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Supply chain risk management strategy

Take a look at ten strategies that will help you with your supply chain risk management.

Top 10 supply chain risk management strategies

Managing risk in the supply chain requires detailed pre-risk planning. Every organisation will have different potential risks, however, take a look at ten strategies that will help you with your supply chain risks management.

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5. Work with modern slavery organisations such as Walk Free and Anti-slavery international, check the organisations modern slavery statement:

Customers want assurances that your supply chain is free from modern slavery issues and as a buyer, you need to make sure that the whole supply chain is complying. By working with organisations, it will enable you to correctly implement a modern slavery statement, that the whole supply chain can adhere to.

6. Obtain certificates of conformance and compliance and check them with the applicable authorities:

A certificate of conformity is issued by an authorised party, such as a manufacturer of independent laboratory and checks to make sure the product meets the required standards of specs. It can be requested by the buyer to make sure it meets safety and technical requirements.

8. Build a risk register so everyone in the organisation knows the course of action that should be taken:

A risk register is a risk management document, that acts a key database of risks identified within the supply chain. It includes regulatory compliance, nature of risk, an owner and what measures are in place.

9. Improve your cyber security:

Digital technologies can play a huge role in the supply chain that help operations become more efficient, however, there are risks associated with the technology. Keep in mind that technology can make your organisation vulnerable due to hacking, malware, and cyber threats. Implementing backup controls to help safeguard your data and regularly update anti-virus software.

Risk mitigation

Procurement and supply organisations won't experience the same risks, but it's important to identify what they are and how to mitigate them.

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Supply chain risk management strategy

Top 10 supply chain risk management strategies

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1. Supplier assessment questionnaire:

2. Auditing suppliers:

3. Get news alerts:

4. Check financial reports and undertake financial checks:

5. Work with modern slavery organisations such as Walk Free and Anti-slavery international, check the organisations modern slavery statement:

6. Obtain certificates of conformance and compliance and check them with the applicable authorities:

7. Know your organisations risk appetite:

8. Build a risk register so everyone in the organisation knows the course of action that should be taken:

9. Improve your cyber security:

10. Conduct risk awareness training:

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