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Third party scorecards: Making an improved culture of collaboration a reality

Scorecards that measure the performance of suppliers and vendors that a company contracts with have been a business tool embraced by procurement for some time now.

However, there’s an evolution underway. Increasingly businesses are recognizing that a holistic third party scorecard that also embeds risk and compliance metrics, can not only help drive continuous improvements in vendor performance, but can also help reduce the risk that third party engagements may bring to the enterprise. What’s more, scorecards can also be leveraged as a collaborative tool to help raise the collective bar of the third party ecosystem – especially in areas such as IT security.  Operational risk, Information Security and Compliance are all now stepping up to the scorecard plate.

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Topics: risk and compliance, third party relationships, Data Security & Privacy, information security, reputational risk, regulatory risk, risk-scoring, third party risk, data privacy, performance scoring, organization risk, regulatory compliance