LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the essential steps to develop a successful risk assessment process. Supply chain risk assessment plays a key role in identifying, monitoring, detecting, and eliminating threats to ensure supply chain continuity and profitability. It revolves around a comprehensive approach to identification and analysis of risks in a continuous process to effectively monitor and manage risks throughout the global supply chains. Additionally, supply chain risk assessment assists organizations in identifying essential opportunities to leverage buying power.
Considering today’s competitive business scenario, supply chain breakdowns can financially devastate organizations and cause extensive damage to their reputation and goodwill. A robust supply chain risk assessment process helps businesses in identifying potential risks and developing mitigating strategies to avoid their re-occurrence.
According to the procurement experts at SpendEdge, “An effective risk mitigation strategy alone doesn't help organizations in the long run, and it is essential to possess strategic competencies in responding to the unexpected.”
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Steps to develop a supply chain risk assessment process:
- Define stakeholder concerns – Building good stakeholder relationships is known to positively impact a company’s shareholder value. It is important to identify stakeholder concerns and plan strategies accordingly.
- Formulate a risk mitigation strategy – An effective supply chain risk mitigation strategy revolves around the use of three resources- people, process, and technology.
- Evaluate outcomes – Comparing the expected outcome and actual performance helps companies to identify and bridge gaps in the supply chain.
- To read more, download this whitepaper
Download the complete whitepaper on the essential steps involved in a successful risk assessment program:
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