SUPPLY CHAIN RISK MANAGEMENT

Recent events and their outcomes have made many companies more concerned about risk exposure in their supply chains in terms of their vulnerability, stability and resiliency. Economic uncertainty, political instability, war, terrorism, cyber-attacks, natural disasters and extreme weather patterns all have the potential to affect supply chains significantly.

 

Awareness of risk exposure along supply chains has risen considerably over the past few years but many companies remain uncoordinated and implement isolated approaches when it comes to risk management.

 

Supply chain risk management should be an integral part of the company-wide risk management and business continuity process. Coordinated and defined goals, risk identification, risk assessment, risk management and risk monitoring should be fundamental elements of a risk management program.  

 

Our approach to identify and mitigate supply chain risks includes:

• Mapping the supply chain network

• Identifying potential risks

• Assessing likelihood impact

• Prioritizing the supply chain risks

• Developing a supply chain contingency plan