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Risk Management and Risk Mitigation

Risk Management

  • Do you understand the implications to your business if one (or more) of your suppliers are unable to deliver product/s to you?

  • Do you know where your raw materials/parts/purchased products are coming from?

  • Have you mapped your supply chain (key suppliers) to identify the locations and movements of your procured goods/raw materials?

  • Do you know how your suppliers (and their suppliers) are being impacted by current global issues?

  • Do you know what the logistics route looks like for your supply chain?

  • Have your significant suppliers undertaken a similar assessment of their supply chain?

  • Have you reviewed contracts with critical suppliers–liability (i.e., supply shortage/delivery), contingency, operational continuity clauses, duty cost, and other taxation liabilities?

  • Have you considered how global issues can affect existing/future contracts–rebates, consignment stock, and payment terms, among others?

Risk Mitigation

  • Have you identified risk mitigation actions?

  • Have you identified contingency supply options (i.e., are there alternative suppliers and/or manufacturing facilities that could be called upon) and if so, do you know how quickly and at what cost?

  • Have you reviewed all your suppliers?

  • Are alternative transport/logistic routes available?

  • Do you have a process to monitor future global crisis hotspots in your supply chain to mitigate future disruptions?

  • Have you thought of business continuity/contingency plans if there is a future wave of a global crisis/a limited-warning notice of return to restricted conditions?

Inventory Management and Supply Chain Management

Inventory Management

  • Have you contacted customers to establish future demand/requirements?

  • Have you identified existing inventory levels, particularly key inventory, components, parts, etc.?

  • Do you know if you are carrying too much inventory?

  • Do you have a process in place to minimize the cost of carrying too much inventory?

  • Have you identified components and raw materials that will have the highest impact on revenue/cash?

  • Do you effectively manage your inventory to prevent over-stocking/stock-outs?

  • Have you identified proactive actions to address potential/anticipated shortages?

Supply Chain Management

  • Do you have contracts in place for key suppliers?

  • Do you have Key Performance Indicators (KPIs) and Service Level Agreements (SLAs) in place for your key suppliers?

  • Have you looked at opportunities to retender your purchases?

  • Have you implemented a structured cost reduction program across purchased goods and services?

  • Do you understand the key costs in the business and which can be influenced? (i.e., bundle of communication services, service contracts, consumables, stationery, food, etc.)

  • Have you reviewed how much you spend per supplier and rationalized your supply base?

  • Have you consolidated purchases to leverage additional cost reductions/supply?

  • Is there an opportunity to leverage collaborative buying power?

  • Have you looked at opportunities to collaborate with other businesses to reduce your distribution costs?

  • Have you looked at how you can forecast more effectively?

  • Do you have an adequate IT system and do you use it effectively?

  • Have you looked at opportunities where you could work with your customers to take cost out of the product/service?

  • Have you identified and evaluated re-shore or near-shore options to enhance your supply chain?


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