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UK businesses 'paying more attention to procurement risks'
Many UK businesses are reliant on suppliers that could be at risk of financial failure, increasing the emphasis they place on issues of procurement and supply, according to new research from international procurement services provider Achilles.
After interviewing 200 British companies, the report found that a number of them are substantially reliant on high-risk providers, which are defined as suppliers whose financial collapse or failure to deliver would cause significant economic or reputational damage to the buyer.
Adrian Chamberlain, chief executive officer of Achilles, said: "High-risk suppliers are worryingly prevalent in the current economic climate, at a time when businesses need transparent relationships and absolute security of supply."
He added that it is important to carry out a process of "de-risking" by vetting new suppliers thoroughly and ensuring the correct risk controls are in place throughout the contract.
A recent report from the Engineering Employers Federation found that UK manufacturers are responding to the difficult economic climate by targeting emerging markets in order to take advantage of the supply chain opportunities available there.
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