Supply Chain Risk Accountability Requires Full Visibility

By STAR Index

Accountability in the supply chain requires full visibility

Sounds obvious, but would you want to be held accountable for something you have no knowledge of? Do you understand your Supply Chain Risk?

The OxfordEnglish Dictionary defines the word accountability as

            “’the fact of being responsible for your decisions or actions and expected to explain them when you are asked”

Should businesses be held accountable by their consumers and peers for the actions and policies of their suppliers within their supply chain?

Businesses are finding themselves under increased scrutiny to provide evidence of who is supplying them. Consumers are increasingly demanding to know that products are ethical and sustainable. They want to see evidence of corporate social responsibility in supply chains.

As a consumer, ask yourself, if a scandal broke about a product you buy, would you blame the raw material supplier or the household brand that you bought from?

MIT Sloan School of management found that consumers may be willing to pay between  2% and 10% more for products from companies that provide greater supply chain transparency.

Make this a benefit to both you and the consumer!

At QADEX we believe it is no longer enough to make statements and have policies as a tick box exercise.

Sustainable Development Goals and satisfied consumers need transparency and evidence of traceability.

The trend of conscious consumerism is not going away and will only rise. If you can map, mitigate and prove then you will survive & prosper, those that can’t, or won’t, will be left behind.

“Our firm belief is that without visibility there is no accountability and only those most responsive to change will survive.”

Stephen Whyte – QADEX MD

What are the challenges to Risk Management in the food industry?

  • Supply chain management is perceived as being complicated.

  • Businesses do not have enough supply chain data.

  • Lack of resources and time to carry out in depth risk assessments.

  • Fear that if something is uncovered on their supply chain they will be criticised and held accountable.

As a business working in the food industry, we understand the challenges surrounding corporate social responsibility in supply chains, let our knowledge and expertise guide you.

The STAR Index is a suite of tools to enable you to map, mitigate and manage risk, all in one place.

How to Win at Risk Management

Supply chain risk must be visible because it is not static, and new risks emerge everyday, meaning suppliers in your chain will be compliant one day but could fall into a risk category the next.

The STAR Index helps you to keep control of multi faceted risks in this ever changing landscape, STAR-Index provides a single view of TOTAL risk across your supply chains and raw materials from 4 key areas:

  • Sustainable
  • Technical
  • Assets
  • Responsible sourcing

A RAG (Red, Amber, Green) rated index is used to measure and benchmark your business and supply chain. This is driven by using a combination of publicly available information, supply chain data and our own expertise.

Dynamic dashboards and supply chain reporting identify and prioritise risk in your supply chain. Providing visibility on where to focus improvement and change.

Our proven methodology is helping our customers already, would you like to join them? Click here!

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