Mike Varney
Partner at Crowe LLP (USA)
“It is vital to have a clear risk ranking, an understanding of your critical suppliers, and enough process around those suppliers to monitor for potential disruptions ...
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Nigel Bostock
Chief Executive, Crowe UK
“The COVID-19 crisis provided the final ingredient that has led to a perfect storm. It’s come on top of the risk of economic downturn, Brexit, US-China trade-wars ...
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“It is vital to have a clear risk ranking, an understanding of your critical suppliers, and enough process around those suppliers to monitor for potential disruptions and then be able to respond proactively. We have been helping customers with managing their supplier base. We have been asking: how much more engaged are you with your suppliers in order to understand what’s going on? The COVID-19 crisis has woken up a number of industry players and I believe we are starting to see more formalization in how they manage sourcing arrangements. Another critical element here is not only managing first-tier arrangements, but also having an awareness of your suppliers’ suppliers and how that might impact the delivery of your products.”
Partner at Crowe LLP (USA)
Mike
Varney
Chief Executive, Crowe UK
Nigel
Bostock
“The COVID-19 crisis provided the final ingredient that has led to a perfect storm. It’s come on top of the risk of economic downturn, Brexit, US-China trade-wars, increased regulation, tensions continuing in the Middle East, and signs of ‘slowbalization’ (and how global trade will be impacted by this now and into the future). There are, however, positives for business to take from these events. Increased globalization and economic growth will return, but those who will prosper most from the supply chain revolution will do so by emerging stronger from the crisis with an adaptable and resilient mindset. Now is the time for making bold decisions that will have lasting value, driven not only by lessons learnt from the crisis management of COVID-19, but also by other events that have created the perfect storm. Businesses that adopt a wider and more diverse supply chain will find themselves adapting more effectively to regulatory change. There should be clearer visibility of their entire supply chain to seize opportunities, address challenges, and be effective in proactively managing all aspects of third-party risk. Businesses should be better equipped to act decisively and quickly to solve supply chain problems and be pioneers of technological advancement and innovative thinking in their industry. There should be a mindset to evolve working practices continually. Furthermore, I believe delivering an effective environmental, social and governance (ESG) agenda as part of the business model will be an increasingly key feature of future success.”
Viewpoints from Crowe
