Welcome to our new BSI Supply Chain Blog!
BSI Supply Chain Services and Solutions is excited to announce the release of our new blog! We will use this platform to share ideas, perspectives on recent events and regulations, and best practices on a regular basis. We encourage you to stay up to date with current supply chain trends, and news!
Managing supply chain risks
With over 20 years of experience assessing global supply chain risk, BSI has an immense understanding of the various indicators, best practices and mitigation strategies that are needed to protect an organization’s brand and reputation. BSI’s philosophy and approach to managing risks in the supply chain is based on the following understandings:
- Risk is not a black box, but can be predicted to a degree
- Risk does not reside in a vacuum - Seemingly unrelated risks can compound one another
- Risk is not a vague concept – It results in real damage and loss that can be quantified
Taking a risk-based approach
If we accept that risk is predictable, interdependent, and quantifiable, then the following is true about how we manage risk:
- The right information supports informed decision-making
- The right processes enable effective and repeatable action to be taken in response to these decisions
- The right communication methods and flow of information enable decision-making and action to be taken with velocity
- The right tools enable effective information flow and actions to be carried out at scale
- The right skills are required for effective communication and execution of these processes and with these tools
Each element supports, and is reliant on, the others. A gap in any of these areas can limit the effectiveness of the whole.
What management strategies have you utilized to identify and monitor specific threats to the supply chain?