A leading financial services provider wanted to proactively address risks in their supply chain. Additionally, they wanted to enhance production and delivery capabilities across their supply network. As a result, they approached SpendEdge to devise a comprehensive risk analysis strategy for their global supply chains.
The supply chain risk analysis enabled the client to integrate risk prioritization as a core strategy in their current risk management system. Additionally, a detailed quantitative supply chain risk analysis was carried out to identify, assess, and prioritize each risk factor based on their impact. This further helped the client redesign their risk management system to leverage and embrace proactive risk mitigation strategies.
About the Client
A multinational financial services company headquartered in the US with offices spread throughout the country. They are one of the world’s top banks in terms of market capitalization.
The client was facing difficulties in enhancing their risk management capabilities.
How did SpendEdge Help the Client?
Step 1: Devised an exclusive risk mitigation procedure to reduce supply-side risks
The risk management strategies had to be redefined due to the dynamic nature of supply chain risks and their influence on supply chain efficiency, visibility, and operations.
Step 2: Enhanced risk identification capabilities
Reducing the rigidity caused by an obstinate supply chain and regulatory requirements, which required the incorporation of significant changes in risk analysis, identification, and management.
Key questions answered in this supply chain risk analysis
Benefits of the Engagement
Supply chain risk analysis helped the financial services provider diversify their sourcing strategies and minimize the risk of supply chain failure. They also help firms establish backup arrangements by qualifying additional suppliers.
SpendEdge’s supply chain risk analysis also the financial services provider account for changes in organizational operations and data governance to address market trends including globalization and regional demands. Moreover, the risk analysis solution offered firms with superior visibility of supply chain processes by establishing a unified relationship between all tiers of the supply chain
Why incorporate supply chain risk analysis?
With sophisticated technologies now being available easily at fingertips, risk analysis managers are now in a pole position to bring in a cultural revolution towards adopting and implementing risk analysis as an integral part of business operations. Furthermore, to deal with all the deficiencies of traditional supply chain management systems, companies are now recognizing the need to incorporate risk analysis to identify and evaluate supply-side risks.
Supply chain risk analysis is a process, which not only highlights the shortcomings in various segments of a supply network, but also between the supply chain and the end-users. Moreover, devising a precise risk management strategy is the next big step towards accomplishing organizational goals. Also, the importance of risk analysis will continue to increase with the risks becoming more complex and costlier.
To know more about our supply chain risk analysis