Risk management isn’t a new term or notion to the supply chain and procurement industry, yet it continues to be one of the least addressed priorities within organizations. KPMG recently shared a report on fourth-party risk that notes roughly 80% of businesses say they need to urgently improve their assessment of fourth parties in their supply chain.
Supplier Risk Management
While everyone around the globe has become aware of the focus on diversity and inclusion, not everyone has embraced or welcomed it. Some are deliberate and vocal about expressing dislike of these necessities at work, school and in our communities. Others are quietly against it but raging inside, rallying against diversity and inclusion, both consciously and subconsciously.
The year that started the global pandemic also brought more than just the coronavirus. The world became acutely aware of the weak links within the global supply chain. At the onset, product and people movements were challenging. We saw supply shortages not entirely driven by hoarding behavior, but because the supply chain was stuck.
The question became this: How do we get people and products moving safely, without jeopardizing employees’ health, safety and well-being, as well as customers?
Enterprise risk has never been a higher priority for businesses, executives and procurement practitioners than right now in light of the COVID-19 crisis. The coronavirus disruption has only accelerated many enterprise risks — from cyberthreats, employee health and safety, and most certainly, to supply risks affecting suppliers in complex value chains.