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Managing Risk in the Global Supply Chain

A recent national survey revealed that nearly 75% of food and beverage brand owners worry their supply chain risk management and mitigation efforts aren’t getting the job done. This concern stems from the fact that most companies don’t know enough about existing and emerging risks while underestimating the threats they pose to their brand.

Identifying, managing, and applying risk assessment outcomes had become increasingly complicated. A far-flung global supply chain saddled with non-integrated or non-standardized data management systems, and more than a few bad actors, make it challenging to avoid risk entirely.

Prioritizing risk is essential for effective supply chain and safety management. It’s also an integral part of food safety management systems to comply with the Global Food Safety Initiative (GFSI) and the U.S. Food Safety Modernization Act (FSMA). But barriers prevent accurate and complete risk assessments — namely, incomplete risk intelligence, undertrained personnel, and outdated technology.

Supply chain risks hinge on several factors, but mostly:

• The composition and origin of sourced material.
• The production methods and supplier infrastructure.
• Material included in the finished product.
• The length and complexity of the supply chain.
  
  

Find out how TraceGains can help your company mitigate risk by downloading this valuable guide.