A leading pharma market client wanted to develop a risk assessment matrix that would offer a detailed view of supply chain risks and the severity of their consequences. To make their supply chain more resilient and maintain topline revenue growth, the pharma market client approached SpendEdge. The client also wanted to enhance their risk assessment capabilities. A detailed quantitative analysis of various categories within the supply chain was carried out to prioritize risks and develop an effective risk assessment strategy.
About the Client
The pharma market client was facing predicaments in devising an appropriate supply chain risk assessment framework.
How did SpendEdge Help the Client?
Step 1: Classified and prioritized risks
The identification and classification of risks based on their severity helped the client address several issues that affected the flow of information throughout the global supply chain.
Step 2: Offered expert advice and guidance on risk assessment
This step involved the development of detailed risk assessment guidelines. It included a range of tools with a detailed description of the steps involved in the process of risk assessment and risk treatment plans.
Key questions answered in this case study
Benefits of the Engagement
With the help of SpendEdge’s risk assessment engagement, the client gained an overview of various risk factors across their supply network. Additionally, the pharma market client developed a strategic risk management approach to enhance supply chain efficiency. The risk assessment engagement also offered a detailed lifecycle of risk factors and acted as a tool that helped the client drive higher business value.
Why incorporate supply chain risk assessment engagement?
Developing a precise risk assessment framework helps organizations assess the impact of each risk factor. Moreover, the capability of an enterprise to effectively manage supply chain risks solely depends on its intentions and capacity to achieve those intentions. Risk assessment engagements also facilitate the development of appropriate tools and methods including the development of strategies that foster implementation, adoption, and enhancement.
Today, companies across various industries are on the lookout for ways to enhance the efficiency of supply chain operations. Risk assessment is the ideal approach to identify alternative and feasible ways to enhance performance. Developing and implementing a successful supply chain risk assessment matrix may seem to be a harrowing and overwhelming process. However, such assessments help in the development of risk mitigation plans and enhances the ability to set contingency plans in place.