the technology that you are invested in, service provider issues and escalations and most importan tly the risks stemming from geographical location(s) of your service provider.
Our CSAs (Certified Sourcing Auditors) will use our special Auditors Risk Model (ARM) based on Failure Mode and Effects Analysis (FMEA) to calculate the Risk Priority Number (RPN) associated with 55+ parameters from the above field basis possible impact of the risks, associated priority and its detectability.
Once thorough Audit Reporting is done and risks are analyzed using the Auditors Risk Model (ARM), our CSAs will put forth Recommendation Plan (RP) to mitigate the risks by;