Risk management has become the pervasive mantra throughout the supply chain world, but as technology evolves the need for increased business agility is at an all-time high. As manufacturers continue to adopt more technology and become more sophisticated and global, not only do they become more vulnerable to risk, they also have more opportunities to manage risk.
Senior executives across the board identify risk management as a key care for their company, but the challenge is whether or not the company is truly prepared to identify and respond to changes in the marketplace, whether they be positive or negative. Because positive market changes usually advance a company's growth, companies are most prepared for these types of changes, such as an acquisition/merger, introducing new products, or entering into a new market. But when you consider earthquakes, tsunamis, hurricanes, global terrorism, tainted products from foreign markets and economic events like the skyrocketing cost of oil, external risk cannot be denied.
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Keywords: supply chain risk management, supply chain, business disruption, business continuity plans, training for supply chain disruption, logistics management
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