More than 2,620 supply chain risk events were recorded last year, according to Richard Parke, senior vice president of global supplier services at Avetta, a supply chain risk contractor management firm.
He added that incidents increased 36% year-on-year and are expected to grow as supply chains become more globalized and complex.
“The biggest concern for organizations is the loss of company reputation and brand name,” said Parke. “In a recent survey we conducted, we found this to be the most substantial concern, with 86% of executives marking it as a significant or very significant risk factor to consider.
“Our research also found fines, legal fees, lost-revenue costs and compensation claims are at the forefront of executive minds.”
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