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February 2015

How profit, brand and reputation can be protected through supply chain risk management

Supply chains are becoming increasingly complex, and although a vital part of operations, businesses often have an overly optimistic view of their ability to react to potential supply chain disruptions. Many medium-sized businesses are therefore putting themselves at risk by not conducting comprehensive risk analysis or implementing mitigation strategies. According to Zurich research, 80% of medium-sized businesses state that their supply chain is either important or critical to their operations, however only 17% have continuity plans in place.

Helping and educating customers on how to minimise the risks of hazardous supply chain exposures is essential, and this is where Zurich’s expertise can help. By offering in depth knowledge of the potential risks, brokers are able to provide their customers with the most suitable product to fit their requirements covering both damage and non-damage events.

In addition to analysing current supplier vulnerability, businesses can use this approach to evaluate new suppliers whilst developing new products. Tier two and below critical suppliers are more difficult for medium-sized businesses to analyse, however these are just as important, as research shows that they account for around 50% of supply chain disruptions.

Zurich has recently published a white paper on supply chain risk management, which examines some of the potential consequences of supply chain disruption, and highlights four fundamental strategies which your customers can implement to mitigate these risks.

Further Reading:

Supply Chains: helping clients manage their weakest link
The importance of supply chain strategy

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