Nov 23, 2020
Sometimes in history events happen that don't cause big
changes they accelerate changes that were already in the
works. What's happening right now in terms of supply chain
risk evaluations is exactly that.
Before the COVID crisis there was a growing trend to reduce
onsite supplier audits, especially in the CSR space. Audits
aren't cheap, they give you limited time for review, and they never
occur at a frequency you truly need.
Now that the earth has stopped spinning and we're all stuck at home companies are scrambling to maintain their CSR practices. Worst possible scenario for a company as we start to emerge from our front doors and business picks back up.
A remote look into a supplier's practices can be far more impactful than infrequent onsite audits. After all, what you're trying to achieve is the ability to assess the supplier's internal controls and policy practices to ensure they aren't creating situations or behaving in a way that could hit you behind the left ear.
During this interview, we are getting into the finer points of what an effective supply chain risk management workflow looks like and why so many companies are seeing value in this practice, even before COVID hit us.