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Management of supply chain risk should be proactive as well as corrective. Supply chain risk management and business contingency planning come together when it comes to assuring your company's capacity to continue operations, as well as the services and procedures that support production. Such planning places a focus on thoughtful, adaptable, and proactive tactics to foresee and prevent supply chain disruptions whenever possible, as well as on specific and practical activities that organisations can take to swiftly and effectively restore normalcy after a disruption in the supply chain.

Making a thorough risk assessment is the most crucial task. Establishing the environment for designing protocols and contingencies for mitigating and eliminating them begins with identifying all internal and external risks that could cause failure points in your supply chain or operations or contribute to their creation.

Invest in new technologies

To control supply chain risk in the digital age, artificial intelligence and advanced analytics must be employed in concert with human innovation. You'll need a centralised, cloud-based data management system supplemented by technologies like robotic process automation and machine-learning-based analytics to manage your supply chain and the risks connected with it the most correctly and effectively.

You can provide your procurement team the digital tools they need to successfully gather, organise, and analyse spending and supplier data by installing a comprehensive procurement system with specialised supply chain, inventory, and supplier relationship management modules.

It is important to create and use data stewardship and management protocols.

Invest in providing all personnel with cybersecurity training.

Keep your firewall, antivirus, and anti-malware software up to date.

Raise Risk Awareness

Not just senior management and supply chain managers need to be concerned about reducing risk in their supply chain operations. When everyone is on the same page and is equipped with the appropriate knowledge, it is much simpler to identify and manage supply chain risk.

Invest in risk awareness and management training for your entire team, and make sure everyone is knowledgeable about best practices in risk management and their role within them. In particular, pay attention to supply chain risks, including those that are most likely to have an impact on your company, as well as cybersecurity risks and Internet best practices to minimise risk.

Enterprise risk management (ERM) principles should be used as part of the initial strategic sourcing and supplier selection processes to prevent excessive supplier community consolidation. A well-balanced supplier portfolio that satisfies one of two criteria is significantly more conducive to proper strategic sourcing. Redundant data centres or the provider's numerous plants are two examples. This makes it possible for the provider to produce items or render services wherever. The second strategy involves creating separate core and secondary contractual portions for the provider relationship. As a result, even if one production facility malfunctions, supply chain operations remain uninterrupted.

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