OVERVIEW
Supply chains have expanded promptly over the periods, with the objective to increasing productivity, lower costs and accomplish demands in emerging markets. The growing complexity in a supply chain obstructs visibility and thus reduces one’s control over the process. This complexity of supply chain makes way for a lot of risks. There are numerous mechanisms of supply chain where any risk could arise abruptly which could create hindrance in business in several ways. Therefore identifying the risk and managing them before it’s too late is necessary. By adopting a risk assessment plan and developing ways to mitigate them we could tackle the risk before it hampers the image of your business. And for doing so it is essential to identify the risk in supply chain before.
There are mainly 2 types of risks allied with supply chain network.
External Risk
These risks are those that are outside of your control and that makes these risks more challenging to resolve. These risks can be driven by events either upstream or downstream in the supply chain.
There are mainly five kinds of external risks, they include:
- Demand risks caused due to any misunderstood or unpredictable customer or by end-customer demand.
- Supply risks that are caused due to the interruptions in the flow of either raw material or parts within the supply chain.
- Business risks are caused due to the aspects like the financial or management stability of the supplier, or due to the sale or purchase of supplier companies.
- Environmental risks that are related with social, economic, governmental or climate factors.
- Physical plant risks that are caused due to the circumstance of a physical facility as well as regulatory compliance of the supplier.
Internal Risk
These risks are the kind of risks that are within your control and provide better opportunities for mitigation as they are under the control of your business.
There are mainly five kinds of internal risks. They include:
- Manufacturing risks that are caused due to disruptions of internal processes.
- Business risks that are caused due to the alterations in key personnel, reporting structures, management or business processes.
- Planning and control risks that are caused due to shortcomings in assessment and planning, which result to ineffective management.
- Cultural risks that arise due to the cultural tendencies of a business to hide negative information.
- Mitigation and contingency risks caused by not looking for alternative solutions to manage anything that goes wrong.
Now here comes how you mitigate these risks so that if they do happen, they have minimal impact on your business.
Review existing risk management plan
The first critical step is to examine your existing risk management plan. Focus on your supply chain process to find out which segments require urgent attention. A full analysis of all sections within your supply chain should then be executed to render possible risks.
Evaluate the data
Create a scorecard system to measure insecurity levels of a particular process. Analyse the root cause of the problem since possible risk in a particular section have potential to negatively impact other sections of the organisation as well.
Inform key personnel
When processes for mitigation and contingency plans are in place, key personnel should be informed of the processes so when risks do ensue, the harm is reduced because people are aware of what is needed to be done.
Risk management is a vital policy necessary for all companies engaged in supply chains. Collaborating with the supply chain partners and sharing all the essential data with all the parties that are connected to the supply chain is the way that ensures perfect assessment and management of supply chain risks.
By observing and evaluating the gaps between the processes, the root causes can be found and preventative measures can be taken to curtail possible harm.
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