The COVID-19 pandemic is disrupting global supply chains, with consequences for businesses, consumers and the global economy. Operations leaders are scrambling to respond to urgent questions about how to protect their employees, ensure supply security, mitigate the financial impact, address reputational risks and navigate market uncertainty. While many companies, institutions and governments have engaged in business continuity and risk management planning exercises in recent years, traditional risk management activities have largely centered on reacting to localized events pertaining to a specific geography or sector. The latest global supply disruptions underline the need for a new paradigm to develop supply chain resilience.
