BOSTON & MUNICH--(BUSINESS WIRE)--riskmethods, a global leader in supply chain risk management, has launched a proprietary framework within its Supply Chain Continuity Program™ that empowers organizations to manage COVID-19-related supply chain risk, recover from disruptions and optimize the strategic composition of their supply chains to more effectively manage future uncertainty.
“When the coronavirus first began to wreak havoc on global supply chains, organizations were in crisis. The priority was to gain immediate insight into their supply base, identify vulnerabilities and take corrective action,” said Thomas Gröhl, Chief Marketing Officer at riskmethods. “Now, we’re finding that many companies are shifting efforts to recovery and long-term supply chain resilience, while reconstructing supply chain strategies to compete and survive in our new normal. Our goal is to equip customers with the intelligence, framework and technology required to succeed.”
The riskmethods Supply Chain Continuity Program™ leverages a best-practice framework for achieving risk preparedness and gaining visibility into the entire supply network while recovering from the coronavirus crisis. The framework is built around a modular approach resting on four pillars: Secure Supply, Evolve Your Sourcing Paradigm, Enhance Supply Network Management, and Become a Risk-Aware Enterprise – and details the key phases of crisis and actions companies must take to improve their risk management and strengthen supply chain continuity. riskmethods is making the framework available free of charge, here.
“Even before the impacts of the crisis began to sink in, we knew that with riskmethods, the Chamberlain Group was resilient,” said Tim Mischiara, Vice President, Global Sourcing, Supplier Quality & Development at the Chamberlain Group, Inc. “It allowed us to identify affected suppliers, assess the potential impacts to ensure resources were focused on those high-risk areas, mitigate those impacts, and finally, plan for post-crisis, long-term business continuity.”
According to riskmethods’ data, pandemic-related supply chain risks in April increased over three times compared to December 2019.
“When the coronavirus outbreak first started to take shape in January, our data showed an increase in lockdowns, quarantines, border closures and other mandates that disrupted the global supply chain. Most recently, as mandates and lockdowns begin to lift, we’re seeing a rise in early warning signs of financial instability and supplier distress,” commented Gröhl.
Specifically, in April, force majeure risk increased 8.5 times and product delay risk increased 7.3 times compared to December 2019.
“Organizations have been operating in crisis mode for months. Unfortunately, the increased risk and uncertainty will likely continue for the foreseeable future. Companies will need to establish a strong sense-and-response capability to continuously monitor critical supply chains during their recovery efforts and through to a new normal,” said Heiko Schwarz, founder and Chief Revenue Officer at riskmethods. “Our supply chain continuity program is backed by a proven framework that offers essential strategies, critical considerations and supply chain best practices to react faster and avoid disruptions before they occur.”
For more information on how organizations can develop sustainable strategies that strengthen their business resilience in a time of crisis, visit our website at riskmethods.net/lp/supply-chain-recovery-bundle/.
About riskmethods
riskmethods empowers businesses to identify, assess and mitigate supply chain risk. By using artificial intelligence, we help customers automate and accelerate threat detection, enabling them to gain competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk. To learn more about why riskmethods is the intelligent way to manage risk, visit https://www.riskmethods.net/ or connect with us on LinkedIn.
