Next week, I’m presenting at ISM’s 2nd Annual Risk Management Conference in Chicago on Thursday and Friday (July 25-26). During my talk, for which I’m writing all new material– I’ll be sharing it with Spend Matters Plus/PRO readers in more details after the event – I’ll be addressing quite simply this question: What’s next? As the agenda describes the session: Great — Now you now know how important risk management is and how failing to prepare for the worst can keep you from doing your best. But how do you advance this train of thought within your company? How do you prepare and present a business case to convince your C-suite?
Since I first got involved with the ISM Risk working group and board a few years ago, the art of managing supply risk has evolved from painting with a small pallet focused on supplier financial risk to covering a much broader risk canvas that considers the opportunity and challenges of a much greater expanded definition of risk management. For example, two other sessions at the event, which now fall within the purview of supply risk management programs, include how to build a resilient multi-tier supply chain (presented by Matthew Mills, Senior Program Manager, Global Supply Chain Management, EMC Corporation), as well as a talk on cyber security.
But regardless of the expanding definition of supply risk and areas that procurement, finance, and IT organizations must tackle in closer collaboration to be successful, a few things have not changed in the “how.” For one, visibility and data matter more than ever, but there is an increasing number of datasets we must collect from our supply chain and external information sources than ever before. Second, supply risk activities should not stand-alone – they should be integrated with sourcing, vendor management, contracting (sales and buy-side), and other activities. And third, predictive analysis remains the Holy Grail of advanced risk management practice.
Join me at ISM’s risk management conference next week, and take advantage of special Spend Matters pricing. Enter “Spend” during the registration process when requested on the online registration site to save $100.