IBM's Business Value Institute has recognized "risk" as one of the six mega trends having an impact on shaping the global economy both today and in the future. Are you prepared? Even more, how are you prepared? Join us Wednesday, May 4, at 10 a.m. CDT, for Are You Acting or Reacting? Lessons in Global Supply Chain Risk from IBM.
Category Archives: Risk Performance and Compliance
This is your last chance to register for Thursday's webinar, What Lies Beneath: hidden Ways Falling Commodity Price Risk Can Wreak Havoc on Your Procurement. Join us at 11 a.m. CDT for 30 minutes of discussion with the Spend Matters, MetalMiner™ and Tamr teams as they discuss today's volatile commodities market and the risk, as well as opportunity, it brings.
I’m in London today, attending Procurious’ Big Ideas Summit. This is the second year for the event, which got off to a great start last year — and this year is looking promising as well. The Summit, which generated “1 million social media impressions in 24 hours” in 2015 and is available streaming online again this year, is actually a small, intimate affair in person. With roughly 50 live attendees, many of whom are speaking, it’s easy to talk to anyone attending or follow-up on the words said on stage. We were even given a pre-reading/homework assignment for group discussion. (No comment from me on whether my own assignment is complete yet!)
Supply chain fraud levels have remained unchanged in the last few years, according to recent poll by Deloitte. Of the more than 2,660 professionals Deloitte surveyed, for the third year in a row, about 30% said their companies experienced supply chain fraud in the last year. Getting companies to reduce or prevent supply chain fraud takes organizational awareness. Mark Pearson, advisory principal at Deloitte, said company leaders must spread awareness about supply chain fraud and make sure procurement and supply chain professionals understand what to do when they witness it within the organization.
The Trade Facilitation and Trade Enforcement Act of 2015 was signed into law in February and prohibits the United States from accepting imported goods made through forced labor. A previous loophole allowed goods produced through slave labor to enter the country if demand for the product outweighed current supply. The new law also known as the customs bill calls on companies to gain a higher level of visibility into their multitier and global supply chains.
One thing that has struck me over the years is how disconnected supply chain risk management and supply chain compliance can be. Even within the supplier realm, supplier risk management and supplier compliance often can be strangely siloed. In a perfect world, you would hope that improved supplier compliance, especially regulatory compliance, would reduce supplier risk. Yet what often happens is that so much time is spent "checking the box" on supplier compliance activities that little remains to focus on the “real” risks out there threatening supply performance.
U.S. conflict mineral regulations have been effective in increasingly supply chain transparency and reducing the amount of tin, tantalum, tungsten and gold sourced from armed militia groups in the Democratic Republic of Congo, according to a new report from human rights organization The Enough Project. The group conducted field research in Eastern Congo and reported positive developments like a significant reduction in mining areas controlled by armed militia groups and improved safety and health standards for miners.
This week we put the spotlight on Upwork Enterprise, Upwork’s software and services solution that is targeted to meet the procurement and governance requirements of large businesses. The privately held company, Upwork Inc., was formed in late 2013 through the merger of oDesk and Elance. To date, it may be most known for its global online freelancer marketplace (based on spend/gross payment volume, the world’s largest). Upwork Enterprise was formally launched in 2015 as a solution that would allow enterprises to source and engage freelancers from their own private talent clouds, providing the ability to scale their use of freelancers, while maintaining enterprise-wide visibility into and control over the use of and spend on freelancers.
More than 40% of manufacturers experienced a supply chain disruption in the last year, yet less than a quarter of these companies have a chief supply chain officer in place to oversee and manage these business interruptions, according to the recent State of the Global Supply Chain report from GT Nexus. The supply chain solutions provider said this “gap in strategic direction to address broader supply chain agility” is a major concern.
The contingent workforce world shouldn’t get its hopes up for any regulatory changes this year to independent worker classification. Bloomberg BNA’s recently released 2016 Labor Outlook report pointed out that while some lawmakers will take a look at the rising “gig” or “sharing” economy in 2016, actual legislation on these issues will be “slow in coming,” as it is an election year when bipartisan action isn’t likely.
Cyberattacks and data breaches are the top business threats for 2016, according the latest Horizon Scan Report from the Business Continuity Institute and BSI. The 568 organizations surveyed for the report ranked a cyberattack as No. 1 and a data breach as No 2 on the top 10 threats facing businesses today. A possible act of terrorism, a supply chain disruption and a lack of available talent were also on the list.
This is your last chance to register for this morning's webinar, Supply Chain Risk Management: 2016 Trends (from the Experts!). For 30 minutes at 10:30 a.m. CST, Jason Busch, founder and head of strategy at Spend Matters, and Heiko Schwarz, founder and managing director at riskmethods, will explain how to look at all kinds of risks across the supply chain, engage all stakeholders to incorporate a new risk management culture and much more. Sign up now!