As supply chains become increasingly global, the ability to manage associated risk across geographic boundaries and time zones is fast becoming a top priority for organizations around the world. While risk management isn’t new, the sense of urgency behind how they approach it is new to suppliers. Driving this urgency is:
- An incident involving a supplier that may have caused reputational damage
- The desire to gain visibility into potential supply chain disruption in order to anticipate and ideally prevent it
- New legislation mandating that companies “know your suppliers” better
The benefits of outsourcing certain functions to third parties are well-known, but outsourcing can accompany significant risk. The primary responsibility of risk and category managers is to…
