Global Risk Mitigation: Using risk assessment tools to evaluate global suppliers

Now that the worst of it seems to be over, it’s time to take action to mitigate any future risk of supply chain disruptions. Developing a tool or using an existing software tool for assessing risk will help identify the weak links in your supply chain—but a tool alone is not enough.

Risk management has been among the top priorities on board agendas and in procurement departments for many years, yet companies found themselves unprepared for the pandemic-driven increase in supplier risks and the resulting supply chain disruptions.

As suppliers shut down across China and other global locations, it became increasingly more difficult—or impossible—to keep inbound products and parts flowing. As a result, many suppliers went bankrupt, or couldn’t maintain deliveries.

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