I’m not saying that companies should not have comprehensive risk mitigation plans. They should be asking questions about their supply chains and internal organization, like “What’s our response if one component goes down? What’s our response if two components go down? Do we have redundant computer systems?” But just as important, companies need to ask, “What real-time sensing and coordinating mechanism will we use to respond to events we can never fully anticipate?”
Companies shouldn’t rely solely on a specialized risk management team to see them through a sustained crisis. What if the team gets taken out? Instead, they need to develop the ability to rapidly evaluate ongoing changes in the environment and develop responses based on simple principles.
For complete IIPM article click here
Source:- IIPM Editorial, 2006
Editor:- Prof. Arindam Chaudhuri
Companies shouldn’t rely solely on a specialized risk management team to see them through a sustained crisis. What if the team gets taken out? Instead, they need to develop the ability to rapidly evaluate ongoing changes in the environment and develop responses based on simple principles.
For complete IIPM article click here
Source:- IIPM Editorial, 2006
Editor:- Prof. Arindam Chaudhuri
