DeLoach has a refreshing new approach to risk management that is is cross-functional, integrated and adaptable in the face of constant change, simply because traditional risk management approaches are no longer adequate
The report not only shows how many managers are aware of a specific Business Continuity Plan (BCP) covering critical business activities in their organization, but also tracks which of the risks identified are of particular concern to managers.
The opposite of risk avoidance is risk ignorance. More often than not businesses simply accept that they are exposed to risks and do not bother to spend much effort on assessing and mitigating these risks.
Good corporate governance requires that companies adopt a methodical approach to risk management, and the IRM Risk Management Standard provides the toolbox. The Institute of Risk Management (IRM) published a Risk Management Standard in 2002.
Michael Z Bell is a Business Continuity consultant, based in Ottawa, Canada, and his business website (and blog) presents current information and opinions on business continuity, disaster recovery, risk assessment, and business impact analysis.
Did you know that the Supply Chain Council (SCS) has extended their renown SCOR-model to Supply Chain Risk Management? This presentation from the the SCS website will detail the changes to the SCOR model to account for Risk Management and how it integrates with the SCOR model risk enablers.
Supply chain trends such as offshore manufacturing, global outsourcing and lean sourcing continue to impact the supply chain and supply chain risk management has taken center stage as a vital risk management priority.
In my post two days ago, reviewing the article by Manuj and Mentzer (2008) titled Global Supply Chain Risk Management, I mentioned that they cited a paper by Ghoshal (1987) titled Global Strategy: An Organizing Framework as one of their references for listing risk management strategies. Today, I will take a closer look at that paper.
In Chopra and Sodhi (2004) ‘Managing Risk to Avoid Supply-Chain Breakdown’ the first key message is that some mitigation strategies may actually increase risk in some business areas, rather than reduce it.The second key message is that the cost of mitigating or building up a reserve must be balanced against the level of risk.
Supply Chain Risk Management (SCRM) has many similarities with Business Continuity Management (BCM). That is why SCRM can and should draw upon BCM for advice. A well-handled supply chain disruption can mean business continuity, while an ill-handled supply chain disruption can mean business dis-continuity.
Organisations embarking on offshoring face multiple challenges; many of which can be extremely daunting. Sridhar Vedala, Director – Global Sourcing at EquaTerra explores the top 10 challenges of offshoring today and provides suggestions on how to tackle them head on.
