Based on your answers, your calculated risk score is SEVERE. Having a severe risk score shows that you have little to no visibility into your supply chain operations, and are unable to confidently tell your supply chain story. Rated as severe illustrates the need to develop and implement a robust risk and compliance management program to protect your supply chain, brand, and reputation.
Top issues that most organizations rated as severe face are the lack of visibility into their suppliers’ operations, which makes them vulnerable, financial and reputational loss, and inadequate resources to identify and mitigate gaps throughout your supply chain.
Our suggestions are to:
- Develop a holistic risk and compliance program with a supply chain expert to further identify any gaps
- Implement new policies and procedures that can be implemented within the organization and the supplier base to promote working together to proactively identify threats and mitigate them quickly
- Incorporate supplier audits to verify the validity of supplier details
- Identify an automated supplier management system that would allow your organization to accurately measure risk and compliance
- Utilize a geographic risk intelligence source to further identify supplier risk during the vetting process
- Incorporate a supplier prequalification assessment into your sourcing program to identify potential risks prior to commitment
It’s important for organizations to continuously develop their supply chain risk and compliance programs to make sure they are confident in telling their story. BSI’s holistic risk-management suite helps organizations increase supply chain visibility, and resiliency to ensure effective supply chain management.
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