Mitigating Supply Chain Risk

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What Are the Best Strategies for Risk Mitigation in the Supply Chain?

Risk management in procurement involves understanding risks that can impact an organisation and implementing strategies to mitigate and manage those risks.

In the supply chain, this encompasses everything from sourcing raw materials to the distribution of the finished product and services across local and international markets.

The current risk climate is at an all-time high due to global events, a climate of political instability and the rise of cyber-attacks - with most organisations slow to implement effective cyber risk management.

Mitigating supply chain risk will therefore help you become more resilient and responsive and give you a strategic advantage over your competitors.

Helping your organisation prepare for supply chain risk management can occur in a number of ways, including an internal and external audit of supply chain risks and strong contingency planning.

Supply Chain Risk Management Tips

  • Evaluate and identify current risks, prioritising by probably and impact
  • Ensure supplier quality and conduct procurement due diligence
  • Diversify your suppliers to minimise risk and increase options
  • Include partners in risk planning and bring them close to your organisation
  • Purchase insurance and review risks periodically

CIPS Knowledge-related topics, best practice guides and white papers include: risk analysis and management; diligent procurement; fraud and transparency.

Featured Resources

Learning from Carillion, Bracing for Brexit

February 2019

With Brexit on the horizon, lessons from the mayhem that was Carillion's liquidation should be top of mind.

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Featured Downloads

Financial Risk

Financial Risk

Strategies to Minimise Impact of Supply Chain Crises in 2019

CIPS Risk Tool

CIPS Risk Tool

Online self-assessment platform that will help you identify risks in your supply chain and provide guidance to mitigate key areas of risk

SAQ

SAQ

Top tips for building a supplier assurance questionnaire (SAQ)

Knowledge Topics:

CIPS Risk and Resilience

CIPS Risk and Resilience

Assess and benchmark your organisations risk profile

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Counterfeit Material

Counterfeit Material

Managing the risk of counterfeit materials forming part of your supply chain

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 Diligent Procurement

Diligent Procurement

Prior to entering a contractual agreement, effective due diligence is critical to all aspects of procurement.

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Fraud and Transparency

Fraud and Transparency

The supply chain can be very vulnerable to fraud and corruption, it is important that procurement investigate and manage any irregularitites

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GDPR

GDPR

Time is of the essence to understand what may be required from you and your teams with many companies looking for support for Data Protection Officers

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Intellectual Property

Intellectual Property

Intellectual Property (IP) is covered in contracts to legally protect the creations, through patents, copyright and trademarks

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Risk Analysis and Management

Risk Analysis and Management

Risk analysis and management are techniques applied to ensure that contracts are successful. It allows procurement to minimise or overcome risk impact

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SAQ

SAQ

Undertaking a Supplier Assurance Questionnaire is the start of the process, collaboration, education and audits play a key part in mitigating risk

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Find all the CIPS core study guides with quality recommended reading to equip you with everything you need to excel through exams and get qualified.

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CIPS Global Standard

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