Third-Party & Supply Chain

Procurement costs have been on the rise in 2023, posing significant challenges for organizations as they grapple with inflation, supply disruptions, and other unprecedented factors. The Hackett Group's latest research report, "Resilience: The Digital World Class Procurement Advantage," sheds light on the increasing financial burden faced by procurement functions. According to the report, procurement costs now comprise 74% of total spend for Digital World Class organizations, up from 69% the previous year. Peer organizations have also witnessed a similar trend, with procurement costs accounting for 93% of total spend in 2023, up from 89% in 2022.

CEOs of UK and US-based companies are expected to dedicate even more time to supply chain matters in the coming year, according to the recently released Supply Chain Barometer by Proxima. Based on a survey of 2,000 business leaders, the study sheds light on the key issues and concerns faced by CEOs when it comes to global supply chain challenges in the year ahead. Notably, human rights issues within supply chains have emerged as a top concern for business leaders.

ProcessUnity and CyberGRX have announced their merger, creating a software and data platform to enhance customers' ability to identify, assess, analyze, and mitigate risks within their ecosystem. The combined company aims to centralize and standardize vendor risk management, specifically addressing the critical challenges of third-party and cybersecurity risks faced by global enterprises.

Organizations in recent years have had to manage more third-party relationships and address more blocks in supply chain than ever before, and with today’s roads as busy as they ever have been, they are one more environment where risk can arise.

Taiwan Semiconductor Manufacturing Company (TSMC), a globalleader in semiconductor manufacturing, recently experienced a data breach that compromisedsensitive information. After thorough investigation, the breach was traced backto a third-party vendor, highlighting the criticality of supply chain securityin safeguarding valuable data. This article explores the details of the TSMCdata breach, its implications for supply chain management, and the significanceof robust security measures in protecting against cyber threats.

Hundreds of organizations across the globe are reconsidering and reevaluating their approach to third-party & supply chain related risk in the wake of a global cyber heist pulled off by an increasingly notorious ransomware gang.