Furthering supply chain resilience is materialized through comprehensive governance of risk at hand. Assessing and orchestrating four main governance areas contribute to uncovering actual exposure and possible response.
To chart vulnerability : in full transparency identify and lay out weak links and possible obstacles as well as susceptibility to harm.
To diversify strategy : list scenarios, plans, maneuvers and backup to amend course and proactively specify alternate goals to achieve outcome when for instance single source or route exist.
To mitigate risks : reduce exposure and chance of loss or any commercial hazard with appropriate scheme diminishing impact of potential disruptions.
To build redundancy : provide for additional or duplicate system, equipment, process and team as well as contingency plan to circumvent effects of failure and ensure continuity.
Unfolding vulnerabilities, alternate strategies, risk mitigation and redundancy scenarios is foundational for risk governance. Uncovering, understanding and preparing for exposure embeds resilience into the organization.
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