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Risk management becomes more critical

Risk management becomes more critical

oilspill2019

According to a report by Forbes, for many organisations, globalisation, outsourcing, and extended supply chains are effective strategies to increase efficiency and achieve economies of scale. However, these benefits are accompanied by the significantly increased risk of quality, safety, business continuity, reputation, and more.

Commitment to and practice of effective supply chain risk management (SCRM) is now essential to running a successful and sustainable business. Organisations are always at risk for losses through cost volatility, supply disruption, non-compliance fines, and safety incidents that cause damage to their brand and reputation.

Knowing what’s at stake is the first step to understanding, measuring, and managing risk in your company’s supply chain.