Managing Risk in the Energy Supply Chain

FOR GREATER RESILIENCE

Don’t let risk events shock your energy supply chain. Transform your risk management and take charge of disruption

Complex and diverse, the energy sector is susceptible to disruptions. Threats to infrastructures include cyberattacks, geopolitical risk, and demand surges. Power outages and fuel shortages impact the global economy. Decarbonization and the energy transition will also require massive investment.

Why Your Energy Supply Chain Is at Risk

How Our Customers Master Supply Chain Risk

Quote
In the past, our supply chain was designed primarily for cost efficiency rather than resilience or agility. In today’s more challenging market environment, a key success factor in our purchasing strategy is managing our supply chain risk. This supports us in our mission to deliver more value to our customers.
Velat Özkilinc, Executive Vice President and Chief Purchasing Officer, Joyson, Safety Systems
Risk Radar Dashboard

Why Manage Risk with The riskmethods SolutionTM?

the riskmethods icon

Be risk aware

Protect your margins. Get a total view of risk to make your supply chains more resilient.

the riskmethods icon

React faster

Gain competitive advantage by ensuring business continuity. Meet customer as well as regulatory demands.

the riskmethods icon

Be proactive

Protect your brand reputation. Proactively reduce risk and ensure sustainability in your supply network.

Use a Total View of Risk to Overcome Your Supply Chain Challenges

Challenge #1 Improving Supply Chain Resilience

Be able to effectively withstand shocks, maintain supply, recover quickly

Challenge: In response to events including the pandemic and the Ukraine war, the energy industry has been forced to examine its supply chain resilience. Short-term fixes are no longer sufficient; isolated efforts will not withstand the next shock. Companies with resilient supply chains recovered from the pandemic five times faster, and market capitalizations were nearly double, according to research from Accenture.

Energy poles

With The riskmethods Solution, you can: 

  • Map your supply chain to gain insight into critical dependencies, and identify areas for improvement
  • Assess the impact of disruptions on your business from financial, natural hazard, social, and geopolitical risks, among others. Evaluate your overall risk profile, including single-source suppliers and reliance on foreign markets
  • Develop strategies for mitigating risk and improving resilience across your energy industry supply chain. Use AI-based risk management tools suited to your business and operations, so you can shield your enterprise from disruption

Challenge #2 Cybersecurity

Cybercriminals target virtually all positions along energy sector supply chains  

Challenge: Energy companies are vulnerable to cyberattacks at multiple points in the electricity supply chain.  Today's power grids depend on advanced technology. Cybercriminals could gain access to industrial control systems (ICS), and infiltrate  production, installation, maintenance, and even decommissioning. From cybercrime to accidental data loss, such attacks can have a devastating impact on business continuity.

mobile alert from riskmethods

With The riskmethods Solution, you can: 

  • Reveal vulnerabilities in your supply chain to reduce the risk of an attack
  • Demonstrate compliance to cybersecurity requirements
  • Mitigate business disruption from cyberattacks. Analyze potential impact to your supply chains, and use ready-made action plans to minimize damage and recover quickly
  • Assess the cybersecurity of your suppliers. Minimize the impact on your operations through proactive analysis and monitoring, so your company can maintain a competitive advantage 

Challenge #3 The Transition to Renewable Energy Sources

Growing pressure to invest in alternative sources and reduce carbon emissions

Challenge: Decarbonization, cost competitiveness, geopolitical considerations, and severe weather events are speeding up the energy transition. As societies move toward a low-carbon future, the global energy mix is changing. Alternative energies are increasingly important, along with renewable energy supply chain management. Yet each renewable energy supply chain is unique, for example, the wind energy supply chain, solar energy supply chain, and biofuels supply chain. They all face specific challenges and risks.

With The riskmethods Solution, you can:

  • Reduce the risk of extreme weather impacts such as floods and droughts. Get real-time alerts of risk events to improve performance of your energy supply chain. Mitigate the financial impact of natural hazards through increased resilience 
  • Recognize patterns to be prepared for regional natural hazards, for example, tropical storms. Develop energy supply chain management strategies to mitigate risks and begin activities quickly thanks to ready-made action plans.
  • Protect reputation and brand value by demonstrating that you and your supply network meet environmental, social, and governance (ESG) requirements. Reduce risks of fines, lawsuits, and other penalties. Assess your supplier compliance with local laws, regulations, and standards 

Customers all over the world rely on our solution

Have a question about managing risk in the energy and resources supply chain?

Ask away – no question is too hard for our SCRM experts! Fill out the form and we will be in touch to schedule a time to talk.
Back to top