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ARTICLE · 09 MAY 2023

Supply Chain Risks: 10 Things You Need To Know

Gowling WLG
Gowling WLG
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Gowling WLG

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Supply chains can be complex and severe operational and financial consequences can follow if supply chain risks are not managed.

CanadaTransport

Supply chains can be complex and severe operational and financial consequences can follow if supply chain risks are not managed. Taking pre-emptive action now to review your supply chain and understand possible weaknesses can help to make your business more resilient to ever-changing external conditions and can help reduce the significant time, costs and liability implications that businesses can face in the event of disruption.

To help you take that pre-emptive action, we've pulled together our top 10 key factors for you to consider in identifying and managing potential supply chain risks.

1) Complete a supply chain risk management assessment

There are measures you can take to reduce your business' likely exposure to supply chain disruption. Key clauses in supply contracts should be reviewed regularly and stress tested for their robustness, enabling you to take steps to help maintain smooth business operations and mitigate litigation risk.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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