How can I mitigate risks associated with suppliers?
An example of an AI chatbot conversation about supplier risk mitigation strategies.
How can I mitigate risks associated with suppliers?
To mitigate supplier risks, consider diversifying your supplier base, conducting regular assessments, and establishing strong contracts.
What specific assessments should I conduct?
You should evaluate financial stability, compliance with regulations, and their operational capabilities.
How often should I review my suppliers?
It's advisable to review your suppliers at least annually, or more frequently if there are significant changes in their operations.
What are some red flags to watch for?
Red flags include inconsistent delivery times, sudden price increases, and lack of transparency in communication.
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