What steps and strategy do you take to build risk resilience for your supply chains?

Steps and strategies to build risk resilience for your supply chains:

A) Setting a robust Supply Chain Risk Management (SCRM) Strategy could help your organization continues the operations to serve clients while going through some of the disruptions. 

Even though any company's SCRM strategy is unique to your customer needs but it's depending on how you managed to balance it out among trading partners in the network in terms of alignment, adaptiveness, and agility. Each trading partner is another piece of the puzzle. We kind of need one another in that sense.

B) Steps to build risk resilience: once we understand our company's operations well from inside out, we can set the proper supply chain risk strategy. In which it can help define the clearer steps to build risk resilience in your supply chains in terms of vision, goals, timeline, budget, resources, measurement, and feedback for continuous improvements.

In general, once those details are unfolded (including types of risks that your organizations may face), these are steps to take in building risk resilience in supply chains:

1. Identifying risks (Supply risks - raw material, Process risks - maintenance, tools, Demand risks - buyers behavior, Corporate/Organization-level risks - Finance, SC Visibility, IT Infrastructure risks, political/social stability, intellectual property risks, etc.)

2. Assessing risks 

3. Mitigating risks 

4. Setting up action plans to Respond and recover from incidents

Map & Predict: Understand your chain, identify risks (think earthquakes, supplier woes), and predict their impact. ️

Diversify & Buffer: Don't put all your eggs in one basket! Multiple suppliers, alternate routes, and some backup inventory go a long way.

Tech & Transparency: Real-time data, smart analytics, and open communication with partners are your secret weapons.

Continuous Improvement: Test, learn, adapt. Resilience is a journey, not a destination.