Almost half of chief procurement officers in a global survey named supplier risk as a top concern, according to research.
The poll by Consero Group found when assessing areas of risk facing their departments, 45 per cent of CPOs named vendor threats as their biggest worry.
According to the 2015 Global Procurement & Strategic Sourcing Data Survey, contract risk was the next area of greatest concern, cited by 25 per cent of respondents, followed by commodity risk, fraud and corruption, and foreign exchange.
When asked about priorities for the next 12 months, 40 per cent of CPOs named cost reduction as the most important. This was followed by spend analytics and consolidating the supplier base.
Some 49 per cent believed their company has achieved tangible cost reductions through the use of a sustainability programme, up from 33 per cent last year.
But nearly two-thirds, 64 per cent, said they did not believe they have enough access to the resources necessary to manage their operations effectively.
Also, 72 per cent of those surveyed do not see a sufficient pool of trained procurement talent available.
Consero chief executive and founder Paul Mandell, said CPOs were more important to their companies than ever, as business increasingly relied on third party suppliers.
“CPOs will need to lead their organisations in thoroughly vetting new suppliers and improving supplier relations, both of which are essential to the efficient sourcing of goods and services for today’s global businesses,” he said.