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?