Currently, most firms view risk from a traditional sense: compliance, capability, coverage. While this has enabled hiring firms to execute on projects, it will require an update to both how they view risk and how they communicate around it.

New regulations, risk vectors (both direct and indirect), extreme weather events driven by climate change, cyber security vulnerabilities and more, will drive risk perceptions from the C-suite down to the line manager. New roles, such as the Chief Risk Officer, will have to aggregate this data and generate plans to mitigate their firm's exposure while communicating this to the teams executing on the operations side. Improvements in risk mitigation in separate functions, say EHS, may deliver targeted benefits, but still leave the firm as a whole at risk if not connected across a unified platform.

Centralizing the incoming data into a coherent analysis that can deliver insights across the full operation is only possible if done via a unified system. To properly manage, mitigate, and communicate, firms must turn to advanced digital technologies and updated business practices to holistically understand their supply chain risk, transforming it from a reactive to a proactive operation.

• The importance of an integrated HSE and Procurement approach to supplier risk mitigation​
• Key challenges and opportunities of a unified supply chain risk management solution​
• The top 5 prominent risk indicators overlooked by firms