Key Takeaways
- Six vendor risk categories: performance, financial, compliance, fraud, concentration, and reputational.
- Vendor risk assessments evaluate financial stability, insurance, licensing, references, and capacity utilization.
- Every critical vendor needs a contingency plan with an identified backup, transition procedure, and financial impact estimate.
- Contingency planning is professional management, not distrust.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?