Richard Hibbert, SureCloud’s CEO has provided his insight on the supply chain risks that many businesses are facing during the coronavirus era.
The developing COVID-19 pandemic has demonstrated just how complex today’s international supply chains are – and how little visibility organizations can have over those interdependencies.
‘The vast majority of global companies have no idea of what their risk exposure is; that’s because few, if any, have complete knowledge of all the companies that provide services or parts to their direct suppliers.’ – Harvard Business Review
Businesses are having to plan and adapt for dramatic impacts up and down their supply chains, with deploying all-new tools in order to facilitate unexpected remote working. This is often happening with very little knowledge of how those new solutions might affect their own risk and security levels.
These issues affect third and fourth parties and beyond. The chain of security and risk responsibility goes much further; a substantial proportion of supply chain disruption is due to problems with fourth parties.
At SureCloud, we wanted to help organizations understand the impact of the COVID-19 pandemic on their business operations by utilizing our knowledge and experience in third-party risk management. Building on the capabilities of our Gartner recognized Vendor Risk Management software, we’re excited and proud to announce the launch of our free Supply Chain Risk Solution. We’ve leveraged our key strengths – our risk advisory expertise and our powerful platform– to develop a lightweight assessment focused on the most critical aspects of managing business operations through a crisis. Whether they are third parties, qualified fourth parties or beyond, this question set can be pushed out to any organization in your global supply chain – rapidly gaining a clear picture of their response to security and risk in the current climate. Users of the solution will be able to add their own questions to the assessment, providing additional business context.
The free solution enables organizations to:
Our focus is for users to gain value from the solution as quickly as possible. This is helped by the solution’s intuitive user interface with prebuilt content, which allows for rapid deployment. We have also created helpful guides and videos for users to follow so that it is as easy as possible for your organization to get up and running.
It’s not just about the obvious – who is responsible for which process, what cybersecurity tools do they have in place, what the contingency plans are – but also ‘softer’ information like who their customers are and where their offices are based. Supply chain audits need to take in a broad spectrum of information and need to be able to collect all this data as efficiently as possible, which means that cloud-based solutions are often the best to use. Third and fourth parties and beyond can respond to digital questionnaires with the results collated and aggregated automatically. The outcome is a real-time snapshot view of the health – or risk – of the supply chain whenever you need it.
Assessments can be sent directly to crucial suppliers in a matter of days, giving businesses a time advantage and enabling a quicker understanding of affected products or services. This then helps measure the potential impacts posed by supplier risks and determine wider impacts on the supply chain.
There are broader impacts too to using the solution. Assessing your supply chain risk in the SureCloud platform, enables users to provide valuable global insight into the current state of the supply chain, which supports other organizations with their resilience strategy.
SureCloud will utilize the results (in an anonymized, aggregated format) to measure and report on global trends relating to the impact and readiness of supply chains. SureCloud will use the findings to develop new guidance and create a dialogue to improve supply chain management further. Meaning that every organization using our Supply Chain Risk Solution will be contributing to – and benefitting from – an international knowledge base.
Our new tool allows organizations to feel assured when assessing supply chain risks during the coronavirus outbreak and beyond.