According to Gartner, by 2025, 70% of CEOs will mandate a culture of “organizational resilience,” a phrase signifying a new level of cybersecurity that accounts for broader security environments. Begin to move your organization toward organizational resilience in 2022 with these top 30 priorities for supply chain management and cybersecurity.
Supply Chain:
- Develop experience and strategic insight that leverages current and future business requirements, market intelligence, and historical spend information to develop innovative category strategies that drive a simplified supply base, business value and cost reduction.
- Make headway so that your design implements strategies with Supply Chain and internal stakeholders on providing opportunities to diverse and local suppliers and to increase diverse supplier contracts; implements and manages supplier diversity processes.
- Develop experience designing and implementing digital supply chain solutions, applying technologies such as process automation, IoT, big data, artificial intelligence/machine learning, predictive analytics, blockchain, etc.
- Make sure the strategy encompasses enterprise information security, product and services security, manufacturing security, supply chain security, third party security, and security related to mergers and acquisitions.
- Participate in due diligence reviews related to mergers, acquisitions, joint ventures, supply chain partners, other counterparties, and new internal projects and/or changes to existing processes.
- Perform total cost of ownership evaluations, perform supply market research and conduct pricing audits and impact analysis for the pursuit of continuous cost improvements.
- Collaborate with Supply Chain and TPRM teams to drive product Supply Chain Risk Management in the context of Supply Chain and Risk Management product portfolio.
- Support third party risk management and supply chain management life cycle activities and identify new risks as business requirements evolve.
- Create commodity or vendor specific sourcing strategies to optimize the supply base, diversity spending and total cost of ownership.
- Establish that your staff identifies sources of supply, usually invest in specification development, and bid evaluation.
- Work collaboratively with other teams in supply chain management as well as with stakeholders across the business.
- Manage supply chain risk management framework, including identification and prioritization of all risk factors.
- Be certain that your design methodologies for change management, contract reviews and supply base optimization.
- Coordinate with Supply Chain Management teams on the impact of outsourced services to Business Resilience.
- Stay abreast of emerging cyber and physical security trends and communicate risks to supply base.
Cybersecurity:
- Make sure your company assesses the effectiveness of cybersecurity capabilities, both internal to the organization and at third parties, provide guidance on effectively managing the risk of ineffective capabilities, and influence decision making by educating business stakeholders on the risk.
- Be certain that your organization is involved in managing teams and ongoing operations to inventory third-party vendors, issue notifications and questionnaires outlining an enterprise third-party cyber program to evaluate current cyber risks, and report results and findings.
- Develop experience assessing existing and current state of an enterprises third-party cyber risk management program, including existing challenges, suggested opportunities, business stakeholder requirements, and existing vendor risk analysis, data sources, and reports.
- Confirm that your team serves as the liaison between cyber security, risk management, and information security through cyber risk identification, measurement of potential losses, regulatory needs, mitigation, monitoring, reporting and escalation processes.
- Develop, deploy, and/or deepen processes for identification, assessment, prioritization, and communication of third party cyber risks and threats, in close cooperation with Cyber Risk Program Manager and with support from team of Cyber Risk Analysts.
- Lead workshops to identify operational resiliency risks, including business continuity, technology, cyber and third party, and track a portfolio of investable opportunities to enhance resilience of core services and processes.
- Make headway so that your operation assesses your organizations cyber risk strategy and posture, as it relates to data risk, cyber risk management, cyber risk frameworks and policies, and/or cyber risk measures, methods, and reporting.
- Make sure your strategy provides leadership with support in establishing and delivering the Cybersecurity strategy and leads or participates in the design, direction, and coordination of cybersecurity projects, systems or applications.
- Lead a steering committee with Vendors, Commercial, Legal, Third Party Risk Management and Business Partnership to define KPIs, track risk remediation leveraging risk management and program KPIs on the vendors Cybersecurity performance.
- Lead a Third Party Security Risk Management Program by facilitating information gathering from Third Parties for cybersecurity due diligence; and performing the subsequent analysis of the materials to determine cybersecurity risk level.
- Facilitate workshops to identify operational resiliency risks, including business continuity, technology, cyber and third party, and track a portfolio of investable opportunities to enhance resilience of core services and processes.
- Guarantee your strategy is conducting workshops to develop overall strategy, architecture, and policies for managing third party cyber risks, including addressing business requirements and developing implementation roadmaps.
- Ensure your group is responsible for leading internal IT, Cybersecurity, and third party information security risk management activities for various information services systems and processes including IT SOX compliance.
- Be confident that your design is developing the baseline components for an enterprise third party cyber risk management program including the foundational functional components and suggested processes for remediation.
- Be certain that your company executes and manages cyber risk activities including on going cyber assurance process and oversight of Third Party relationships to ensure continued compliance with TPRM requirements.
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About the Author: Gerard Blokdyk is the CEO of The Art of Service. Learn more at https://theartofservice.com.
