Question

What is one way that an organization could improve its risk management maturity level for process risks such as those related to supply chain strategy and implementation?

Answer 1

The ways by which an organization could improve its risk management are shown below.

Ways by which an organization could improve its risk management:

(A) Think broadly about your supply chain -

• The network of people, businesses, resources (knowledge, public utilities, materials, services, etc.), processes, and technology used to create and market a good or service is known as a supply chain.
• This definition's broad strokes provide a thorough method for developing a matrix that improves supply chain visibility.

(B) Improve supplier auditing -

• Consider including significant contract clauses and auditing procedures in important contracts after identifying and prioritizing vital suppliers.

(C) Increase supplier diversity -

• The pandemic destroyed many minority-, women-, and veteran-owned businesses because they were unable to meet client demand when their supply chains broke down or came to a standstill.

(D) Clean up siloed tech suppliers -

• Without a doubt, technology is crucial to supply chain management.
• While having a variety of technology platforms and tools to support your operations is frequently required, purchasing technology in a silo might jeopardize an organization's logistics.

(E) Put supply chain trends in the right context -

• Although there is no dearth of articles on new supply chain management trends, many could not have predicted the geopolitical environment of today, which includes an invasion in Europe, skyrocketing oil prices, and the onslaught of ransomware attacks that are causing supply chains to break down on a daily basis.

Therefore, the ways by which an organization could improve its risk management are given.

Know more about the supply chain here:

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