riskmethods, a leader in supply chain risk management, recently released data showing that disasters at business partner sites, which are often related to fires and explosions, are most prevalent within the chemical industry.
Of the various risk alerts that riskmethods sent to its customers in 2018, disasters at business partner sites were most often sent to companies in the chemical industry: 27% of alerts relating to this topic went to chemical customers. Although prevalent in the chemical industry, this is certainly not the only industry affected by fires and explosions: The 2018 Allianz Risk Barometer ranks fires and explosions as one of the most feared risks by businesses across all industries.
“For every one major fire or explosion that makes the mainstream news, there are hundreds of smaller ones that nonetheless have significant negative impacts on business,” said Peter Dudek, global director of customer success at riskmethods. “Although preventing these unforeseeable disasters is unlikely, they can be mitigated through real-time updates and a thorough action plan.”
The riskmethods Solution uses artificial intelligence to monitor supply chain fires and explosions—as well as all kinds of supply chain risk—for 280,000 suppliers and locations around the world. Their customers include chemical company Clariant, who recently won the Risk Management Award at the 2019 World Procurement Awards in recognition of their strong risk management program.
Clariant has implemented The riskmethods Solution so they can be among the first to know of a fire or explosion in their supply chain—even if the supplier hasn’t contacted them directly. This provides an advantage over competitors who don’t have an alerting system in place, and enables them to take fast action to address the problem—for example, by switching to an alternative supplier.
“We began using riskmethods in 2017 to help with all types of supply chain disruptions, including fires and explosions, and also to make sure our suppliers were financially stable and compliant to regulations,” said Artur Kulawiński, global procurement risk manager at Clariant. “We use the riskmethods Solution for the full cycle of supply chain risk management—to identify risk in the first place, to understand the impact of that risk, and then to take action to mitigate it.”
In addition, riskmethods partners with Zurich Insurance Group to help customers protect their business with the support of 800 risk professionals providing extensive consultation to make informed decisions about a company’s risk management strategy.
For more information about The riskmethods Solution, visit https://www.riskmethods.net/products-services/riskmethods-solution/.
riskmethods empowers businesses to identify, assess and mitigate supply chain risk. By using artificial intelligence, we help customers automate and accelerate threat detection, enabling them to gain competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk. To learn more about why riskmethods is the intelligent way to manage risk, visit https://www.riskmethods.net/ or connect with us on LinkedIn.