Contractor Management

The Need for Strategic Risk Management

The Ever Given incident in the Suez Canal highlighted the immense impact of supply chain disruptions. Learn from Shawn Galloway, CEO of ProAct, and Avetta Fellow, about creating strategic risk mitigation plans, fostering a robust enterprise risk culture, and the importance of supplier prequalification and subcontractor management in our white paper.

Avetta Marketing
min read

In March 2021, one of the world's largest container vessels, the 400m long Ever Given carrying 18,300 containers, was wedged sideways across the Suez Canal for six days. This resulted in a complete blockage of one of the planet's major trade routes, resulting in unmitigated trepidation for the global shipping industry. It was estimated that this somewhat short blockage cost international trade anywhere between a staggering USD 6-10 billion weekly while reducing the annual trade growth by 0.2-0.4 %. This incident showed the potential risk of unplanned supply chain incidents and the sizeable impact they can have on businesses and the global economy. Thus, businesses should be aware of these possible risks and take robust steps to protect against them. In this white paper, co-authored by Shawn Galloway, CEO of ProAct and Avetta Fellow, you will learn: How to create a strategic risk mitigation plan What are the best practices for a robust enterprise risk culture Why supplier prequalification and subcontractor management are important

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Contractor Management
Financial Risk
Risk Management