Four key takeaways from riskmethods SCRM Summit 2022 Munich

THE RESILIENT ENTERPRISE | THE RISKMETHODS BLOG

Under the theme “Share and Solve,” participants at our Boston and Munich summits shared ideas and real-life use cases for solving risk challenges, while panel discussions and fireside chats stoked lively debate. Our Munich blog describes four key takeaways.

At riskmethods Supply Chain Risk Management Summit 2022, thought leaders and experts in procurement and supply chain met up to exchange ideas on proactively managing risk and threats. And certainly, attendees are keenly interested in preventing risk (63% in our poll).

Under the theme “Share and Solve,” participants at our Boston and Munich summits shared ideas and real-life use cases for solving risk challenges, while panel discussions and fireside chats stoked lively debate. As one presenter noted, “There is no glory in prevention.” This incisive statement describes why proactive strategies, which build the foundation for managing risk, are often harder to implement than reactive heroics.

Here are four key takeaways from the Munich sessions:

1. Supply chains are under extreme pressure

The tagline for our 2022 SCRM Summit was “Leading Change in a New Era: Best Practices for Supply Networks Under Pressure.” In recent years, risk events of all kinds have relentlessly pummeled supply chains: COVID impacts, shortages, extreme weather, war, skyrocketing inflation. Such far-reaching events and their consequences have put risk management on the agenda. 

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Indeed, one speaker said that enterprises may be “leaving the golden age of global procurement.” For participating companies, the focus has shifted from supply chain efficiency to resilience, the ability to withstand and recover from disruption. They emphasize how important it is to become a resilient enterprise right now. As risk experts can tell you: The biggest risks are the ones you did not prepare for.

2. ESG is everywhere. So is sustainability

There is an industry paradigm shift to environmental, social, and governance (ESG) and sustainability. riskmethods remains your trusted partner for SCRM, and Sphera Acquisition creates long-term perspective. Together, we provide the tools to achieve and execute risk management and ESG requirements at an operational level.

Although complex, regulation offers an opportunity. Enterprises can improve ESG to better their own reputation. For example, the German Supply Chain Law introduces strict legal requirements in Germany. Similar requirements across Europe and worldwide increasingly demand visibility, transparency, and sustainability. This trio benefits credibility and brand.

3. Instill a risk-aware culture before installing digital tools

For a supply chain risk management (SCRM) program to work, it is people first, then processes, then technology. All employees have to “live” risk management, and SCRM has to be integrated in everyday processes to turn risk-watching into risk management.

Successful programs use a step-by-step approach to overcome uncertainty, and give employees confidence. Clear guidelines help everyone involved stay on track, while cross-functional cooperation enabled enterprises to scale SCRM across all regions. In addition, attendees learned the key role CPOs can take to navigate the enterprise on their digital journey to the future.  

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AT EACH SUMMIT, WE HONORED OUTSTANDING PERFORMANCE IN IMPLEMENTING SCRM PROGRAMS. READ ABOUT OUR AWARD-WINNERS! 

Boston: riskmethods Announces 2022 Supply Chain Risk Management Programs of the Year Award Winners | riskmethods  

Munich: riskmethods Announces 2022 Supply Chain Risk Management Programs of the Year Award Winners | riskmethods 

4. Collaborate to mitigate risk

riskmethods opens the door to visualizing the supply chain around the world and across all tiers. Clients with our Sub-tier Visibility module described how to get suppliers on board and make the program a success. Tips include: invest time to introduce the topic to business partners, empower your internal project team, and remember you can rely on riskmethods support. 

Users verified that automated risk assessment is a real time-saver when collecting valuable supplier risk data. Event-based, ad-hoc, or regular cadence help enterprises accurately understand the current state of supplier risk. The enterprise, along with the entire supply base, benefit. 

Watch videos of riskmethods SCRM Summit 2022 in Munich

Thank you for your amazing testimonials of how we share ideas to solve supply chain challenges!
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