Over the last decade, the globalization of business--and the manufacturing industry in particular--has made it imperative for executives and risk managers to reassess how they manage the growing number of risks facing their organizations, especially those affecting supply chains. Effective supply chain risk management in the manufacturing organization goes beyond traditionally insured risks such as tangible assets and related liabilities; rather, it focuses on the assets as part of a process. With rapid change in today's international business environment contributing to increased risk exposure across all operational functions, senior management must consider a more comprehensive risk management program that emphasizes efficiencies and addresses a wide variety of traditional (or insurable) and nontraditional (or noninsurable) risks.
Source: Industry Week