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Are Your Suppliers At Risk? ZURICH Insurance Article

Supply Chain Management – Are Your Suppliers a Risk? ZURICH

As we are currently witnessing, risk in the supply chain can be triggered by an infinite number of events. The coronavirus virus and cyberattacks on industrial control system demonstrate why the approach should address four critical categories of assets that support the creation, sourcing, production, movement/logistics, and servicing. They are human capital, digital assets, physical assets, and third party relationships. Over the past decade working with global orgs, I’ve found that applying an activity-based framework across the life cycle of a product/category helps accelerate and organize the data gathering, manipulation, analysis, presentation, and later Managment of risks across the supply chain. It’s taken me more than a decade and several dozen large scale projects to develop a process, tools and a platform to become efficient and thorough in this process. Bottom line, managing risk is a data driven process and those who relentlessly pursue the data will not only minimize exposure but will also create competitive differentiation! Thanks for sharing!!