A leading public mining company wanted to make their supply chain more resilient to maintain topline revenue growth. To enhance their risk assessment capabilities, the mining industry client wanted to develop a risk assessment matrix that would offer a detailed view of supply chain risks and the severity of their consequences. 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 client is a leading player in the mining industry, specializing in public mineral exploration.
The mining industry client was facing challenges in devising an appropriate supply chain risk assessment framework.
How did SpendEdge Help the Client?
- Step 1: Offered expert advice and guidance on risk assessment
The initial step involved the development of detailed risk assessment guidelines. It included a range of tools and templates along with a detailed description of the steps involved in the process of risk assessment and risk treatment plans.
- Step 2: Classified and prioritized risks based on their impact on the processes involved in mineral exploration
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 3: Devised a three-step approach that outlined the assessment framework
The scrupulous approach helped the mining industry firm to gain a holistic view of risk factors across their global supply network. It also enabled the client to identify specific risk factors in the mineral exploration category.
Key questions answered in this risk assessment engagement include:
Benefits of the Engagement:
The risk assessment matrix helped the client to gain an overview of various risk factors across their supply network. Our solutions also assisted the mineral exploration client to develop a strategic risk management approach to enhance supply chain efficiency. SpendEdge’s risk assessment matrix also offered a detailed lifecycle of risk factors and acted as a tool that helped the client to drive business value.
Why incorporate supply chain risk assessment?
The capability of an enterprise to effectively manage supply chain risks ultimately depends on its intentions and capacity to achieve those intentions. Developing a precise risk assessment framework helps organizations to assess the impact of each risk factor. However, a robust risk assessment framework should be aimed at enhancing the risk management capability of a firm.
SpendEdge’s risk assessment solutions help you do just that. It helps you to develop a responsive and bespoke approach to risk assessment. Our experts also offer recommendations that guide the development of appropriate tools and methods including the development of strategies that foster implementation, adoption, and enhancement.
Developing and implementing a successful supply chain risk assessment matrix may seem to be a harrowing and overwhelming process. To develop a robust assessment matrix and make it work, many aspects of the supply chain need to be examined in detail. Like our mining industry client, if your organization is also on the lookout for an objective way to enhance the efficiency of supply chain operations, risk assessment is the ideal approach to identify alternative and feasible ways to enhance performance.
The process of implementing risk assessment as the main aspect of your business strategy can affect business value. Moreover, such assessments help in the development of risk mitigation plans and enhance the ability to set contingency.