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Singapore supply chain conference alerts managers to prepare for the worst

GLOBAL professional association dedicated to education, research and the advancement of the supply chain management profession, the Council of Supply Chain Management Professionals (CSCMP), recently held its conference in Singapore that focused on mitigating supply chain risks.

The event attracted 200 high-ranking delegates from manufacturing, logistics, government and academia throughout Asia and the world.

In addressing the conference entitled, "Effective Strategies for Managing Supply Chain Risk: Assuring the Viability of Your Supply Chain," Singapore's Trade and Industry Minister Teo Ser Luck told delegates.

"The logistics industry is an important part of Singapore's economy, contributing eight per cent of our GDP in 2012. More importantly, as an island nation, Singapore is heavily dependent on the smooth functioning of our supply chains to ensure the uninterrupted supply of our food, fuel, and other daily necessities of life."

He added that Singapore is well positioned to support the supply chain risk management needs of companies looking to grow in Asia as a world-class transportation hub strategically located at the crossroads of major trade lanes.

Mr Teo pointed out that Singapore has a strong pipeline of cross-disciplinary talents across different supply chain areas, and that the government maintains a close working relationship with the industry to establish best practices in supply chain security.

The conference focused on key supply chain risks, strategies for assessing them and approaches for mitigating them once they occur. Among the major risks faced by global supply chains, speakers cited natural disasters, regulations and quality breaches. Several also highlighted the need to protect employees, partners and customers involved in the supply chain.

Conference delegates identified assets, company image and brand reputation, service levels and business continuity as key elements all requiring protection. They stressed the importance of constantly reviewing strategies, with evaluations conducted at least annually.

Several speakers used the earthquake and resulting tsunami in Japan, the Icelandic volcano, and the floods in Thailand as examples of the problems risk management applications must typically confront, and demonstrated how their companies had deployed risk mitigation strategies.

Delegates were advised that they should map their supply chains for exposure to risks such as floods, tornadoes, earthquakes and other disasters, producing separate maps for each eventuality.