Supply Chain Risk Management in Global Markets
June 17, 2021
Risk is intrinsic to any business activity. While eliminating all operations risks is virtually impossible, identifying, prioritizing, and mitigating risks in supply chain planning is imperative for long-term success. The events of the COVID-19 pandemic applied a tough stress test on domestic and global supply chains and brought the concept of resilience to the forefront of supply chain planning. Good situational awareness of potential pitfalls (natural or human-made), mitigation strategies, post-disruption recovery plans, flexibility, and innovation are the cornerstones of business continuity planning (BCP). This white paper reviews current principles and issues in supply chain risk management and provides tools for identifying, assessing, and mitigating risks. The document presents considerations regarding resilience and the need for robust contingency plans for post-pandemic international supply chain planning.