Global Links: Investing in Supply Chain Resiliency
Add “cyber exposure” and widespread fraud to the mix, and we have a daunting checklist to address before supply chains can be regarded as efficient and secure. Several recent studies indicate that risks are mounting for supply chains in even the most developed parts of the world.
Vigilance is a must no matter where you are doing business in today’s global marketplace. Indeed, add “cyber exposure,” extreme weather conditions and widespread fraud and piracy to the mix of their concerns, and supply chain managers have a daunting checklist to address before supply chains can be regarded as efficient and secure.
When it comes to ocean cargo shipping—the backbone of global supply chains—the world appears to be more secure: According to the Allianz Global Corporate & Specialty (AGCS) fourth annual Safety and Shipping Review 2016, vessel losses declined by 3% last year. Furthermore, losses have declined by 45% since 2006, driven by an increasingly robust safety environment and self-regulation.
While the long-term downward trend in shipping losses is encouraging, there are still reasons to be concerned as weak economic and market conditions, depressed commodity prices and an excess of ships continue to pres¬sure costs and raise safety concerns. AGCS has seen an increase in the frequency of loss¬es over the past year that can be attributed to this environment to some extent.
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Vigilance is a must no matter where you are doing business in today’s global marketplace. Indeed, add “cyber exposure,” extreme weather conditions and widespread fraud and piracy to the mix of their concerns, and supply chain managers have a daunting checklist to address before supply chains can be regarded as efficient and secure.
When it comes to ocean cargo shipping—the backbone of global supply chains—the world appears to be more secure: According to the Allianz Global Corporate & Specialty (AGCS) fourth annual Safety and Shipping Review 2016, vessel losses declined by 3% last year. Furthermore, losses have declined by 45% since 2006, driven by an increasingly robust safety environment and self-regulation.
While the long-term downward trend in shipping losses is encouraging, there are still reasons to be concerned as weak economic and market conditions, depressed commodity prices and an excess of ships continue to pres¬sure costs and raise safety concerns. AGCS has seen an increase in the frequency of loss¬es over the past year that can be attributed to this environment to some extent.
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About the Author
Patrick Burnson, Executive Editor Mr. Burnson is a widely-published writer and editor specializing in international trade, global logistics, and supply chain management. He is based in San Francisco, where he provides a Pacific Rim perspective on industry trends and forecasts. He may be reached at his downtown office: [email protected].Subscribe to Supply Chain Management Review Magazine!
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Article Topics
Ocean Cargo · Risk Management · Risk Mitigation · Supply Chain Risk Management ·It’s high time to go beyond visibility Driving supply chain flexibility in an uncertain and volatile world View More From this Issue