Business and commercial

Managing supply chain risk

“A company is as strong as its weakest supply chain partner" (Cousins). The risk to businesses of relying on suppliers is greater than ever. Engineers need to understand that through effective collaboration, their suppliers can add value and be part of their risk management solution and integral in creating new opportunities for future success.

2 days

Next available:

Members: £1,095 + VAT
Non-members: £1,350 + VAT

Time spent upfront with a supplier, before signing a contract, will make the management of a supply contract harmonious, avoiding some risks and making others manageable.

- Catherine Hurst

Course Location & Date
Managing supply chain risk
10% early bird discount applied
Hurry! 41 days left
Members:
£1,095.00 £985.50 Plus vat
Non Members:
£1,350.00 £1,215.00 Plus vat

Summary

“A company is as strong as its weakest supply chain partner" (Cousins). The risk to businesses of relying on suppliers is greater than ever. Engineers need to understand that through effective collaboration, their suppliers can add value and be part of their risk management solution and integral in creating new opportunities for future success.

Our suppliers are not exempt from risks. It is so important to collaborate with them and form a strategic partnership to effectively mitigate, minimise or manage supply chain risks. You only get early warnings of supplier risk if your contract and supplier relationship permits visibility, transparency and trust to disclose when things are not going to plan. 

Collaborating with suppliers will enable a better understanding of the root cause of the challenges they face and enable remedies / Plan Bs to be agreed to ensure projects move forward, especially when project timeframes prevent sourcing an alternative supplier and monetary compensation is not a solution to the problem. 

Supply chain risks are not always the fault of a supplier. Poor needs analysis and communication of those needs to the supplier in the tendering process can lead to goods and services being delivered which aren't fit for purpose or meeting the buyer's definition of 'satisfactory quality'. It could also be because the wrong supplier was selected in the vendor selection process. 

Whatever the cause of a risk, if it materialises it needs to be managed to minimise the criticality to the project. There needs to be a robust and agile contingency  plan, disaster recovery plan, business continuity plan and potentially an exit strategy. Proactive management of supply chain risk means you are prewarned and therefore pre-armed.

Who should attend?

This course would benefit anyone who interfaces with suppliers, from procurement staff to engineers and project managers plus any interested stakeholders

How will I benefit?

After completing this course delegates will be able to:

  • Understand the importance of a thorough needs analysis and detailed, clear specification / scope of supply / contract writing to identify what they want from a supplier.
  • Appreciate the importance of a thorough and comprehensive vendor selection process, including good governance to prevent any risk of fraud or corruption. 
  • Be able to work with stakeholders to identify potential risks, the root cause and how best to manage them to minimise the criticality to the project.
  • To adopt the 'Waterfall Process', taking the time prior to signing a contract to ensure that all supply chain risks have been identified and an acceptable approach for dealing with them in conjunction with the supplier should they materialise, has been included in the legal contract. 
  • Learn what is required to manage a supplier effectively to gain visibility and transparency of their performance and progress to get early warnings of any risks occurring. 
  • Adopt a risk awareness culture, including the development of disaster recovery plans and business continuity plans.
 
Contributes 14 CPD hours

Key topics

  • Identifying different types of supply chain risk, STEEPLED
  • Root cause analysis of potential risks
  • Benefits of clarity - need analysis, specification drafting, measurement criteria
  • Making the right choice - governance and vendor selection 
  • Supply Chain Management (SCM) – carrot not stick
  • Proactive risks management. Transparency / visibility. 4 T’s. Solutions not money. Disaster recovery / business continuity planning / supplier transition planning
  • Supplier Relationship Management (SRM) - ‘Strategic’ not ‘Reactive’ approaches.
  • Continuous improvement / innovation / realising opportunities for future growth and success. 
 

Mapped against UK- SPEC competencies: C and D

  1. Responsibility, management or leadership - For Incorporated and Chartered Engineers: 'Provide Technical and commercial leadership’
  2. Communication and inter-personal skills - For Incorporated and Chartered Engineers: 'Demonstrate effective interpersonal skills’

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At a glance

  • Duration:
    2 days
  • Location:
    London
  • CPD Hours:
    14
  • UK-Spec:
    C, D

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Available dates for Managing supply chain risk

2 day course

London
23-24 Jul 2024 10% discount available until 23 May

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