In my previous role, I conducted comprehensive supplier risk assessments by analyzing financial stability, compliance records, and operational performance. I utilized tools like risk matrices and scorecards to evaluate potential risks and implemented mitigation strategies. My approach ensured suppliers met organizational standards, reducing disruptions and enhancing supply chain resilience.

I regularly monitor industry publications, attend webinars, and participate in professional networks to stay informed about regulatory changes. Additionally, I collaborate with legal and compliance teams to interpret new regulations and update risk assessment frameworks accordingly, ensuring our supplier management practices remain compliant and proactive.

For high-risk suppliers, I implement contingency plans, such as dual sourcing and inventory buffers, to minimize disruptions. I also conduct regular audits and performance reviews to ensure compliance. By fostering open communication and setting clear expectations, I work collaboratively with suppliers to address vulnerabilities and improve their risk profiles.

I prioritize risks by assessing their potential impact and likelihood using a risk matrix. Critical suppliers with high exposure are addressed first, followed by medium and low-risk suppliers. This structured approach ensures resources are allocated effectively, and the most significant risks are mitigated promptly to maintain supply chain stability.

Once, a key supplier faced financial difficulties, threatening production timelines. I quickly identified an alternative supplier and negotiated favorable terms to ensure continuity. Simultaneously, I worked with the original supplier to address their challenges, ultimately restoring the relationship. This proactive approach minimized downtime and maintained operational efficiency.