Supplier risk refers to anything that could potentially affect the long-term viability and success of your business’s supplier relationships. It covers a variety of aspects, including supply chain disruptions; financial fraud or malfeasance; and changes in national import/export policies. As such, it’s essential that effective management of supplier risk be an ongoing priority for any company that relies on external suppliers. This includes developing proactive strategies to monitor and mitigate risk, including creating alternative sources of supply and renegotiating existing contracts when necessary. By actively managing supplier risks, businesses can ensure that their operations remain both secure and profitable.