Widespread technology adoption has completely changed the way Singapore's manufacturers operate – including how and what they manufacture - and approach supply chain management.
Despite new challenges, heightened exposures and evolving risk profiles, many local manufacturers, particularly the small and medium-sized enterprises (SMEs), often take a reactive approach to managing risks. This lack of preparedness can cost them money and time, and even lead to business failure for smaller manufacturers.
In the face of potential disruptions, the first step to protecting your business is understanding what makes it vulnerable. It is critical to examine your business through the lens of the questions outlined below to gauge your readiness for the next crisis, no matter how big or small.
A modern factory may be more vulnerable to cyber threats than ever. Every digital touchpoint - from the network of connected devices on assembly lines right down to the small sensors installed in the final products - could expose your company to external cyber risks. Are you prepared for the worst?
Dependence on external suppliers is a significant source of exposure - the supply chain has many moving parts, and every vendor has its own set of vulnerabilities. Have you done enough to boost resilience of your…
supply chain network
Here are a few essential risk management best practices that every manufacturer should consider implementing:
After more than a year of dealing with pandemic-related and other disruptions, local manufacturers have begun to appreciate the importance of being prepared to tackle issues confidently. To navigate an uncertain future, manufacturers must be more attuned to the value of risk management, assess what they have in place as well as what's needed to address emerging risks.
Now is the time to prioritise risk management and not leave it on the table or to chance.
Not sure how to get a head start in assessing and/or managing existing and emerging risks specific to your organisation? Speak to your insurance broker/agent or our risk experts to ensure you are prepared and ready for any eventuality.
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