Executive Briefings

The Three Pillars of Risk Management Can Protect Your Supply Chain

Managing supply chain risk requires the ability to effectively and continuously apply three pillars of risk mitigation. Similar to the three legs of a stool, these are of equal importance, and when combined create the foundation for a comprehensive risk-management strategy.

The first is to look beyond the obvious. For example, are you aware of the risks that exist throughout the chain of custody for critical purchase components?

The second is to expect the unexpected. Organizational risk-management plans may deal with known or suspected risks but fail to provide a comprehensive overview of the risks inherent within the supply chain.

Third and final? Practice to be perfect. Effectively planning for risk requires full disclosure of risks, and all risk-mitigating and contingent actions that may be required, to all who will have to perform such actions.

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Keywords: Supply Chain Security & Risk Mgmt, Quality & Metrics, Supply Chain Analysis & Consulting, Global Supply Chain Management, Supply Chain Protection

The first is to look beyond the obvious. For example, are you aware of the risks that exist throughout the chain of custody for critical purchase components?

The second is to expect the unexpected. Organizational risk-management plans may deal with known or suspected risks but fail to provide a comprehensive overview of the risks inherent within the supply chain.

Third and final? Practice to be perfect. Effectively planning for risk requires full disclosure of risks, and all risk-mitigating and contingent actions that may be required, to all who will have to perform such actions.

Read Full Article


Keywords: Supply Chain Security & Risk Mgmt, Quality & Metrics, Supply Chain Analysis & Consulting, Global Supply Chain Management, Supply Chain Protection