Search
 
Best Practices

Partner with Procurement to Build Business Resilience

Why finance needs to work closely with procurement to manage and mitigate supply chain risks, and how to accomplish the culture change this shift may require.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Companies today are re-evaluating how they manage supplier relationships, for a number of reasons. Many organizations have experienced unexpected interruptions in their supply chains over the past few years, whether due to natural disasters or political unrest, because the global financial crisis forced key suppliers to close their doors, or because tight liquidity prevented suppliers from scaling to meet the company’s new levels of demand.

At the same time, businesses have become increasingly aware of the potential impact of cyber risks on their supply chain, thanks to incidents such as the data breach at a Target supplier, which put the personal data of 70 million Target customers at risk and damaged the retailer’s long-standing reputation.

In the past, senior executives might have asked, “How likely are we to experience a supply chain disruption, and how much would it cost?” Today they’re also asking, “How quickly could we recover from such an event?” And rather than focusing the bulk of their attention on the risk that a particular disruptive event might present, senior executives are now looking broadly at the resilience of their supply chain. A growing number of companies—cognizant that no measures can fully assure them of preventing a supply chain disruption—have sharpened their view of risk management over the past 18 to 24 months to focus more on understanding their path to recovery if and when crisis does strike.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Dig Deeper

 

Recommended Stories

CEOs Went Quiet About Equality During Covid

Chris Hughes |

WDI surveys on workforce diversity and ESG found an increasing proportion of executives choosing not to allow their D&I answers to be made public.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.