Supplier Risk Management Process is a system that evaluates, monitors, and controls the risks associated with third party supplier relationships. The purpose of this process is to ensure that suppliers are compliant with contractual requirements, legal stipulations, and organizational policies. This can involve analyzing supplier profiles, evaluating financial stability, assessing operational capabilities, monitoring performance, and conducting background checks as needed. By utilizing this process, organizations can effectively plan ahead for potential risks and ensure the continuity of operations.