Increased security threats force companies to adopt more rigorous approach to supply chain managemen
AIRMIC workshop recognises major challenges for many global organisations
Edinburgh, 18h June 2008 – Protecting supply chain integrity is a major challenge for global organisations seeking to improve financial performance, although the ability to effectively evaluate these risks has not yet been put in place. At least, this was the consensus of delegate at the Jardine Lloyd Thompson (JLT) supply chain risk workshop at AIRMIC, in Edinburgh yesterday.
The findings underline the increased importance that international businesses place on supply chain management, as they seek to optimise assets and processes, human and financial resources, technology and knowledge. Other key conclusions taken from the workshop included –
- That there is an escalating difficulty in obtaining a full, accurate and dynamic view of financial risk in the supply chain.
- That financial pressure to reduce working capital, outsource manufacturing and run lean stock strategies continues to have a negative impact on business continuity planning.
- That regulatory and legislative pressure, financial volatility, attacks on intellectual property and reliance on IT systems only serves to create increased levels of risk.
“Although corporate supply chain specialisation already has a well established history, it’s really only over the last few years that we’ve started to see a seismic shift in the way in which organisations manage this area of risk and mitigate against future business loss,” said Neil Campbell, Head of Life Science and Chemicals, Jardine Lloyd Thompson.
“However, as today’s workshop demonstrates, the industry has started to wake up to the increasing challenges faced by international business and the challenge for the long-term success is clear. Working closely with our customers and partners, we look forward to continuing to develop and enhance our solution portfolio in order to combat the increasing complexity of the supply chain.”
- Ends -
Enquiries:
Adam Barber or Roland Godfrey-Davies
Chalk
T – 020 7405 0974
E - adam@hellochalk.com / roland@hellochalk.com
Jon Screech
Jardine Lloyd Thompson Limited
T - 020 7558 3316
E - Jon_Screech@jltgroup.com
Jardine Lloyd Thompson Group plc
The Jardine Lloyd Thompson group is a leading risk management adviser and insurance and reinsurance broker, as well as a major provider of employee benefit administration services and related consultancy advice. Jardine Lloyd Thompson Group plc is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world.
It specialist continuity and supply chain risk consulting offers and exposure mapping and quantification tool (SCAIR)*. Designed to capture and display data efficiently, in a simple way that is accessible to non risk personnel.
* Owned by InterSys Limited and distributed by JLT under license.
Jardine Lloyd Thompson Limited
Jardine Lloyd Thompson Limited provides insurance broking and risk consulting services to large and international companies around the world, or those requiring complex solutions. The majority of their 700 staff are based in London but they also have a number of other operations including the Middle East and Sweden. Clients include many of the world's leading names and they are market leaders in a number of areas, including Construction, Communications and Technology, Life Sciences, Onshore and Offshore Natural Resources, Marine and Credit and Political Risk.http://www.jltgroup.com/business-interruption-insurance/