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💡 According Gartner: “ Sourcing and procurement leadership must invest in supplier riskmanagement, digitalization, future of work and post pandemic recovery. Many eSourcing solutions use AI algorithms for sourcing and assessing regulatory compliance by vendors.
Under the Proposal, however, they would be subject to heightened scrutiny via routine monitoring, requests for information, and on-site or off-site compliance examinations. Firms that are squarely or peripherally within the CFPB’s sights under the Proposal should consider revised riskassessments and riskmanagement measures.
Process: The production manager at XYZ Corp notices a decline in production efficiency and identifies the need for a new manufacturing machine to meet increasing customer demand. Documentation: A Needs Assessment Report is prepared, detailing the type of machinery needed, the expected improvement in production efficiency, and the budget.
Effective vendor management contributes to cost optimization, risk mitigation , and quality assurance. In clinical research , vendor management involves stringent regulatory requirements , including ICH E6 Good Clinical Practice, ISO 14155, FDA 21 CFR Part 50, and Regulation (EU) No 536/2014.
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