Mapping and Risk Assessing
01
Mapping your supply chain is the first step in supply chain management. Mapping is crucial to identify all key relationships, map supplier-to-factory routes, and develop a risk-based approach. Verisio has extensive experience in helping organisations map their supply chain from Tier 1 to raw materials, and we understand what works and what doesn’t. Our system, Optimus, collates all the data and provides you with a visual representation of your supply chain on a world map which is vital for deciding areas to prioritise for risk management.
02
Once a supply chain map starts developing, you can begin to risk-assess your relationships. Risk assessing should be a tailored approach that works for your business, starting with purchasing spend, country risk, product risk or other factors to enable a targeted strategy for assessing manufacturing sites or suppliers. A risk-grading matrix will be created in line with your requirements and appetite for risk, using each individual non-conformance from a third-party audit or online assessment and grading it as a minor, major, or critical non-conformity (NC). The overall risk for that supplier or manufacturer is then determined by counting all the individual NCs and their severity. This creates a new priority list based on actual risk and allows your business to focus on improving the highest risk sites first.
03
Now that each relationship is mapped and risk-graded, it falls to the suppliers and manufacturers to improve their grade. We require sites to upload evidence and root cause analysis to show they have corrected the non-conformances (NCs) and explain what they have put in place to prevent a recurrence. We use our team of global expert auditors to review the evidence and advise whether the NC can be closed or if further evidence is required. Should a site not cooperate, we agree a defined escalation process with our clients to ensure they are aware of any particularly critical issues or uncooperative suppliers.
