Embed Your Risk Management

Insurance risk managers face the challenges of identifying, assessing, prioritizing, controlling and monitoring multifaceted, often disparate risks across their enterprises. Amid all the components driving critical business processes and relationships, risk managers need to become especially familiar with supply-chain dynamics. In fact, supply-chain risk management has taken center stage because critical business activities, including offshore operations, global outsourcing and lean sourcing are impacting the core of modern companies. Effective supply-chain risk management strategy consolidates three objectives: recognize and prioritize critical business elements; map the supply chain to show interdependencies; and identify potential failure points along the supply chain. In cooperation with senior management, risk managers must embed risk management practices, including supply-chain risk considerations, into all mission-critical points along the enterprises operational network.