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Archive for month: May, 2013

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How Often Should Risk Assessments Occur?

Some technology companies conduct an annual risk assessment, while others have a more frequent assessment of their organizational risks. We often get the question about the frequency that risk assessments be conducted.

Most of the time, an annual risk assessment is not enough for technology firms. The risks that these organizations face are not “static”, they are “dynamic”. Many of the emerging firms experience a great deal of organizational change in a very short period of time. In addition, our experience has been that more investors and shareholders are asking “what if” questions that relate to risk and opportunity.

A solid, and regular, risk assessment process can help your organization make decisions and become a foundation for building a dynamic risk assessment process in your organization.

For more information about risk assessment for technology firms, please contact a TechAssure member.

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What Should Your Risk Assessment Process Include?

Technology firms live in the “unknown” world. So it is not a surprise when we get responses from the technology industry that believe that the risk assessment process is something that is too focused on the unknown.

One of the most common questions we get from technology firms about risk assessment is how to adjust the process to address the unknown.

True, your risk assessment is a snapshot of your current environment. In order to adjust your risk assessment process to include the unknown, you should include monitoring activities. These monitoring activities should include a complete view of the threats and opportunities that your firm faces.

For more information about risk assessment for technology firms, please contact a TechAssure member.

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Top Questions about Supply Chain Risks

Technology companies have many questions about managing their supply chain risks. The most common questions come from all directions – legal, finance, HR and IT.

So as executives find themselves wanting more information about risks facing their supply chains, we decided to take a closer look at the supply chain risks.

Question: Is supply chain risk something we should be concerned about?

Answer: In today’s world, supply chains are more vulnerable than ever and the potential impact can come from many sources. Supply chains are complex and when you magnify the impact of disruption, the impact can be great to a company. Even the smallest, most isolated problems, can give a technology company headaches. Technology companies have an increased reliance on the supply chain and those risks need to be managed.

Question: Since we mostly use external suppliers, isn’t supply chain risk their responsibility?

Answer: For many technology firms, suppliers are one of the biggest sources of supply chain concerns. Having a diverse list of suppliers is difficult for some companies. Some suppliers rely on the same vendors for raw materials and this can create a pyramid effect on risks.

Question: Creating Supply Chain Resiliency is Ideal.

Answer: Creating supply chain resiliency is ideal. But many technology firms don’t know where to start. Consider the following:

  • Creation of methods that allow you to track and monitor supply chain events.
  • Identify any patterns that may emerge as you track and monitor them.
  • Find ways you can address workable solutions to your supply chain risks without increasing costs to your organization.
  • Establish a close relationship with all of your supply chain partners. Together you can begin to address the risks and avoid disruptions.
  • Outline a formal document that defines how you will monitor your supply chain partners and establish policies and procedures that will be a guide to addressing issues with they arise.

Technology companies should concentrate on the most critical areas that make them vulnerable. Because being a resilient technology company can make the difference between survival and failure.

For more information about supply chain risks for technology firms, please contact a TechAssure member.