Regulated organizations face increasingly complex supply chains and a growing number of suppliers using legacy systems. The result is that risks related to suppliers' processes and materials have grown in number and severity – including uncontrolled supplier changes that result in out-of-spec materials or non-conforming components that pose significant health hazards. Meanwhile, regulatory bodies are placing greater focus on upstream activities and consumers are demanding greater assurance of safe products.
For all of these reasons, life science organizations have made supplier risk management a key priority. Even so, many such efforts have had limited impact on preventing and mitigating supplier risk.
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As a company expands its network of suppliers, contract manufacturers and other third parties, managing the risks associated with the complex web of partners, goods and services becomes increasingly challenging. Preventing and mitigating supplier risk is made all the more difficult for organizations that have only a fragmented picture of their suppliers and what they deliver, due to manual, paper-based information- and document-management processes.
Adopting robust supplier management software solutions like MasterControl's enables organizations to manage supplier relationships and documentation in one place, leverage vendor risk management best practices and, ultimately, maintain an effective supplier risk management system.
MasterControl Risk unifies and automates all necessary risk-related activities and documentation in a single, centralized repository. The solution provides seamless integration with MasterControl Supplier, and incorporates vendor risk management best practices, and together these tools provide a complete and accurate picture of the risk landscape across product lines, business processes and business units, as well as suppliers and their goods and services.
Here's how MasterControl Risk helps companies ensure supplier risk is properly managed, easily tracked and efficiently addressed.
Supplier Risk Challenges
A lack of standard risk analysis methodologies and supplier risk assessments results in enterprise-wide waste of time, money and resources.
MasterControl brings together all risk-related data and documentation, including those related to an organization's suppliers, in a single location. MasterControl's scheduled reporting and search capabilities provide insight into, and easy access to, supplier risk assessment and mitigation activities. Using the solution with MasterControl Supplier provides ready access to supplier risk files and supplier risk assessment types, scorecards and dynamic trending, and automates actions when needed.
Inconsistent Risk Assessments:
In environments where a supplier risk assessment may be performed but is not standardized, risk evaluations may vary from one assessor to the next. Whether an appropriate action is taken depends on the particular assessor, meaning similar issues may be treated differently.
Standardized Risk Analysis Process:
MasterControl ensures that a single system is used to collect and manage risk-related activities, and that corporate risk tolerance thresholds are employed and followed for risk-related activities across the enterprise. Using the solution with MasterControl Process enables implementation of standardized risk calculation tools and methodologies.
The use of manual systems often results in the creation of separate data repositories (e.g., risk analyses and corresponding CAPAs), making it difficult to track and record comprehensive documentation.
MasterControl gives personnel across departments and locations a simple and efficient method for participating in supplier risk assessment and mitigation activities. MasterControl Risk provides electronic workflows and signatures for managing risk activities and documentation, and enables users to leverage a risk-based approach in supplier-related quality events, supplier qualification activities and other processes.
Companies using MasterControl in their supplier risk management efforts have a number of advantages over their peers, including:
To learn more about supplier risk management, please contact a MasterControl representative.