My supply chain focus started when I was the vice president controller for a shoe retailer in the US, and we were hit with an unexpected new tariff on our Chinese products for a piece of metal that was used to keep the holes in place for shoelaces to go through. Our designers had to start looking for other materials to use as the tariff cost was huge. But because we kept resiliency in our supply chain and still had production facilities in Brazil and Italy, we were able to weather this supply chain interruption by shifting production of this type of shoe to those countries.
I am telling you this story because the memories of how important it is to maintain a resilient supply chain have come back to me during my review of ISACA’s new white paper, Supply Chain Resilience and Continuity. The white paper describes in detail the impact a pandemic could have (and considering the ongoing COVID-19 pandemic, I should say is having) on supply chains, and how you should prepare. As the ISACA guidance notes, “it is time to enhance enterprise supply chain resilience and continuity in the face of major interruptions.” My company was prepared many years ago as our supply chain risk mitigation process focused not on a supplier-specific risk, but addressed potential supply chain interruptions. But would we have been prepared this time for COVID-19? I’m not sure.
Take the time now to read the white paper, and remember that business continuity in a supply chain MUST be part of an overall business continuity plan. Applying these supply chain concepts to other functions of the enterprise and then applying the risk management principles will pave the way for the enterprise to evolve and further strengthen its business continuity management efforts.
Although this is a topic that has long been on my radar given my prior experiences, I recognize that the world has changed now with COVID-19, and I hope you recognize this, too. Business continuity management must continue to evolve based on these changing dynamics and lessons learned. Use your first-hand experience to revisit business continuity preparedness and/or continue maturing your supply chain resiliency programs.
Editor’s note: For additional ISACA resources related to the COVID-19 pandemic, visit our Navigating COVID-19 resources page.
