SCM Sparks #103: ISO:31000:2018

Risk creates an uncertainty in achieving the objectives of supply chain. Risk may or may not happen and is a combination of events and consequences. The falling of a 2 kg bolt from a truss is an event and it hits an equipment on the ground is a consequence. So, the same event may give rise to different consequences and severity of the risk may change from no-effect or near miss to fatal accidents. ISO:31000:2018 provides terminologies, principles and framework for risk management in organisations. Though ISO:31000:2018 is general in nature, it can be well adopted to manage risk in your supply chain.Do you think your supply chain as a whole or parts of it need risk management? https://www.iso.org/files/live/sites/isoorg/files/store/en/PUB100426.pdfFor more details related to Supply Chain Consulting, Certifications (CSCP, CPIM and CLTD) and Executive Development Programs, please visit www.IISCM.org. Fhyzics is an Authorized Channel Partner (ACP) of APICS, USA [Part of the ASCM Network].