Governments and business must collaborate to reduce supply chain risk - ifw-net.com

As part of the initiative, a new report was launched at the event – New Models for Addressing Supply Chain and Transport Risks (http://www.weforum.org/SupplyChainReport) – that highlighted the urgent need to review risk management practices.

According to the WEF, governments and companies need to become more resilient in the face of emerging and complex risks.

The largest risk is from the unknown. Major disruptions in the past five years – including the global financial crisis, Yemen parcel bomb scare, flooding in Thailand and the Japanese earthquake and tsunami – have highlighted how risks outside the control of individual organisations can have unintended consequences that cannot be mitigated by one organisation alone.