CYBER IS THE TOP AREA FOR ASSESSING SUPPLIERS: AIRMIC MEMBERS

Cyber was ranked the top area for which organisations are assessing their suppliers, according to Airmic members in last week’s Airmic Big Question. Organisations in the UK have been on heightened alert for cyber attacks following recent incidents involving businesses and their suppliers.

Sustainability/ESG was ranked a joint second most important area for assessing suppliers for their organisations, amid debates as to whether Environmental, Social and Governance (ESG) is “dead”. The survey was conducted in the context of the US administration’s recent announcement of tariffs of 50% on copper, which sparked concerns about supply chain issues relating to chip production and the green transition.

Julia Graham, CEO of Airmic, said: “Supply chains are adapting and reshaping in response to the fast-changing and volatile world we operate in. Boards and risk professionals are considering the risks associated with their organisations’ supply chains. Businesses and organisations are right to be sensitised to developments in the news such as when a spate of cyber attacks hits their peers.”

Hoe-Yeong Loke, Head of Research at Airmic, said: “Supply chains today are so highly intertwined and complex, as the market effects of the US’s copper tariffs attest to. Risk professionals are now assessing their suppliers for an ever wider set of issues. Sustainability and ESG continues to be a key area for assessing their suppliers given directives such as the European Union’s Corporate Sustainability Reporting Directive (CSRD).”

Airmic has been working to equip its members with the resources and channels they need in view of today’s top risks, including collaborating with the BCI (the Business Continuity Institute) on a good practice guide on organisational resilience.

Leigh-Anne Slade, Head of Media, Communications and Interest Groups, said: “Supply chain risk has increasingly been a key consideration when Airmic members structure their cyber programmes. In our special interest groups for instance, Airmic members have been discussing case studies of how technology risks such as cyber and AI can be built into an enterprise risk management process and programme and the role of the risk team in driving it.”

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We will be sharing the results of the Airmic Big Question with the press weekly.

You can also find the results here.

Media contact: Leigh Anne Slade
Head of Media, Communications and Interest Groups, Airmic
Leigh-Anne.Slade@Airmic.com
07956 41 78 77