Every organization relies and depends on a large number suppliers, most organization are struggling to proper address the issues related to supply chain vulnerabilities. This is one of the reasons Business Continuity Insurance premiums are increasingly getting more and more expensive.
In this presentation we will explore proven tools and approaches to enhance supply chain resilience. The most important tool for any successful company is an effective Governance System that systematically, reliably, and repeatedly provides desired outcomes. A Management System based on ISO (International Organization for Standardizing) standards will provide a framework and set of requirements for such a Governance System. Business Continuity is not an option, it is an Imperative for survival.
Enhancing supply chain resilience requires an organization to assess the risk stemming from suppliers and determine the Business Impact a potential distribution or failure may have; doing so will enable them to adequately address this with suitable counter measures. This is supported by developing, continuously updating and testing Business Continuity plans as well as recovery plans. An effective Business Continuity Management System (BCMS) based on ISO 22301 will reduce the financial risk through a more stable business as well as help to reduce insurance premiums as insurance providers will see the company as less risky.
An independent review (and subsequent) certification of an organization's BCMS to ISO 22301 will provide not just a more resilient supply chain, but more importantly, provides for a higher level of trust into the organization ability to withstand supply chain issues as well as reducing the risk of reputational damage and improve stakeholder relationships.