Improper vendor management strategies and risk augmentation of WorldFish Bangladesh

Abstract

Measuring risks and eliminating them as much as possible is very important for any kind of organization to be successful. Risks arising from improper vendor management strategies can be a major threat for a company’s existence. Insufficient number of approved vendors and improper vendor management criteria are two improper vendor management strategies which increases the risk of a company in various aspects. Through the results of this report, it is evident that a company’s risk augmentation from the procurement and vendor management department depends on insufficient number of vendors and improper vendor management criteria. Moreover, the evident has been found through the report is that, these two improper vendors management strategies are being followed by the WorldFish Bangladesh. Furthermore, apart from these two problems it has been found that, some other improper vendor management strategies such as- unaware of vendor’s capabilities, doing business with unapproved vendors without a formal contract, working with inflexible vendors; are also being followed by the WorldFish Bangladesh. In the conclusion of this report, some recommendations for WorldFish Bangladesh have been given.