Security awareness training for
the workforce is the final vital
step, ensuring that staff are able
to identify and avoid cyberthreats
like phishing, malware and scams.
areas of high-risk, revealing the dependencies and bottlenecks
that will need to be addressed to minimise any potential
disruption. Automated risk assessment and advanced risk
modelling can deliver the insights companies need to ensure
they can quickly halt the use of unsafe suppliers or define
operational risk management strategies.
This may lead to a further diversification of suppliers, or the
signing-up of alternate suppliers who are poised to step in and
replace parts of the supply chain in the event of a disruption.
Take an integrated approach to supply chain risk
Many organisations lack an integrated approach to managing
the end-to-end delivery of products or services to customers
that involves back office, middle office, risk management,
business developers, finance and IT. As a result, they lack a
clear picture of risk across the entire supply chain.
With each department working in silos and using their own
methods and technologies to assess risk relating to their
individual areas of work, it’s easy to miss the bigger risk
picture until something goes wrong. At which point the
available mitigation options are limited and can be very costly
to implement.
Instead, organisations should take a more integrated approach
and consider the impact of a potential failure at any point along
the supply chain – such as a data centre outage – as well as
evaluating how different business units collaborate to deliver
on broader organisational goals.
Conclusion
Today’s technology solutions can help organisations minimise
risk in their supply chains, making it easier to automate
workflows, compress the time needed for data mining and
aggregation, and monitor large third-party data ecosystems.
Similarly, utilising AI and integrated risk analytics can make
it easier to identify and assess supplier related threats
– including cybersecurity breaches, money laundering,
insolvency, data mishandling and regulatory noncompliance –
so that organisations can act promptly to manage or remove
the risk source. u
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Issue 14
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