SCRM Lifecycle: Identify, Assess, Mitigate
Natural disasters, strikes, sanctions, fires or insolvencies—the causes of supply disruption are numerous. Globalization is making supply chains susceptible to disruption, regulations are evolving and the hyper-connected world means your brand is only one imprudent supplier away from harm. Together, these forces expose your company to critical threats: contractual penalties, production standstills, drops in sales and reputational damage.
By employing a comprehensive supply chain risk management program that will help you secure supplier relationships, prevent supply bottlenecks and ensure your company is operating both legally and ethically. To do that, you have to first understand the three phases of the risk management lifecycle: identification, assessment and mitigation.
In this riskmethods Read, we’ll walk you through what each of these phases means for your supply chain.