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Supplier Risk Assessment Strategy

Supplier Risk Assessment Strategy

International Review of Applied Sciences and Engineering

ABSTRACT

The aim of the study is to create an effective and standard risk assessment tool that provides the company with support and security in purchasing of new products. The goal was to create a tool that complements and standardizes risk assessment forms and shows rapid results. Using the procurement risk management system, the risk associated with a given product can be determined easily and in a short time. In the process, critical areas where hazards may occur can be clearly identified and the risk can be minimized if properly managed.

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Learning from Supply Disruptions Caused by SARS-CoV-2: Use of Additive Manufacturing as a Resilient Response for Public Procurement

Learning from supply disruptions caused by SARS-CoV-2: use of additive manufacturing as a resilient response for public procurement

Purpose

The SARS-CoV-2 pandemic has had severe effects on economies worldwide and, in particular, on public institutions that must keep their operations running while supply chains are interrupted. The purpose of this study is to examine how public institutions act during a pandemic to ensure the security of supply.

Design/methodology/approach

The distinct focus is if, why and how public institutions have adopted additive manufacturing (AM) – a production technology colloquially known as three-dimensional printing in which a product is created by joining raw material layer by layer based on a digital model (computer-aided design [CAD] file) of the product – in reaction to supply disruptions caused by the SARS-CoV-2 pandemic. For this purpose, four cases within the context of the pandemic supply disruption are used as the units of analysis.

Findings

The findings are twofold: public institutions reacted, on the one hand, with a behavioral solution approach, trying to solve the supply disruption with new or changed forms of cooperation and collaboration. On the other hand, public institutions used a technical solution approach (TSA) as a supply disruption response and intensified their use of AM.

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Explainability in Supply Chain Operational Risk Management: A Systematic Literature Review

Explainability in supply chain operational risk management: A systematic literature review

It is important to manage operational disruptions to ensure the success of supply chain operations. To achieve this aim, researchers have developed techniques that determine the occurrence of operational risk events which assists supply chain operational risk managers develop plans to manage them by detection/monitoring, mitigation/management, or optimization techniques. Various artificial intelligence (AI) approaches have been used to develop such techniques in the broad activities of operational risk management. However, all of these techniques are black box in their working nature. This means that the chosen technique cannot explain why it has given that output and whether it is correct and free from bias. To address this, researchers argue the need for supply chain management professionals to move towards using explainable AI methods for operational risk management. In this paper, we conduct a systematic literature review on the techniques used to determine operational risks and analyse whether they satisfy the requirement of them being explainable. The findings highlight the shortcomings and inspires directions for future research. From a managerial perspective, the paper encourages risk managers to choose techniques for supply chain operational risk management that can be auditable as this will ensure that the risk managers know why they should take a particular risk management action rather than just what they should do to manage the operational risk.

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Towards Resilient Supply Chain Structures

Towards Resilient Supply Chain Structures | SpringerLink

Disruptions pose a significant threat to supply chains, as their impact may have devastating consequences. As a result, the research in supply chain resilience has increased immensely over the last years. This article focuses on the supply chain structure and investigates how resilience depends on it. Research was conducted to identify the vulnerabilities the supply chain structure is exposed to and the strategies that exist to counteract these vulnerabilities and increase supply chain resilience. Findings show that vulnerabilities are manifold and that there is no strategy that in itself leads to supply chain resilience. It is especially crucial first to examine the supply chain structure, identify the specific vulnerabilities to the supply chain and subsequently choose an appropriate strategy.

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Network Analytics and Digital Twin: Identifying and Mitigating Risks in Defence Supply Chain and Logistics

Authors: Singupuram, Vamsi; Agrawal, Shreya; Guha, Saurabh

TCG_Digital_Logistics-Network_Analytics_and_Digital_Twin_for_Risk_Mitigation _v1 (tcgdigital.com)

Abstract: Digital twin is at the heart of Industry 4.0 solutions for Supply Chain. Equipped with an intricately mapped supply chain network, a digital twin can enable organizations to simulate possible scenarios and identify possible choke points as well as predict and respond to shocks in real-time. This white paper starts with an introduction to familiarize readers with the kinds of supply chain shocks that an organization must prepare for. It then proposes a recursive approach to map a supply chain network and provides a framework for defining the components of the network, before describing a digital twin that can effectively harness the potential of the mapped supply chain network. Finally, it touches upon the stress testing methods that can be used to predict shocks to unlock value from the digital twin.

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Third Party Risk Management and Cyber Supply Chain Risk Management

Today’s business environment continues to be a challenge. Businesses whether small, or large leverage third-party vendors to provide critical services like data handling (security, transmitting, and storage), cloud storage/applications, and systems security monitoring.

Each business must ask themselves a few simple questions about one of their most valuable assets “Data”. If or when it leaves your secure working environment:

  • How secure is your customer data in transit and storage?
  • Do your third-party vendors handle your “critical information”?
    • Provide a secure environment for processing?
    • Comply with a proven Cyber Security Framework?
    • Perform a “Due Diligence” on-boarding step for the Nth vendors (how many vendors handles your specific data) in your cyber supply chain?
    • Follow security agreements and service level agreements catered to information security?
    • Ensure data privacy is an important element of their InfoSec Program?
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Bipartisan Bill Introduced to Strengthen U.S. Supply Chains

Bipartisan legislation was introduced in the House last week to boost U.S. supply chains and foster domestic manufacturing of “critical goods” by creating a Supply Chain Resiliency and Crisis Response Office in the Department of Commerce.

The Building Resilient Supply Chains Act was introduced by Rep. Tom Malinowski, D-N.J., along with Reps. Adam Kinzinger, R-Ill., and Lisa Blunt Rochester, D-Del.— members of the House Committee on Energy and Commerce.

In addition to creating the supply chain office within Commerce, the bill would authorize $45 billion for the office to create grants and loans that support the “expansion of domestic manufacturing of critical goods and services, industrial equipment, and manufacturing technology.

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Cybersecurity: Biden Cyber Officials Back Breach Incident Reporting Mandate

The head of the U.S. cybersecurity enforcement agency “is a huge supporter” of bipartisan legislation to mandate that operators of critical infrastructure report data breaches to the government.

Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, said she backs draft legislation from the Senate Homeland Security and Governmental Affairs Committee to require certain private companies, federal agencies and government contractors to report cyberattacks to the agency.

The proposed legislation is partly in response to a surge of major cyberattacks that targeted government agencies and critical industries, including Colonial Pipeline Co. and meat producer JBS SA. The hacks increased pressure on the Biden administration to bolster U.S. cyber defenses and fueled calls for federal legislation to require companies to share incidents with the federal government to assist in response and recovery. 

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CISA, FBI, AND NSA RELEASE CONTI RANSOMWARE ADVISORY TO HELP ORGANIZATIONS REDUCE RISK OF ATTACK

WASHINGTON – The Cybersecurity and Infrastructure Security Agency (CISA), Federal Bureau of Investigation (FBI), and National Security Agency (NSA) published a cybersecurity advisory today regarding increased Conti ransomware cyberattacks. The advisory includes technical details on the threat and mitigation steps that public and private sector organizations can take to reduce their risk to this ransomware.

CISA and the FBI have observed over 400 attacks using Conti ransomware against U.S. and international organizations to steal files, encrypt servers and workstations, and demand a ransom payment to return stolen sensitive data. While Conti is considered a ransomware-as-a-service (RaaS) model ransomware variant, there is variation in its structure that differentiates it from a typical affiliate model. It is likely that Conti developers pay the deployers of the ransomware a wage rather than a percentage of the proceeds from a successful attack..

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Americans Have No Idea What the Supply Chain Really Is

At this point, the maddeningly unpredictable Delta variant has changed the expected course of the coronavirus pandemic so much that it can be hard to know exactly what you’re waiting for, or if you should continue waiting at all. Is something like before-times normalcy still coming, or will Americans have to negotiate a permanently changed reality? Will we recognize that new normal when it gets here, or will it be clear only in hindsight? And how long will it be before you can buy a new couch and have it delivered in a timely manner?

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