At riskmethods we realize that identifying risks in the supply chain is only half the battle. Of course being the first to receive information about a disaster and how you’re affected is important, but it is actually what you do with that information, and how quickly you can initiate an internal process to address that situation which becomes the real competitive advantage.
Action Planner makes it possible to build standardized risk mitigation plans for both reactive and preventive scenarios. Initiating this process to tackle risk with speed, or better yet, proactively minimize risk, allows you to protect your company from the unwanted implications that come with supply chain disruptions.
We’ve identified risks, but what do we do now?
We want to be more proactive and prevent risks before they materialize
I need to show my customers / certification bodies / management that we have risk mitigation plans in place
We have an excel sheet with mitigation plans. We update it twice a year…if that
I have to chase down my colleagues for this information
Act quickly by leveraging intelligent mitigation suggestions that target the root causes
Initiate action when supply chain nodes have exceeded risk thresholds with the appropriate contingency plans in place when disasters hit
Map the action plan process, including status and notifications to serve crisis teams with one source of truth that’s easy-to-use
Use the technology to automate the necessary workflow to avoid gaps of time and information reporting (which are all too familiar with ad-hoc, manual processes)
Assign cross-functional responsibilities for each action plan to collaborate easier cross-departmentally
Managing risks along the supply chain means identifying risks (via the Risk Radar) and assessing risks (via the Impact Analyzer). This combination serves as the basis for addressing risks in a proactive way, using appropriate action plans, so as to ensure long-term corporate success.
Read more about the step-by-step approach, and conceptual and organizational implementation of risk management (Action Planner)!