Unavoidable Supply Chain Risk – Join Us For October 12th Webinar

We’re involved in a webinar with risk management solution providers riskmethods in a couple of weeks’ time - that’s at 4pm UK time on Thursday October 12th. It’s titled Unavoidable Supply Chain Risk: How to Prevent Avoidable Risk & Mitigate the Unavoidable.

With recent weather events in the Caribbean and central America, as well as ongoing conflicts in the middle east, not to mention tension on the Korean peninsula, supply chain risk is presumably high on the agenda for many organisations. But in our experience the process of risk management is executed with very different levels of understanding and competence across different firms.

One of the key issues is how organisations think about what we call “avoidable” risk as opposed to “unavoidable”. So an avoidable risk might be getting too dependent on a sole supplier of a critical material. The mitigating action for that is relatively obvious. But unavoidable risks are by definition harder to manage, so sometimes people just give up trying.

Yet even for unavoidable risk, there are many things that can usefully be done. That applies both at the initial stages of analysis and planning, as well as once the risk is triggered. That’s another interesting point; often organisations don’t think in detail about exactly how they will respond once a specific risk event actually occurs.

Indeed, another fundamental question – and one we will look into in the webinar - is this. How will you even know that a risk event has occurred? Or perhaps the really key question is “how long after the risk event happens will you find out about it”?

Yes, shocking though it might seem, your supplier might not even tell you that their factory has been swept away in the floods, or is paralysed by a labour strike, or is employing 10 year old kids. Indeed, in that final case, the chances of them ever telling you are virtually nil. So that’s another whole element of the challenge for procurement and supply chain managers.

I’ll be getting into some of these issues on the 12th, and while they are very serious and important, we’ll throw in a couple of jokes too – one of which illustrates a really important point about supply chain risk. I’m joined by Heiko Schwarz, one of riskmethods’ co-founders, who knows a huge amount about this topic – I’m going to take the opportunity to ask him a few tricky questions too, and we’ll make sure delegates have a chance to chip in and contribute too with a question and answer session.

Do join us for the 45 minute session - you can register here.

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