Current affairs
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contract management and strong supplier relationships.
Keep inventory stock Having buffer stock can eliminate many problems related to short term interruptions. If your company is heavily reliant on one or more items, you may want to avoid ‘just in time’ supply arrangements and keep a small inventory of those critical parts.
Service level agreements Companies can include penalty clauses in their suppliers’ contracts for failure to provide supplies on time. This can be especially important for smaller companies that might otherwise find themselves waiting in line behind bigger competitors.
Free online toolkit
RISCAuthority, the insurer funded industry research scheme, has launched a free online toolkit to help companies identify suppliers that would have most impact on their business in the event of an interruption. The website (
www.riscauthoritysupplychain.com) has been developed in response to rising business interruption claims as UK businesses fail to recover from an increasing number of supply chain disruptions. This tool automatically determines the risk
rating of suppliers, based on the responses to a set of multiple choice questions covering gross profit dependency, supplier resilience to disruption and the mitigation options available
1. BCI Supply Chain Resilience Report 2018, BCI,
https://www.thebci.org/news/bci- supply-chain-resilience-report-2018.html
2. Resilience360 Annual Risk Report 2018, DHL Resilience360,
https://www.resilience360.
dhl.com/resilienceinsights/resilience360- annual-risk-report-2018/
3.
‘Allianz study identifies top ten risks for 2019,’ CIR Continuity Insurance and Risk, http://
www.cirmagazine.com/cir/Allianz-study-
identifies-top-ten-risks-for-2019.php
To register for your free supply chain toolkit account, visit
www.riscauthoritysupplychain.com
www.frmjournal.com MAY 2019 51
to the business. By helping companies prioritise their key suppliers, effort can be focused on managing the consequences of any disruption and reducing the impact on your business and customers. The tool is complemented by free guides
and resources to help businesses understand and adopt measures to increase their resilience to any potential supply chain failure. The site is accessible on all modern and mobile devices using the latest cloud based technology and data encryption software
Dominic Louks is membership and events manager at the FPA, and convenor of the RISCAuthority business continuity working group. For more information, view page 5
References
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