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Avetta has launched Business Risk! Click here

The Need for Strategic Risk Management

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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.ⁱ 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

     

 
Upcoming Events
March 6-7
St Louis, MO
GDS Supply Chain Insight Summit
March 11-13
Las Vegas, NV
ProcureCon Indirect West 2024
March 12-14
Baltimore, MD
Booth #707
NFMT 2024
March 20-21
PASA ProcureTECH
March 26-27
Vancouver, BC
STAC 2024 Conference & Exhibition
April 9-11
Consero Procurement & Strategic Forum
April 29 - May 2
Banff, AB
Energy Safety Conference
April 30- May 1
Dallas, TX
2024 Generis American Supply Chain Summit
May 15-16
Rosemont, IL
Booth #403
NSC Spring Safety Conference & Expo