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Building Better Supply Chain Resilience

As organization increase their reliance on third parties (i.e. outsourcing, vendors, suppliers, joint ventures, agents, etc.), understanding the resilience of the supply chain is an operational imperative. Learn how third-party risk management professionals can go beyond assessing supply chain risks to helping an organization anticipate, respond to, and recover from disruptive events.

Transcript:

0:00 As global pandemic shifts priorities, the business relies on third-party risk professionals more than ever.

0:05 Even before the pandemic, business leaders and boards were concerned about the ability to manage emerging risks.

0:11 But now that the potential brittleness of the supply chain has been exposed, third-party risk has become top of mind.

0:18 Not only is leadership asking more questions, so are regulators, which will probably result in new guidance.

0:24 And you’re probably asking suppliers things that weren’t part of your assessments in the past.

0:32 The business depends on you to help them make informed decisions, to understand how emerging risks could impact third parties and how that affects their third-party risk profiles and the risk profile of the third-party portfolio.

0:46 And to increase collaboration and strengthen third-party relationships to promote communication if something does go wrong.

0:52 Even with a robust onboarding process, the due diligence you conducted then may not account for black swan events – or even known unknowns when they actually happen.

1:01 And some common risk monitoring methods may rely on lagging indicators, making it impossible to respond in time to prevent a disruption.

1:09 Aravo for Supply Chain Resilience can help you quickly create a centralized 365-degree of your third parties and assess and respond to risk before and after an event happens.

  • 1:20 Prevent disruptions before they start with early warning when your suppliers are facing an event that could impact their ability to provide goods and services from weather-related incidents, to cyberattacks, to geo-political events.
  • 1:33 Defend the continuity of supply or service with an automated process for launching, scoring, and reviewing business impact assessments so that you understand the impact of an event on your individual suppliers and can make better decisions about next steps.
  • 1:46 Respond to incidents with an action plan for risk mitigation – and ensure that the plan is carried out to conclusion without relying on spreadsheets and manual processes.
  • 1:54 Recover from disruption by automatically identifying alternate sources of supply so you can launch an RFx process in Aravo and stay ahead of competing buyers to maintain the flow of business.

2:05 Learn how Aravo can help you support the business and protect your supply chain with a solution that can be ready to use in a matter of days. Visit our website to request a demo or download the Aravo for Supply Chain Resilience datasheet for more information.

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