BSI Supply Chain Services and Solutions partners with NMU for increased supply chain risk management in the insurance industry
19 September 2018
BSI Supply Chain Services and Solutions has today announced its partnership with NMU, one of the UK’s leading niche insurers. The collaboration will enable NMU’s brokers to further support their clients to reduce their insurance claims by better understanding their supply chain risks. By leveraging this consultative partnership they’ll be able to address the client’s areas of vulnerability.
Through the NMU/BSI partnership, the broker community will benefit from hearing about new supply chain trends and insights delivered via NMU/BSI’s joint newsletter publication which will help to build awareness around risks in the supply chain. They will also have access to a “Supply chain Risk Review” to understand the current state of an organization’s supply chain risk programme. The end goal is to help create more robust supply chain risk management policies/processes, governance models, risk methodologies and mitigation measures for those companies insured by NMU.
According to BSI’s intelligence, disruptions to supply chains accounted for over £55 million worth of goods stolen last year in the UK alone. Understanding the risks, where they exist, and how likely they are to occur is therefore vital for organizations to help reduce the delays, financial loss, costs and dangers that can result from such supply chain disruption. BSI and NMU will work in partnership to improve the management of supply chain risk and to help counter the increasing threat of disruption to cargo for businesses.
Through BSI’s vast experience in supply chain risk management and NMU’s understanding of the marine cargo and freight liability insurance industry, this partnership will provide NMU’s insured clients with the necessary knowledge and skills to take a proactive approach to becoming more resilient in their supply chain operations as well as helping to reduce losses and claims.
Ian Allman, Risk Control Manager at NMU explains:-
“We’re delighted to partner with BSI’s Supply Chain Services, which will enable us to provide our clients and brokers with an enhanced risk management service.
“The continued increase in cargo crime within the supply chain is well documented, with reported figures suggesting circa £55 million of goods are stolen each year in the UK alone. Whether the proceeds are being used to fund organized crime or terrorism, it is a major concern for all therefore having access to this insight for our brokers and clients is invaluable.”
Courtney Foster, Supply Chain Solutions Manager at BSI said:
“Supply chain security mitigation is not always about implementing physical measures. Instead, this partnership is focused on the development of long-term resilience for NMU’s insured clients by creating robust policies, procedures and risk assessment methodologies for the client’s strategic supply chain risk management programme.
“Having worked alongside NMU’s insured clients, we’ve been able to demonstrate how the development of the right processes and procedures for supply chain risk management helps prepare the client to proactively mitigate current and future threats to cargo in the UK and abroad.”
BSI and NMU will also be co-hosting a webinar to announce and explain this partnership to their brokers on 2 October 2018. For more information, please visit https://attendee.gotowebinar.com/register/7236539525690735363