Risk Mitigation in the Supply Chain
How much risk does your supply chain face and what should you do about it?
Fourth in a five-part series
J. Paul Dittmann, Ph.D. | University of Tennessee
To manage supply chain risk in your company, you will have to develop a process to do three things: Identify, prioritize and mitigate risk. I’ve discussed the first two steps in this process previously on this blog, and today I’d like to focus on the last and most critical part of the risk management process: mitigation.
Because of its importance, I’m dividing the discussion of mitigation into two parts. With the help of recent supply chain risk research we conducted at the University of Tennessee, the first will focus on the most common strategies used to mitigate supply chain risk and how they are applied.
The second will specifically look at a real-world example of how insurance can be a strategic mitigation tool, as our research indicates that risk managers acknowledge this option as a sound approach, but often underuse and misunderstand its risk mitigation potential.
Download the research for more on the differences between carrier liability and cargo insurance.
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