From risk to reward
Managing risk in consulting relationships
Globalisation and technology have undoubtedly created new opportunities for consulting and outsourcing firms, their clients and their suppliers. However, they have also given rise to a whole new set of risks, which go beyond straightforward performance management. Loss of confidential data, expensive battles over patents and copyrights and service breakdown due to force majeure, are all examples of a failure to manage risk effectively, which can be at best expensive and at worst disastrous for the organisations concerned.
In response to these new risks the procurement process has become even more rigorous, lengthening the sales cycle for suppliers and reducing the personal element of business negotiations. Many organisations are centralising both their procurement and risk management functions to deal with these challenges in a more integrated way. Consulting firms need to understand these changes in procurement and supplier selection in order to differentiate themselves, speed up the business pipeline and secure longer and more profitable contracts.
The MCA's report, From risk to reward, provides consultants with a better understanding of the risks involved in these relationships and how clients are responding, whilst introducing practical tools to manage these relationships.
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