Pandemic supply chain struggles have redefined “good enough” supply chain risk management approaches. While the COVID-19 global pandemic did not introduce the need for supply chain risk management, it served as the ultimate test of supply chains, and many organizations did not demonstrate resiliency. A new collaborative report from the Internal Audit Foundation and Grant Thornton, “Are We Speaking the Same Language? An Integrated Approach to Supply Chain Risk Management,” suggests a how-to approach necessary to strengthen supply chains moving forward.
To help organizations learn from the weaknesses in supply chain risk management, revealed in part by the current pandemic, the report captured feedback from 34 respondents — 70 percent of whom identified as CAEs — as to what challenges and opportunities supply chain risk management presents. The result was a report focused on:
- Four areas in which organizations fell short early in the current pandemic.
- Five key steps that serve as the foundation of the path to integration.
- How The IIA’s Three Lines Model can support an integrated approach.
In addition, the report highlights the benefits that organizations can realize through effectively implementing an integrated supply chain risk management practices and discusses why internal audit is well-positioned to add value in this space.
Additional Supply Chain Risk Management Resources
- IIA Virtual Symposium: Auditing Supply Chain Risk Disruption, March 29 & 31, 2022 | 12:00‒2:00 p.m. ET, offering up to 4 CPE.
- Internal Auditor Magazine: The Risk Lurking in the Background: Vendor Management by Matt Kelly, Jan. 2, 2022
- Recommended Guidance: Auditing Third-Party Risk Management