Firestorm and Genesis Management Announce Results of National Risk Survey
Firestorm and Genesis Management Announce Results of National Survey Focused on Risk Impact on Supply Chain Network Architecture Success
Firestorm®, a national leader in business continuity, vulnerability analysis, risk mitigation and crisis management, today announced that it has entered into a strategic partnership with Genesis Management, LLC (Genesis), a market leader in business solutions to meet the challenges of navigating today’s global supply chain environment. Together, Firestorm and Genesis conducted a national Supply Chain Risk Survey. The survey results covered a broad spectrum of business activity and industries and focused on key challenges facing supply chain executives.
The survey was sent to supply chain professionals in a variety of industries. The purpose of the survey was to gain a better understanding of the risks which companies encounter, which of those risks they plan for and how the planning helps in the mitigation of that risk. While the survey addressed many issues, who was responsible for monitoring the risk, and how supplier selections were made proved to be significant. The survey also probed how well companies know their supply chain and how well they monitor the risks of those suppliers. Finally, it addressed how often the elements of the supply chain are benchmarked and audited.
Results from the survey show that a company’s supply chain is the source of well over half of all business crises and disruptions. Suppliers, in the expanding supply network, are the largest source of these supply chain failures. Companies do not fully understand, track, or analyze the inherent risks embedded within their supply network. This survey was designed to better understand and assess how leading companies are approaching this growing problem.
Further to the study, companies are facing a very different supply chain world. The results indicate a compelling need for further research and determination of best practices within the supply chain, particularly supply network architecture. Those companies responding to the survey were able to participate in an Executive Supply Network Risk Forum in continuation of exploring solutions.
John Campi, Managing Partner Genesis Management, stated “the race to cost effectiveness has ignored the cost of complexity. The most obvious example is through the continuing globalization of supply networks. It is a new supply chain world. Companies today no longer own the majority of their supply network. These new complex global networks, logistics infrastructure, and unaffiliated ownerships have created an expanding complex risk/value profile. This transformation demands new supply network architecture.”
Wally Buran, Firestorm Expert Council™ Member, pointed out “Three themes emerged from the survey. These identify the mis-perception of risk, increased need for supply network visibility, and confusion over risk, roles, and responsibilities.”
Contact Firestorm to receive a copy of the Findings Report or to participate in the ongoing research.
Genesis Management, LLC delivers business solutions to meet the challenges of navigating today’s global environment. Through our Management Services, Supply Chain Strategies and Business Operations Optimization Programs we are your global cost reduction specialists. We focus on complexity reduction, business risk mitigation and cost optimization, primarily in the supply chain activities. For more information visit www.genesismg.com
Firestorm is the premier, national leader in business continuity, vulnerability analysis, risk mitigation and crisis management, and knows that disaster readiness and enterprise value go hand-in-hand. Staffed by attorneys, engineers, physicians, law enforcement professionals, psychologists and many other talented individuals, Firestorm works directly with their Senior Management Team and Expert Council on behalf of clients. Firestorm maintains a network of offices in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Washington DC, and Wisconsin. For more information visit www.firestorm.com