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Supply Chain Security and Resilience: Harnessing the Potential of Internal Audit

About the report

In an era where global disruptions are the new normal, the resilience and security of supply chains have become paramount for business continuity and success. The latest report, "Supply Chain Resilience and Security: Harnessing the Potential of Internal Audit " offers an in-depth exploration into this critical area, underlining the essential role of internal audit in enhancing supply chain resilience against a backdrop of global challenges.

This comprehensive analysis is the result of extensive collaboration with internal audit professionals from various industries that depend heavily on global supply chains. We convened a roundtable in September 2023, bringing together Chief Audit Executives (CAEs), audit committee chairs, and experts in supply chain risk and internal audit. This was complemented by several one-on-one interviews, providing diverse perspectives and deep insights into the topic.

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Key Takeaways

  • Global Disruptions & Supply Chain Resilience: Organisations must proactively approach supply chain resilience, particularly in light of recent global disruptions. Internal audit functions can help identify these vulnerabilities and assess the effectiveness of strategies in place to mitigate these risks.

  • Strategic Risk Management and Preparation for Future Challenges: The report emphasises the need for a strategic shift towards diversifying suppliers and localising supply chains to reduce reliance on single sources and geographic regions, thus enhancing resilience against global disruptions. The importance of adopting forward-looking strategies, including scenario planning and continuous improvement processes, is essential when mitigating future supply chain risks effectively.

  • Cybersecurity and leveraging technology: In an age where cyber threats are increasingly prevalent, integrating robust cybersecurity measures within supply chain risk management strategies is vital. It also highlights how leveraging technologies such as data analytics, AI, and blockchain can significantly improve visibility, predictability, and responsiveness in supply chains.

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