From the course: Implementing Supply Chain Management
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Mitigate risks
From the course: Implementing Supply Chain Management
Mitigate risks
- There's no such thing as a risk-free supply chain but the difference between a minor incident and a major disruption often comes down to how well prepared you are. Let's look at a tool called a risk register that you can use to identify, mitigate, and manage the risks in your supply chain. If you have access to the exercise files, you can download the worksheet for an example. A risk register is basically a list of all the things you're uncertain about and how they could affect your supply chain. I use the acronym PREPARE to remember the seven steps to follow when I create a risk register. The first step is to capture all of the risks that are possible. I like to brainstorm with my team and encourage everyone to think broadly about things that could happen to our supply chain. Once we have this list, we go back and think about the results that would come from each risk. It's common that many of the risks can…
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