Despite a number of wake-up calls from last year’s catastrophic events, many organizations still lack complete visibility into their supply chains and remain vulnerable to the next disaster.
Many risk managers are also still not adequately familiar with the tools that are available to help them mitigate their supply chain risk and improve resiliency, including insurance options.
Last year’s devastating earthquake, tsunami, and nuclear event in Japan and devastating floods in Thailand resulted in significant business interruption losses due to the impact these events had on key suppliers. Companies in the electronics, semiconductor, automotive, and many other sectors were affected with many not yet completely recovered from these and other events.
To build more resilient supply chains, organizations should rely heavily analytics, can help identify single points of failure in the supply chain as well as risk mitigation and financing options.