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Developing a vendor risk assessment model to secure supply chains in U.S. and Canadian Markets
1 Ericsson Telecommunications Inc., Lagos.
2 Amstek Nigeria Limited.
3 GLOBACOM Nigeria Limited.
4 Independent Researcher, Canada.
Review
International Journal of Science and Research Archive, 2021, 03(02), 230-247.
Article DOI: 10.30574/ijsra.2021.3.2.0122
Publication history:
Received on 13 July 2021; revised on 23 September 2021; accepted on 25 September 2021
Abstract:
In an era of increasing global interconnectivity, securing supply chains has become a critical priority for organizations operating in the U.S. and Canadian markets. This study proposes a comprehensive vendor risk assessment model tailored to address vulnerabilities in supply chains while enhancing resilience and operational security. The model integrates qualitative and quantitative methodologies, leveraging data analytics, machine learning, and risk management frameworks to evaluate vendor reliability, financial stability, compliance with regulations, and cybersecurity preparedness. It incorporates a multi-dimensional approach, encompassing risk identification, assessment, mitigation strategies, and continuous monitoring to address dynamic market challenges. The research identifies key factors influencing vendor risk, including geopolitical instability, regulatory changes, and technological advancements, while emphasizing the importance of collaboration and information sharing between stakeholders. A comparative analysis of the U.S. and Canadian regulatory environments highlights similarities and differences that shape risk assessment practices, providing a basis for localized implementation strategies. The proposed model aims to mitigate risks such as supply chain disruptions, data breaches, and reputational damage by integrating predictive analytics and scenario planning. It emphasizes the role of advanced tools, such as blockchain for transparency, and artificial intelligence for early warning systems, to enable proactive decision-making. By fostering adaptability, the model supports businesses in navigating uncertainties while maintaining compliance with national and international standards. This study contributes to the discourse on supply chain security by offering a robust framework that enhances vendor selection and performance evaluation processes. The findings underscore the necessity of embedding risk assessment as a core element of supply chain management, ensuring sustainability and competitiveness in increasingly complex markets.
Keywords:
Vendor Risk Assessment; Supply Chain Security; U.S. Markets; Canadian Markets; Risk Mitigation; Cybersecurity; Predictive Analytics; Regulatory Compliance; Blockchain; Artificial Intelligence; Supply Chain Resilience
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Copyright © 2021 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
