Risk Management Survey: Every Second Company Sees Need for Optimization
A holistic risk management is crucial for companies to avoid unforeseen disruptions such as supply shortages or failures in the dynamic market landscape and to ensure product quality and customer satisfaction. However, the results of the 20th Hermes Barometer on the topic of 'Risk Management in the Supply Chain' show that only about every second surveyed company actually assesses its own preventive measures as effective. This underscores the importance of continuously reviewing and further developing existing safety strategies to meet changing requirements.
Optimization of Risk Management: Quality Assurance as a Strategic Goal
According to the 20th Hermes Barometer, 71 percent of survey participants see ensuring high product quality as a central goal of their risk management. This high prioritization reflects the role of quality assurance as a key factor for competitiveness and customer satisfaction. Furthermore, ensuring supply is considered particularly significant by 66 percent of companies and even by 76 percent of larger companies with 250 to 1000 employees. The results highlight the necessity of establishing robust supply chains that ensure a continuous supply of products and services, thereby securing long-term business growth.
Sustainability and Compliance in Focus
The survey also shows the growing awareness of sustainable corporate governance. About 63 percent of all respondents and 76 percent of larger companies consider meeting customer needs regarding sustainability as an important reason for their risk prevention strategies. Taking ecological responsibility has thus become central to the global business world. Moreover, for more than half of the survey participants (58 percent), compliance with regulations and standards of their suppliers is significant: The efforts to minimize compliance risks and ensure the integrity of the supply chain represent crucial factors for many logistics decision-makers in their safety measures.
However, the 20th Barometer also reveals that only about every second company (54 percent) considers its current risk management to be truly effective. This shows that there is a significant need for action to further optimize measures to prevent supply chain disruptions. Companies are not left to fend for themselves: In particular, medium-sized businesses with 50 to 250 employees rely on external support – more than every second respondent (53 percent) indicates that they seek additional expertise for optimizing their risk management.
For more information and the detailed evaluation of the survey, please find our 20th Hermes Barometer 'Risk Management in the Supply Chain' here for free download.