On October 2, 2019 at the “Operations Center” event on the topic of “High Value Products Supply Chain – Standards & Requirements”, Stavros Papagiannopoulos, CEO, EXL Consulting, presented his point of view on the risk management and insurance concerns.
As organizations are exposed to supply-side risk that can result in business failures, disruptions or shutdowns, Business Continuity Planning (BCP) provides an integrated set of procedures and resource information that firms can use to prevent or recover from a disaster which causes a disruption to business operations.
Supply chains are relatively fragile and easily fractured when extreme natural, political or economic events occur. A host of inter-related business trends have increased their relative fragility over a period when the range and intensity of threats have multiplied. This explains why supply chain management and resilience have become such hot topics. The consequences of supply chain disruptions are significant. BCP ensures that supply chain disruptions can be kept to a minimum as well as their impact could be reduced.
Stakeholders are now actively and systematically interested in business performance in relation to BCP.