Spark Newsletter – September 2023
This month, we're shining a spotlight on supply chain risk. This issue includes information on:
Supply Chain Risk Management: Avoiding the Impact of the Panama Canal Crisis?
Peak shipping season is approaching, but the movement of goods has been disrupted in a key shipping channel thanks to climate change. The Panama Canal is one of the world’s most important passages for trade in terms of container traffic, and in mid-August, the Panama Canal’s operator was forced to conserve water and reduce capacity due to an ongoing drought. As a result, ships have been backed up at the mouth of the 50-mile-long waterway that connects the Atlantic and Pacific Oceans.
The Corporate Sustainability Due Diligence Directive Brings More Scrutiny to Supply Chains?
Supply chain managers have a lot on their radar — literally — with weather and?climate-related events regularly posing challenges. The regulatory landscape is changing too.?Another broad directive is on the way, and once it passes, it will introduce due diligence requirements for roughly 17,000 companies operating in the EU. The EU’s?Corporate Sustainability Due Diligence Directive (CSDDD) will prompt businesses to examine their operations and supply chains, and those of their subsidiaries, for any negative environmental and social impacts.
Supply Chains Are in the Spotlight: What You Need to Know?
Supply chains are an integral part of doing business, and for a business to thrive, its supply chain needs to function with the precision of a Swiss watch. Supply chains are now under closer scrutiny in many parts of the world, where new regulations are only adding to corporate compliance responsibilities on top of those that have been in place for years. Many of these newer regulations apply not only to the companies based in their jurisdictions, but also to those that work with them, so businesses need to stay abreast of these developments.??
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How to Turn Supply Chain Risk into a Competitive Advantage?
For global supply chains, the list of disruptive risk events keeps getting longer. Global pressures arising from the COVID-19 pandemic. Shortages of semiconductors, plastics and other key materials. War in Ukraine. Inflation. Such significant challenges are tough to manage.?Increasingly, businesses aim to create transparency and build resilience in their supply chains. Risk-aware companies can react faster and even avoid risks or mitigate the impact of incidents.
Understanding, Managing and Mitigating Supply Chain Risk?
Heiko Schwarz, Sphera’s global supply chain risk advisor, joined Alex Studd, Sphera product marketing manager for operational risk management, on the SpheraNOW ESG Podcast to discuss how companies can better identify, manage and mitigate supply chain risk.
During the discussion, Heiko noted:
“We live in a world full of risk. It's the new normal that disruptions happen, wherever they're coming from. Wherever the next bigger thing is coming from, we don't know, but we know it's coming. Disruption has become a constant, meaning we have to be better prepared and switch from reactive to proactive."
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