COMPLIANCE & RISK ASSESSMENT
FUTURE-PROOFING SUPPLY CHAIN MANAGEMENT
As supply chains become ever more complex and dispersed, consistently monitoring your operations for potential risks is paramount, suggests Alcumus.
For many businesses, supply chain management can be a challenge, dealing with multiple contracts and approval processes day to day. Risk has always been part of the supply chain and alongside the more traditional and longer-recognised supplier risks, new threats like COVID-19 have exposed the vulnerabilities of many organisations and the disruption to global supply chains.
Beyond risk mitigation and compliance, being socially responsible is also a growing and crucial priority in supply chains, not just around health and safety risks but wider factors such as modern slavery, diversity, equality, workplace wellbeing and financial stability.
Never has it been more important to have clear considered risk assessments that are specific to your business and activities. This will help to make sure that you and people in your supply chain work safely and best manage and mitigate risk exposures that can threaten your business. So, it’s vital that each stage of your supplier chain is assessed for risks and control measures put in place.
As supply chains become ever more complex and dispersed, contractor visibility is important to prevent costly disruptions or weaknesses that in most cases, are preventable. Furthermore, government agencies such as the HSE, SFO and ICO have increased their focus on eliminating bad practice, with businesses facing fines and even custodial time if they are found to have cut corners with legal, moral and financial issues.
Outsourcing to contractors has been a strong trend in business for many years, driven by a number of factors, such as permanent employee hiring costs, overcoming labor shortages and access to specialist skills. High-risk industries such as manufacturing, food production, and facilities management have risk exposure on multiple levels dealing with multiple suppliers and contractors.
Consistently monitoring supply chain risk factors is the key to protecting your operations, which is a continual process that should be carefully monitored for potential risk indicators. Here we outline some of the key risk factors:
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COVID-19 has exposed the vulnerabilities of many organisations and the disruption to global supply chains. For contractors and supply chains, it will be important to know how they’re changing their risk profile too and better understand their exposures.
Health and safety and the consequences of unsafe working conditions are considerable and can cause disruption throughout your entire supply chain. Improving health and safety will help you to mitigate the risks around injuries and accidents, prevent financial and indirect costs of getting it wrong and remain compliant.
Brexit has brought the risk of increased costs and delay to supply chains. To prepare and manage the potential challenges ahead, businesses need make sure they’re as prepared as they can be to mitigate supply chain risks.
Modern slavery in supply chains and new measures by the government, announced in 2020, will hold businesses and public bodies more accountable than ever. Businesses will need to be even more transparent about the work they’re doing to safeguard responsible practices, protect vulnerable workers and eradicate modern slavery risks.
A data breach risk involving just one of your suppliers can send security concerns down your entire chain and impact your business. If companies within your supply chain process personal data, you need to make sure that they’re compliant and the data they collect is secure.
To overcome these challenges, Alcumus, a technology- led risk management software provider, partners with organisations to help them identify and manage their risks, providing them with the software solutions to create safer workplaces, keep their people safe and give them resilient and sustainable supply chains.
www.alcumus.com
www.safecontractor.com/home/home
www.tomorrowshs.com
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