Evaluate the risks associated with each supplier based on the predefined criteria and assessment parameters.

Conduct on-site audits or inspections of critical suppliers, especially those with high-risk profiles. These assessments can provide a deeper understanding of their operations and practices.

Implement a system for ongoing monitoring of supplier performance and risk. Regularly review supplier data, conduct periodic assessments, and track key performance indicators (KPIs).

Develop strategies for mitigating supplier risks. These strategies can include diversifying supplier base, negotiating improved contract terms, setting up contingency plans, or seeking alternative suppliers.

Ensure that supplier contracts include clear terms and conditions related to risk management, compliance, quality standards, and dispute resolution mechanisms.

Ensure that the supplier risk assessment process aligns with relevant regulations and industry standards applicable to your industry and region.