A recent report released by McGrathNicol in collaboration with YouGov has shed light on the confidence levels of Australian businesses in managing supply chain risks. The findings indicate that while many businesses believe they are well-equipped to handle emergent issues, the reality paints a different picture.
The comprehensive survey, which involved 300 Australian Directors and C-Suite leaders from various industries, focused on gauging their preparedness in addressing operational, geopolitical, and cyber risks within their internal and external supply chains.
Key findings from the report include:
High Awareness, but Inadequate Plans: An overwhelming 94% of respondents claimed to possess a high-level awareness of their supply chain risk management program. However, a concerning 27% admitted to not updating their risk management plans in the past two years.
Challenges in Addressing Risks: Three-quarters of the executives acknowledged encountering difficulties in dealing with supply chain risks within their organisations.
The report also highlighted a common misconception among some businesses, with 17% assuming that their small supply chain exempts them from requiring risk management. This sentiment was debunked, emphasising the importance of adhering to the SOCI Act 2018 (Cth), which mandates organisations to develop a risk management plan regardless of their size.
We want all our members to be empowered to make decisions for their business or organisation. We also want them to be covered from a risk management perspective. Our comprehensive advisory services provide members with tailored solutions to their procurement challenges, from on-the-ground support with a short-term project to end-to-end strategic planning, including risk management.
Source: https://www.mcgrathnicol.com/insight/uncovering-risks-in-the-supply-chain/