To lower the risks associated with supplier relationships, supplier quality management must include both supplier selection and performance management. The company must first establish the criteria for selecting suppliers, then choose those suppliers, shortlist those suppliers, select those suppliers, conduct a site visit to examine the quality management, programmes, and practises of those suppliers, and finally evaluate the performance of those suppliers. Explain why the supplier management procedures used by YOUR ORGANISATION are effective in lowering risk exposures and lost revenue with example and flowcharts.