Manage Supplier Risk and Build Resilience in Times of Uncertainty
One need only look at the headlines of the last few years to realize the tremendous challenges facing organizations in coping with supply risks that increase costs and threaten business continuity. Every step in the supply management process involves risk, yet as many studies suggest, supply vulnerability is an area that many organizations have not adequately covered. This seminar is focused on helping those in supply management to meet the supply risk management challenge.
Upon completion of this seminar, participants will know:
- Major steps in a Typical Risk Management Process
- Elements of Risk Management Framework
- Barriers to a higher level of risk management
- Major categorization of risk and many sources of risk in each category
- Risk gathering techniques
- Developing the Risk Register
- Methods of determining the impact and probability of risk
- Risk beyond the 1st tier of the Supply Chain
- Risk mitigation techniques
This seminar will combine various instructional methods, including lectures by an experienced practitioner and consultant, exercises, and group discussions covering current practices and their relationship to implementing new concepts.
The organization will benefit by:
- Improved Bottom Line Results From Defining And Treatment Of Supplier Risks
- Developing An Organization-Wide Risk Framework
- Developing Business Continuity And Contingency Plans
- Continuous Improvement In Risk Identification And Mitigation
- Higher Productivity Of Purchasing And Contract Personnel
- Greater Strategic Focus Of Those Involved In Supply Management
Attendees will gain by participation in this program as a result of:
- Increased Supply Management Skill Sets
- Showing Greater Strategic Awareness And Abilities
- The Ability To Analyze Supplier Risks
- Greater Ability To Lead Risk Identification And Mitigation Programs
- Increased Recognition By The Organization Due To Improved Performance
Who Should Attend?
Managers and professionals in: Purchasing, Procurement, and Contracts and
Those involved in operations, engineering, maintenance, quality, projects, and other company activities that expose them to suppliers and buying activities for production, maintenance, equipment, MRO, services, and other outside purchased requirements.
As with all essential aspects of business, there should be a formal process, policies, and clear designations of responsibility and accountability.
- Typical Risk Management Process
- Risk Management Framework
- Defining Supply Management Risk
- Barriers To Risk Management
- Involving Stakeholders
This segment takes us into the 2nd phase of the process, which is to begin to identify the significant areas of supplier risk
- Identify The Risks
- Purchases To Consider In Risk Identification
- Pareto Analysis
- Spend Segmentation
- Risk Register Format
- Categories Of Risk
- Risk Gathering Techniques
Supply risks occur not only with our immediate suppliers but up and down the supply chain. Yet studies have shown us that most buyers rarely look or communicate beyond the 1st tier of our supply chain.
- How Far Down And Up Do You Look For Risk?
- Risk In The Supply Chain
- Supply Chain Mapping
- Supply Chain Business Continuity
Determining the probability and impact of a defined risk is critical to deciding the mitigation efforts.
- Analyzing The Risk
- Risk Probability
- Risk Impact
Once the probability and impact of risk have been determined, we need to show the risk and where it fits in the risk matrix, and how to reduce or eliminate the risks.
- Probability And Impact Matrix Examples
- Developing A Probability And Impact Risk Register
- Methods For Ranking And Prioritize The Risk
- Identifying Probable Owners Of The Risk
- Mitigation Techniques
- Example Of Risk Register With Cost/Benefit Analysis