Before revision: Cultivating strategic supplier relationships for the long-term: Leverage supplier scorecards for continuous improvement Establish and use benchmarks for measuring supplier performance Creating a system for collaboration and supplier development Establish control across the extended enterprise: Create integrated supplier networks Extend performance management benchmarks to second and third tier suppliers Supplier risk management process Supplier risk management can be implemented and initiated by following 6 steps: Establish foundation Define requirement scope Create an inventory of third-parties Prioritize third parties Perform due diligence assessments Monitor and follow-up Establish foundation The first step includes the foundation is laid for supplier risk management.
After revision: Cultivating strategic supplier relationships for the long-term: Leverage supplier scorecards for continuous improvement Establish and use benchmarks for measuring supplier performance Creating a system for collaboration and supplier development Establish control across the extended enterprise: Create integrated supplier networks Extend performance management benchmarks to second and third tier suppliers Supplier risk  The first step includes the foundation is laid for supplier risk management.