Supply chain disruptions over the last few years have been a wake-up call for many businesses, as the pandemic, natural disasters, geopolitical tensions, and an economic downturn put them through the wringer. Within the complex, interconnected supply chain network, suppliers can be impacted anytime and anywhere, and it’s imperative that businesses not only expect the unexpected but also have a plan in place for when the inevitable happens.
To properly identify and mitigate pervasive supply chain threats before disruption strikes, it’s crucial to look at the big picture, starting with your suppliers. Maintaining supply chain integrity requires risk management through the entire supplier lifecycle, but many companies currently use one-note risk management tools that do not provide a holistic view of their suppliers and who is supplying those suppliers.
The Problem with a Traditional Approach
The traditional questionnaire approach to risk management assessment is inherently flawed and limits responses, making it hard to uncover the full truth. Questionnaires often rely on subjective responses from individuals, and this subjectivity can introduce biases based on personal …
