Momentum - September 2022 Annual Edition

Corporate Insights: Sofia Rivas Herrera

Evolving, Enhancing and Advancing

Articles from across India

"Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit.“

Conrad Hilton

With a view to aid practitioners and learners in the vast field of operations and interface areas, FORSE the committee of enthusiasts has been making efforts to bring new and emerging concepts and topics for the readers MOMENTUM is an outcome of these efforts

I am sure the present issue will kindle your thoughts and further your knowledge in the field of Operations and Supply Chain Congratulations to the team for their efforts in bringing out this issue

Happy Reading !

Dr. Pramod Shetty

Faculty In charge FORSE Area Chairperson (Operations)

K J Somaiya Institute of Management Studies, Mumbai

Editor’s Note

Dear Readers,

We are delighted to bring to you the September 2022 edition of Momentum Through this quarterly magazine, we don’t only share knowledge but also provide platform to share your knowledge as we believe that knowledge is power In the past editions we have seen the articles on supply chain in environment of industry 4 0, sustainability in supply chains, Strategic & IT operations and many more. Supply Chain and Logistics are dynamic and have been continuously evolving. Thus, to explore this area more, we present you this edition with the theme “Risk Management in Operations and Supply Chain”

We at FORSE, believe in continuous learning and improvement as it helps in constant expansion of skills. This cultural philosophy also reflects in our magazine. The structure of our magazine is such that it will give you detailed insights of the theme and add value to you. Our magazine has various enriching sections such as Recent Trends, Overview, various articles, Trivia and many more engaging activities done by FORSE. We also have an interesting section “Corporate Insights”, to get corporate perspective of the theme from industry experts

The articles that are included in this edition provide good insights into various topics related to the theme like Business Continuity Risk, Shipping Container Crisis, Supply Chain Implications of the Russia Ukraine conflict, etc

Last but not the least, we would like to thank everyone who has contributed to the magazine and wish for enthusiastic participation in the future as well. We hope you have a great experience reading this edition of Momentum. We also hope that we could provide a platform through this magazine to share and gain knowledge, leaving you with a richer knowledge base to cherish and apply in various aspects of your career.

Happy Learning, Team Momentum

“Live as if you were to die tomorrow. Learn as if you were to live forever” Mahatma Gandhi

FORSEian’s Note

Dear Readers,

We at FORSE, since our inception have been striving for excellence & building business acumen of students in K J Somaiya Institute of Management by not only organizing simulation events, case study competition, international conferences, magazines but also by executing campaigns, posts through social media handles thereby utilizing the digital media space to communicate the very fabric of supply chain, operations strategy and logistics with all the operations enthusiasts across different geographies

MOMENTUM our quarterly magazine is an attempt to bring forward enlightening topics and concepts in the field of operations, supply chain and logistics to our readers It contains articles based on different themes in each issue Since its inception, Momentum has covered many topics under various themes including but not limited to SCM & Logistics in E commerce, Supply chain in 21st Century, Industry 4.0 ,IT Operations and many more.

Logistics and Supply Chain practices within the industry are dynamic in nature and constantly evolving. Risk management in operations and supply chain is crucial as in its absence there is disruption in supply chain, increased costs of goods, delay in procurement and delivery, etc.

Through the September 2022 Edition of Momentum which revolves around the theme “Risk Management in Operations and Supply Chain” , we strive to enhance the knowledge of our readers by the impactful recent industry trends and promising start ups

On behalf of the FORSE Momentum Team, which has worked meticulously to bring this issue to you, we hope that the magazine gives you great insights and aggrandize your knowledge bank Stay tuned for upcoming issues with more interesting themes Keep Learning!

Kedar Ashtikar

Eshita Rastogi Antarip Biswas Co Convener Convener Co convener

Aditi Darekar

Prabhat Mishra Nobarun Choudhary GSCM Vice President GSCM President GSCM Vice President

Overview of Risk Management in Operations and Supply Chain Page 01

Recent Trends and Startups

Page 05

Corporate Insights Page 08

Shipping Container Crisis Page 11

Supply Chain Implications of the Russia Ukraine Conflict Page 15

Cyber Security Risks in Operations & Supply Chain Page 19

Risk Mitigation using Supply Chain Analytics Page 23

Risk Mitigation using Supply Chain Analytics

Page 29

What’s New and Exciting in FORSE

Page 35

Risk Management in Supply Chain (Minds of Momentum)

FORSE in Frame Page 38

Page 32

Article Writing Experience Page 37

Business Continuity Risk Page 26 Trivia Page 39

What is Supply Chain Risk Management?

The process of taking strategic actions that can assist businesses in identifying, analysing, assessing, and mitigating supply chain risk is known as supply chain risk management (SCRM) The three steps of supply chain risk management are risk identification, evaluation, and mitigation.

Supply Chain Risk identification:

Identifying supply chain hazards is the first step in supply chain risk management. The risk profile must be created first, followed by careful monitoring and updating to include new risks.

Supply Chain Risk Assessment:

The next stage is to specify the potential impact of the risk on the business after the risk profile has been determined The role of stakeholders who have a substantial impact on sales, margins, or profit must be taken into account in the risk assessment.

Supply Chain Risk Mitigation:

Effective risk reduction planning is made possible by precise risk identification and evaluation. Preventive and corrective action plans for risk management should be part of supply chain management risk reduction methods. These plans serve

as the framework for addressing risk by adopting sensible steps that supply and safeguard the brand.

Components of Supply Chain

The supply chain is the entire process of creating and delivering a good or service, from product sourcing to final delivery The entire production process, including actions at each level, information that is transferred, and resources that are converted into materials, are covered by the supply chain. One of the crucial phases in doing an external analysis as part of a strategic planning process is mapping out the supply chain. A corporation may better define its market and decide where it wants to go in the future by properly understanding the supply chain.

Various industries have different supply chain components A manufacturing company's generic supply chain starts with the buying of the necessary raw materials for the product Transport is used to move the sourced raw materials from the supplier to the manufacturer. On the production line, raw materials are transformed into finished goods. The distributor receives the finished goods at wholesale prices and then distributes them to the merchants. The consumer buys the merchandise from the retailer. The supply chain's final phase is this one. Consumer demand is the primary external force

driving the supply chain.

When a customer orders a product from an online retailer, the supply chain for that business gets started. The key elements of an e commerce company's supply chain include an ordering system, a checkout cart, a payment system, and a delivery system When an order is placed, the warehouse receives it and determines whether the item is prepared for delivery The majority of businesses use their own payment systems, while occasionally, external payment gateways are employed The merchandise is delivered to the shipping company by the warehouse firm and the goods are finally delivered to the business' door by the shipping firm. Effective supply chain risk identification is facilitated by supply chain component mapping.

Types of Supply Chain Risks

Any supply chain disruption that could negatively impact an organization's overall operations, operational procedures, financial performance, or the output of goods and services is called a supply chain risk Any supply chain disruption is seen as a risk Assessment and adaption of the supply chain risk matrix are significant duties for supply chain leaders.

The management must first comprehend the many types of risks and their sources in order to assess,

monitor, and reduce supply chain risks. Which hazards exist in the supply chain? Economic, geopolitical, environmental, and cyber security all affect supply chain risk. The following are a few of the major supply chain risks:

Labour and Union Issues: Union issues are common within the manufacturing industry Changes to employee contracts, pay or working hours must be approved by the union In order to prevent the disruption of supply chain, it is crucial to have an appropriate insurance coverage in place.

Financial Risk: This risks may be due to unforeseen or unfavourable changes in exchange rates. Supplier financial risks include defaults, logistical problems, unanticipated cost and budget overruns, etc.

Supply Risks: Supply risk means when raw materials that a company needs are not delivered on time or are damaged, which results in disruption of the flow of supply chain

Demand Risks: Demand hazards are brought on by incorrect estimates of product demand. These errors result from a lack of understanding of annual purchasing trends or volatile demand.

Business Risks:

Business risks are sudden changes in any of the business entities that are required to maintain the supply chain's efficiency

Environmental Risk: Environmental risk is any supply chain disruption brought on by a natural disaster Natural calamities, pandemics, and extreme weather are examples of environmental issues that could affect the supply chain. Environmental risks could be local or worldwide, and the disruption to the chain could be severe or mild

Geopolitical Risks:

Geopolitical risk refers to supply chain interruption brought on by international political events. Political instability or unrest, protest movements, corruption, trade restrictions and tariffs, terrorism or piracy, and protest movements are all examples of potential geopolitical threats

Economic Risks:

The second element is the economic risk brought on by increases in demand, delays at ports and borders, currency fluctuations, a shortage of materials, and pricing volatility. For instance, a decline in prices could be brought about by reduced demand or a delay in deliveries.

Cyber Security Risk:

The danger that results from

compromising the security of confidential corporate information, trade secrets, or original intellectual property that is made public in the sector Ransom ware breaches, data theft, and intellectual property theft are a few cyber security risks

Root Cause of Supply Chain Risk

The first step in reducing supply chain risk is supply chain risk assessment

Root cause analysis is a methodical approach to problem solving.

Regardless of whether the risks are internal (develop inside the operational boundaries of the company and are subject to mitigation by managers and planners) or external (factors that are beyond the control of the organization, such as the effectiveness of suppliers or partners)

Inefficient Adoption of Technology Trends: Ineffective adoption of technological trends: Manufacturing companies that are strongly reliant on suppliers, vendors, and other supply chain participants run the risk of losing their competitive edge if they do not adopt technological trends. Supply chain efficiency can be increased by using integrated, user friendly software for everything from demand planning and forecasting to payment processing. Software solutions help planners increase customer satisfaction by giving them visibility into the whole

supply chain. Companies that don't use such solutions put their supply chains in danger.

Natural or Environmental Occurrences: Natural or environmental disasters: These types of supply chain interruptions are among the most difficult to manage. These risks can be. detrimental to the company and frequently have an impact on daily operations

Inaccurate Demand Planning and Forecasting: Demand planning and forecasting errors lead to supply chain bottlenecks. These errors frequently occur when demand forecasts are made using antiquated manual techniques. When predicting future requirements, factors including facility capacity, yard management, container management, and transportation

management must be taken into account.

The Shift in Governmental Regulations: The supply chain is exposed to the external risk of government regulations and policies that are dynamic. Failure is guaranteed if a supply chain management plan ignores regulatory changes Labour rules, border controls, trade restrictions, and taxes are a few of the elements that have an impact on supply chain activities A supply chain risk is not adhering to and staying current with governmental laws

Price Fluctuations: Fuel price variations, route effectiveness, and port difficulties are a few of the causes that interrupt supply chains. The supply chain's transportation costs are directly impacted by these variables.

Recent Trends & Startups

Risk management in operations and supply chain is the process of identifying, assessing and removing the risks associated with an organization. Implementing risk management strategies can help any organization operate more efficiently, reduce costs and improve customer services.

Risk management in operations and supply chain often refers to the management of the flow of goods This includes all the processes involved in the transformation of raw materials consumed into finished products or services offered by the organization It includes planning and managing sourcing of raw materials, procurement, conversion, and logistics management functions.

One of the main reasons companies risk management strategies is for gaining competitive advantage.

Examples of operational risk include breach of private data resulting from cybersecurity attacks, employee conduct and employee error, technology risks tied to automation, robotics, and artificial intelligence, physical events that can disrupt a business, such as natural catastrophes, business process controls internal & external fraud, etc.

Supply Chain Risk Examples include price increases due to supply, demand

and currency instability, shortages that arise from lack of a component needed to finish a product, changes in supplier relationships, quality failures when the product specifications are not met, delivery failures and supply shocks.

Risk management tools in supply chain and operations exist to help track and maintain sustainability These tools can make order intake, procurement shipping, ordering supplies, and taking inventory more efficient As more pieces of the supply chain become cloud based or automated, using software to manage the risk becomes necessary Unfortunately, older techniques and strategies used aren’t equipped enough to navigate the speed at which these technologies advance. This software can give you a competitive edge. It can centralize workflows, improve stakeholder communication, and help protect you from risks you don’t even know to exist yet.

Some famously used strategies are

• Use a PPRR Risk Management Template PPRR stands for preparedness, preparation, response, and recovery It is a globally recognized risk management strategy for operations employed by organizations. PPPR can especially help with business continuity and planning.

• Enhance Supply Chain and Operations Risk Governance

Risk management strategies to reinforce cybersecurity defenses

• Set standards for supply chain and operations compliance for all of the third party suppliers

• Define roles for users and put security controls to monitor who can log in to the system and what level of authority they have, to prevent unauthorized meddling in supply chain operations

• Perform due diligence and risk assessment for all service providers before signing any contract

• Train all employees on cybersecurity protocols

• Systematically Monitor Risks Investing in a digital solution that automates the oversight of several aspects of supply chain and operations is the simplest way to monitor risk management plans consistently. This will provide safety, reassurance, and precious insight into how to streamline supply chain operations.

• Centralize Data Using too many solutions in the software ecosystem can get in the way of risk management, especially if business data is kept in many separate disparate systems.

Start Ups in Risk management in operations and supply chain are:

Orbital Insight

Traceability is one of the most important attributes in supply chain management and operations. Orbital Insight uses the latest technology for various such purposes. Such include geofencing, satellite, and the use of data It helps customers getting an accurate picture of the processes

It monitors from the very start to the finished product One of the most famous customers Orbital Insight has provided services to is Unilever Palm oil is one of the major raw materials for Unilever. But, there have been stories about unethical practices for procuring it. Unilever contracted

Trends & Startups

orbital insights to investigate these claims. Customers are becoming more demanding of sustainable practices requiring greater transparency in supply chains

Trackonomy

The company provides end to end visibility from air, land, or sea for various shipments.Customers get timely reports about any anomalies during the shipping. Such reports include issues that may interfere with the safe transportation of goods. It checks for tampering or attempts to open freight, facility, or trucks

Trakonomy has its headquarters in Silicon Valley It aims to provide cost effective innovations Their operations do not need workflow changes or any expensive infrastructure All the processes are possible due to a fully integrated platform. They use software, hardware, and data to drive operations.

Companies dread getting a call from the customer saying they did not receive the product or the product is misplaced Missing or misplaced packages is a big headache for such companies.

It can have a huge impact on the business functions and customer satisfaction as well. Tracking and tracing products from the warehouse to the final destination is crucial.

Navines is a startup based out of Israel The company offers web based solutions and carrier services for companies

Navines uses a proprietary tool known as the NAVINES Tracking engine for tracing and tracking of products A tracking number is needed from the Transporter. Using the tool, one can get real time updates on where the package is.

Navines

Corporate Insights

Here is our detailed conversation on Risk Management in Operations & Supply Chain with Ms Sofia Rivas Herrera She has an international educational experience in the field of Supply Chain Management, Logistics and Industrial Engineering from USA, Germany, and Singapore. She is currently working as a Supply Chain Network Design and Optimization Manager at HP.

assessing their vulnerabilities towards risks in their supply, operations, workforce and systems connectivity.

As a company, we should be able to identify our dependencies to and from others, as well as keeping track of the external situations that might potentially impact our network. The ability to react fast and effectively to a disruption depends on how well we have mapped our network and how easily we can access to information.

How can businesses build resiliency against supply chain disruptions ?

What are the various kinds of risks that business operations & supply chain are exposed to ?

Like never before, supply chain disruptions are happening at higher frequency and in greater magnitude. According to industry experts this new normal might as well last beyond 2023. Container shortages, port congestion, labor shortages and raw material constraints are some of the issues that have been under the spotlight lately. Because the list of risks and potential disruptions for business operations and supply chains might be infinite, companies should focus on

Also, How can they improve the visibility of their supply chains ?

The best way to build resilience is by properly documenting previous experiences and leveraging on the experiences from peers and competitors. Learning from others is a best practice when it comes to anticipating and preparing for potential risks. Improving visibility in our supply chain was been a hot topic for the last couple years. Companies must focus on two types of visibility: internal and external. Internal meaning within their own systems and teams, and external meaning across

their partners and clients. Ways to improve visibility go hand in hand with getting onboard digital transformation, but it all comes to basic principles such as knowing what is worth/key to measure, ensuring proper storage of information, having quick access to clean data, and being able to interpret such data for decision making

What are the essentials of Supply Chain Continuity Planning ?

I believe the key for any business or supply chain continuity planning is to identify key stakeholders and resources, as at the end of the day the execution of your plan will be mostly in hands of people. Because one cannot plan for every eventuality, another important aspect in continuity planning is not to do it in a very event specific way, but rather focusing on the outcomes or effects that your company might experience For example, an effect could be not having enough operators at the warehouse caused by any imaginable cause, but rather than plan for the cause, you plan for the effect.

What kind of opportunities can the “China + 1” supply chain diversification theme bring for developing countries especially India. How can they take advantage of such opportunities?

Supply chain diversification is definitely a risk mitigation strategy when it comes to ensuring supplies. If the pandemic has taught us anything,

it's that one cannot place all eggs in one basket. We have already started seeing companies looking for alternative suppliers across the world The ones that will benefit the most will be the ones that can offer cost effective solutions leveraging on international treaties and alliances

The semiconductor crisis had led to large scale investments as well legislation changes promoting their manufacturing within national boundaries of Europe and US. Would this lead to an oversupply and excess glut situation for semiconductors in future.

Due to the fact that specific minerals used in the manufacturing of semiconductors are scarce non renewable resources and because of the fast pace consumption of electronic devices, I would say that we might never see a surplus of semiconductors What we might start seeing is new ways of restoring and refurbishing electronics in order to extend product life

In order to achieve sustainability goals, How can business engage in supply chain decarbonization and reducing their emissions? The first step is to be able to measure your own carbon footprint and emissions end to end in your supply chain. We cannot improve what we are not measuring. The second step is to identify improvement opportunities and classify them

in terms of effort, time and returns

How much effort and time would it take to make a change? Which will be the rewards and returns of embarking in such a journey? The third step is to develop projects targeting such opportunities for improvement and

bringing your partners onboard The success of your initiatives will be determined by how effectively you engage all parties and partners involved, as well as how well you keep track and accountability of your targets and goals

Shipping Container Crisis

Siddharth Kumar Sharma

Great Lakes Institute of Management, Chennai

International trade plays a crucial role in the development of an economy of a country. It ensures the availability of products which cannot be produced due to constraints in resources such as raw materials or technology required thus technology transfer is one key benefit of global trade and another advantage is that it allows people to choose products from diversified sources globally But what facilitates international trade?

How can countries import and export their products from origination to destination? Well, the answer lies with Cargo ports and Shipping containers 90% of the world’s trade is transported through sea route. These containers are made from corten steel which is alloyed steel that reacts when exposed to air and water. This makes them resistant to rust thereby enhancing their longevity and making them the best available choice.

Since last year, the world is facing Shipping Container Crisis Why is it so? What are its implications? How can it be resolved? All these questions will be answered serially

First of all, it is imperative to understand how the delivery of shipments is done. Each shipment is a representation of a particular supply

chain which involves a timely supply of goods.

The sample order is

• An order is made by a store in the US for a pair of 700 shoes which are manufactured in India.

• The shoe company in India arranges a freight forwarder for shoe shipments Afterwards, a truck arrives and loads the order with other orders in a 40 foot container which is tightly bolted and sealed and won’t be opened until it arrives in the destination country where customs officials can inspect it.

• After the cargo ship receives clearance, it docks at a berth adjacent to large cranes which facilitates the unloading of cargo containers.

• Once the unloading is done, the customs officials carefully evaluate the documentation of each container

• After clearance from customs, the shipment goes to distribution centers through trucks and from there it is finally delivered to the store.

That is how the entire supply chain works but since the Covid pandemic, this flow has been disrupted There is a delay at every level Due to the lockdown, economic activities came to a halt which led to a temporary closure of large no of factories thus causing a stoppage of shipment at the port itself, traders from the Asian subcontinent faced problems as they couldn’t get back their containers

from North America. Once the world started recovering from Covid 19, China (the first to recover) commenced its export operations while other countries were still facing a shortage of workforce and production due to restrictions This led to the pile up of containers in the west The customs process also became more complicated and added fuel to the fire.

As per the Drewry World Container, companies find transporting stuffed containers (east to west) more remunerative than heaving in the reverse direction The data shows that the Shanghai Los Angeles route had a spot freight rate of over $10,000 but in the eastbound direction it was less than $1300.

This disparity is one of the reasons for the current predicament. As per Moody Analytics, the shortage of truck drivers is described as the weakest link in the supply chain.

The pressure further mounted up due to manufacturers placing their import orders in advance for raw materials to avoid disruption in the production cycle Also, the production of new containers is lower than the scrapping rate hence the reserves of containers

jump of around 50% within 6 months and as per Reuters “average container turnaround times have ballooned to 100 days from 60 days previously ”

The shipping container crisis thus demonstrates a risk of imbalance in international trade. Recently onions were sold at a rate of Rs 3/kg in the city of Nagpur, Maharashtra due to abundant supply in the domestic market which was further exacerbated by the global container shortage. This domino effect is an implication of the shipping container crisis.

Now the question is how can this problem be resolved The answer to that question is quite intriguing and innovative The adoption of digitalization is one of the solutions we can look at It will help the stakeholders to plan and ensure

in factories are being depleted The leasing rates have also witnessed a

timely actions to mitigate any supply chain disruption It is imperative to

implement digital solutions to modernize the cargo infrastructure. We can use IoT(Internet Of Things) to ensure the right equipment is being delivered at the right place and right time. Manufacturers can also look at multiple sources to ensure that they are not primarily dependent on any particular geography, this will ensure the connectivity of more and more markets with each other from a consumption as well as production perspective Real time monitoring of cargo ship location can be shared with the producer to make accurate judgements to avoid container shortages. Artificial Intelligence technology can also be used to

identify and predict congestion zones which can help in the mapping of port availability to avoid congestion thus reducing waiting time. Optimization of routes will also help in reducing the distance travelled thereby reducing the carbon footprint.

Hence by focusing on long term solutions i e optimization and proper planning, as well as with the implementation of the above ideas container shortage can be reduced to a good extent This will help in future proofing the shipping industry thereby ensuring a proper supply chain movement which can put an end to the ‘Shipping Container Crisis.’

Supply Chain Implications of the Russia Ukraine conflict

Srijan Awasthi and Huda Khalid Galgotias University, Greater Noida

The unusual events in Ukraine are putting supply chains to the test once more Supply chain disruptions can no longer be considered isolated occurrences, with businesses rushing to minimize the impact on their operations and maintain the flow of goods, money, and information along the supply chain. Today's protracted conflict between Ukraine and Russia is the biggest threat to supply chains. Beyond uncertainty, it blocks the flow of goods like grain, gasoline, and auto parts through the market. Additionally, this significant impact on our supply chains is accompanied by near weekly

price hikes, adding gasoline to the inflationary fires As a result, the majority of businesses and millions of individuals experience financial hardship

The Ukraine crisis brings to light the intricate, the global, and interdependent character of today's supply networks. A disruption in one region of the world may have a big influence on operations all over the world, as the semiconductor and automotive supply chains demonstrate. Additionally, there are no simple ways to adjust to these interruptions.

Supply Chain Implications of the Russia Ukraine conflict

Major impacts of the war on global supply chains:

Food Supply in Crisis

Food shortages are one of the most concerning supply chain problems brought on by the Russia Ukraine war, and they are especially severe in low income African nations The nature of Russia's war in Ukraine (a war between two agricultural production superpowers) presents never before seen implications for global agriculture and food security. Leading nations in the international commerce of food and agricultural goods are the Russian Federation and Ukraine. The Russian Federation and Ukraine exported wheat in 2021, making up roughly 30% of the world market. Exports of sunflower oil from the two nations together made up 55% of the world market. Fertilizer exports from the Russian Federation are particularly significant It was the second largest exporter of potassium fertilizer, the third largest exporter of phosphorous fertilizer, and the top exporter of nitrogen fertilizers in 2020 At least 30% of the wheat that nearly 50 nations import comes from the Russian Federation and Ukraine. 26 of these countries import more than 50% of their wheat from these two nations.

Russian exports of potash, ammonia, urea and other soil nutrients have been significantly hampered as a result of Western sanctions against that country. Farmers all across the world are decreasing their expected harvests and the quantity of land they

are cultivating due to sky high fertilizer prices. In some ways, the fertilizer situation is more concerning since it may hinder food production elsewhere, which could help fill the gap left by delayed grain shipments from Ukraine and Russia For many nations that imported up to half of their wheat from Ukraine and Russia, the deficit might have disastrous repercussions The conflict's severe aftereffects have further exacerbated supply chain problems worldwide

Shortages in the Chip industry

The COVID 19 pandemic and a lack of capacity to satisfy rising demand were already major obstacles for the semiconductor sector, which has endured a trying two year period. The crisis in Ukraine is the next seismic shock. It is anticipated that this most recent danger to semiconductor production will have the biggest impact yet, having the potential to have a ripple effect throughout several manufacturing industries, including high tech, automotive, consumer electronics, and home appliances

The primary provider of neon gas, which is needed to run the lasers used in the lithography phase, the core of semiconductor manufacture, is Ukraine, and this is the crux of the problem. Without neon, chip manufacturing abruptly stops. The production of chips requires the use of xenon and krypton gases, both of which are a substantial export from Ukraine

Supply Chain Implications of the Russia Ukraine conflict

On the other hand, a third of the world's supply of palladium, a rare metal needed in computer memory and sensor circuits, is produced in Russia. Neon and palladium costs have increased as a result of the conflict's disruption of supply routes, which could result in higher chip pricing.

The China Angle Companies explored tactics including offshoring, outsourcing, and lean manufacturing in the 1990s to reduce costs, hold onto the market position, or gain a competitive edge China became a significant industrial center for serving international markets, particularly several developing Asian economies. The Russian invasion of Ukraine, along with the China US trade war, Covid 19 pandemic and climate related disruptions, will undoubtedly hasten the trend among Western businesses to become less reliant on Russia and China for transportation and raw materials and to adopt more regional or localized, sourcing strategies and supply chain plannings China's decision to support Russia in

the conflict in Ukraine will only amplify that movement.

Fuel and Gas Supply European countries are experiencing an energy crisis as a result of the ongoing Russia Ukraine conflict since the continent's supply of oil and gas has been decreasing for several reasons. Additionally, due to a combination of high demand and insufficient supply, crude oil and gas prices have been skyrocketing recently all over the world However, because the region relies so heavily on imported oil and gas for its fuel requirements, Europe has been particularly hard striking Energy supplies for the European nations are largely dependent on Russia, with Russian gas exports to Europe accounting for up to 40% of total supplies before the invasion. After Russia restricted supplies before the invasion and as concerns about supply interruptions rose, gas prices in Europe have skyrocketed in recent months, fuelling inflation and a cost of living problem for many of the continent's nations

Supply Chain Implications of the Russia Ukraine conflict

Inflation caused by supply chain disruptions and its solution

Global markets have been adversely impacted by the disruptions brought on by Russia’s invasion of Ukraine, the accompanying economic sanctions on Russia, and its potential reprisal Oil, gas, and other agricultural commodity prices have increased, putting further pressure on inflation and jeopardizing food security in some emerging nations. Metals produced in both nations, which are essential to the supply chains of contemporary industrial output, were also subject to market uncertainty. In addition to the imposed sanctions and export limitations, there are severe transportation interruptions that have an impact on the supply of the reviewed vital raw materials.

Building regional supply networks requires resources including cash, time, and labor Supply chain linkages

are hard to break free from, much like Europe's reliance on Russian gas or US supply networks that are closely entwined with China Maybe the war may encourage supply chain alliances between nations with similar principles To lessen the effects of supply chain interruptions, two layers of decision making are required First, organizations in both government and business should implement measures to strengthen vital supply networks' resilience. This entails stress testing supply chains and putting money into the ecosystems and infrastructure needed to enable the creation and manufacturing of vital materials and components locally. Second, manufacturers should employ risk reduction strategies. Identifying additional sources for crucial components, raising safety supplies, and bringing crucial suppliers closer together are a few examples of how to do this

Supply Chain Implications of the Russia Ukraine conflict

Cyber Security Risks in Operations & Supply Chain

Puneet Jindal Symbiosis Institute of Digital and Telecom Management, Pune

The likelihood that your firm may be exposed to harm or suffer a financial loss as a result of a cyberattack or data breach The potential loss or injury to technical infrastructure, technology use, or an organization's reputation would be a better, more comprehensive description.

Due to the increased reliance on computers, networks, software, social media, and data internationally, organizations are becoming increasingly susceptible to cyber attacks. Data breaches, a typical cyber assault, can result from inadequate data protection and have a significant negative economic impact

The prevalence of cloud services with lax default security settings, along with global connection, increases the possibility of cyberattacks coming from outside your company.

The networks that connect a business to the vendors it uses to manufacture and distribute its goods and services are known as supply chains. The flow of commodities, including all the procedures necessary to convert the raw materials an organization consumes into the final items or services that organization offers, must be managed in order to effectively manage a supply chain

Planning and overseeing the sourcing, acquisition, and conversion of raw materials, as well as logistics management tasks, are all included in supply chain management Increasing competitive advantage is one of the main reasons businesses adopt a global supply chain management approach. However, a lot of the advantages that come with supply chains can also raise an organization's risk in terms of cybersecurity, business continuity, reputation, and quality.

Organizations increasingly rely on broad supply chains to do business as the globe grows more linked For many, controlling the supply chain and the risks attached to it, however, is a costly and time consuming procedure

Organizations that don't effectively manage their supply chain risks are frequently more vulnerable to cyberattacks, which may result in significant disruption.

Data Breaches

One of the most important cybersecurity risks that enterprises face today is data leaks. The likelihood is that in the upcoming years, both the frequency and the seriousness of these security events will only increase

Cyber Security Risks in Operations & Supply Chain

In addition to any regulatory or legal repercussions, a data leak or breach typically causes a company to suffer considerable financial loss and reputational harm. The average price of a data breach in 2021 was a staggering $4.2 million.

According to one piece of study, firms frequently take a long time to detect a data breach once it has happened, on average 197 days, even with the proper legal and compliance requirements in place Even worse, when businesses have a data breach as a result of a supply chain security event, that number increases According to IBM and the Ponemon Institute, it typically takes a business 280 days to discover a third party data breach.

The likelihood that your data will be compromised or exposed increases the more sensitive data you share with third parties in your supply chain.

Information that has to be safeguarded from unauthorized access in order to preserve the security or privacy of a person or organization is referred to as sensitive data

Unauthorized access via a business email account, hacking of an email provider, a lack of encryption, insecure websites, and incorrectly stored login information are some of the most frequent data breaches brought on by third party providers.

In extreme circumstances, third parties may even purposefully release

private customer information outside the company, leaving your company open to supply chain assaults from hackers, rogue nation governments, and other cyber criminals.

Cybersecurity Breaches

This category is wide on purpose since there are a lot of recent technological developments that increase firms' susceptibility to cyberattacks along the supply chain in previously unheard of ways

Any modern gadget with an Internet connection poses a risk to the supply chain For instance, the Internet of Things (IoT) typically refers to consumer electronics like smart thermostats or personal fitness trackers; in 2021, there were more than 10 billion active IoT devices globally.

IIoT especially refers to hardware that powers businesses on a much wider scale. IIoT includes all Internet connected and Internet communicating devices, ranging from sensors and scales to engines and elevators, with the goal of enhancing production

Malware and Ransomware attacks Unfortunately, ransomware and malware assaults are getting increasingly frequent These assaults are intended to steal data, alter internal data, or delete private or confidential information.

Any invasive programme that may enter your computer systems and

cause harm, destruction, or data theft is known as malware

Viruses, worms, Trojan horses, and ransomware are among the most prevalent forms of malware threats. The 2020 SolarWinds malware assault is among the most recognizable malware attacks in recent memory. Early in the year, hackers gained access to the Texas based SolarWinds' network and introduced malicious malware into Orion, the company's popular software system used by about 33,000 of its clients to manage their IT resources Customers of SolarWinds who were using Orion received software upgrades in March 2020 that contained the malicious malware that the hackers had implanted. The hackers were then able to install more malware to spy on these businesses and organizations since the spyware had built a backdoor into the IT systems of SolarWinds' clients.

Ransomware is a common form of computer assault. By encrypting a victim's data, this type of malware enables the attacker to demand money in return for the decryption key Most frequently, cryptocurrencies like bitcoin are used to trade money in return for a decryption key that can restore your data while obscuring the attackers' identities

Real Life Examples

Kia and Hyundai Cars

A network of thieves obtained

customer and product information in 2016 to steal dozens of vehicles and smuggle them into the West Bank. The automobiles in the city may then be found using a list of license plates. The data was used to identify the code of the keys and the address of the owner to steal a car. The hacker attempted to extract confidential data from the control system, including addresses and key codes for the stolen automobiles. Instead of the owner, hackers were able to access the automobiles' actual position and control system (Barth, 2016)

Wannacry Ransomware

The national healthcare system was attacked by the Wannacry ransomware assault in June 2017 (NHS) This malware affected over 150,000 machines across 150 nations. The result of this kind of attack was the rerouting of ambulance services and the interruption of service at several hospitals around the system. Similar to a controller, the doctor also had access to the patient's data and medical algorithms.

The patient's biometrics are measured as part of a continuous procedure to collect this data The WannaCry ransomware assault prevented access to data, which had an impact on how the NHS operated because the controller was no longer able to access the data. The outcome of the therapy procedure is skewed as a result of such an attack (Smith et al., 2017).

Cyber Security Risks in Operations & Supply Chain

Strategies from Attacks

Your business may adopt a variety of supply chain risk management best practices to shield your corporation and its clients from the cyber dangers mentioned above (and more). In order to better protect yourself against the aforementioned cyber risks, try the following:

• Establishing compliance requirements for each and every one of your external providers, including producers, suppliers, and distributors.

• Clearly defining user roles and putting security measures in place will help you manage who has access to your systems and at what degree of clearance or permission.

• Deciding on, articulating, and enforcing data stewardship principles; identifying who owns what data and what they are permitted to do with it

• Giving each of your workers thorough security awareness training.

• Developing a single disaster recovery strategy in collaboration with suppliers in your supply chain network to ensure company continuity

• Putting in place backup safeguards to protect your data backups

• Upgrading your firewalls, anti spyware, and antivirus software on a regular basis Additionally, you want to think about investigating more sophisticated cybersecurity methods like DNS filtering and network access control.

• Selecting a software programme that gives you complete insight into your supply chain risks, like the Reciprocity ROAR platform, to enable you to spot dangerous conduct or anomalous behavior right away

Cyber Security Risks in Operations & Supply Chain

Risk Mitigation using Supply Chain Analytics

Yash Kumar Kandoi Birla Institute of Technology & Science, Pilani

“Risk hai to Ishq hai". Rightly said in an Indian TV Series, 'Scam 1992', things become more lovable because of the essence of risk With the increasing population on this planet and globalization, there has been an enormous increase in logistics for companies. Your phone may be manufactured in China; your slippers could be from Hawaii, your shoes from Bangladesh and the fresh fruits you ordered from the neighbouring city. With many locations coming into play to get the daily necessities, paying attention to the supply side of things and reducing the associated risks has become imperative Moreover, with the covid pandemic seen last year, it became clear how important it is to estimate supply chain risks beforehand and develop strategies to overcome them

Risks in Supply Chain

The risks in the supply chain could be categorized under these broad categories:

National Regulations

Regulations are time and country dependent. A company must monitor every level of its chain from time to time and ensure that all the regulations are respected Businesses manage every step of the supply chain to make sure it is the most efficient As a result, many companies

outsource jobs to countries like China that have a lower cost of living Their regulations in China are not the same as in India

Raw materials sourcing concerns

There are various events worldwide like Covid, the Russia Ukraine war and various others, and sourcing raw materials could be a hindrance if dependent on only one or two suppliers. There are also labour concerns as to whether there might be a history of political unrest in the area where the work is supposed to be done and whether the actions comply with the region's labour laws

General economic conditions

If the product sold is not an everyday essential, then the demand for the product falls during times like a pandemic or recession, and the company might go bankrupt

Security breaches

Hackers are getting smarter daily, and data leaks are common. This could lead to a competitor's success, hamper operations and tarnish the company's image. The SolarWinds attacks, attributed to Russia, penetrated many more than a “few dozen” government and enterprise networks, as first believed As many as 250 organizations were affected, and the attackers took advantage of multiple supply chain layers

Demand

It has become essential to predict the demand for a product Else much inventory might reach a place where the demand is low, and profits might be lost where demand is high

Business Interruptions

There could be a lack of data being shared inside the organization itself, and everyone is unaware of the problems. This is very common in complex supply chain systems with various tier 1, tier 2 and tier 3 suppliers.

Supply chain analytics

Let us first understand supply chain analytics Supply chain analytics brings together data from different applications, infrastructure, third party sources and emerging technologies such as IoT to improve strategic, tactical and operational decision making It helps get understandable human data in the form of charts and graphs to make decisions on improving where there is a backlog. It can help answer questions like, "How much inventory do we need for the next month?" by considering the past year's demand, weather forecast, change in raw materials prices and several other factors. Also, by employing software like anyLogistix, 5 6 models can be made for a particular supply chain Through analytics, we can estimate the routes with the shortest delivery times, reducing the number of warehouses needed and building a robust system with the minimum time

required to get the product to the end consumer Top firms already use these, like Coca Cola and Deloitte, to cut costs and ensure logistics optimization while planning their supply chain strategies It is not the old world where companies could stay dependent on spreadsheets and historical data; it is the technological era where they need simulations and scenario analysis to plan their supply chain effectively.

Risk mitigation using supply chain analytics

Supply chain analytics help companies predict the type of risks and their probability. It helps them do it faster and become prepared for it beforehand The most important metric in today's industrial scenario is customer satisfaction and efficient risk management nails in getting that done It reduces wastage, leading to a lower cost for the final product; takes less time in delivering the product, making the consumer happy; delivers the product when the competition is unable to, strengthening the belief of the customer in the company. The end consumer does not care if some ship is stuck in the middle of the ocean or if there is a shortage of semiconductor chips in the industry.

They want their final product. Supply chain analytics can also help identify patterns wherein the company is making losses and improve the tracking of products and suppliers It can answer questions like shipment loss, increased inventory costs, and

demand over the next month and aid in decision making on expanding locations and products to diversify into

Reducing their probability and increasing the speed of response when they occur is critical to sustaining competitive advantage for unknown risks. Building solid layers of defence combined with a risk aware culture can give an organization this advantage. No amount of planning or

analytics can ever mitigate a risk entirely However, it sure acts as a cushion to the sudden blow that an organization receives when something goes wrong It helps make them resilient and unshaken even during the most challenging times

As Charles Darwin rightly said it: "It is not the strongest of the species that survive nor the most intelligent, but the ones most responsive to change".

Risk Mitigation using Supply Chain Analytics

Business Continuity Risk

Mihir Bhatt & Aakriti Arora Sri Guru Tegh Bahadur Khalsa College, DU

Pitfalls to an association’s smooth operation are appertained to as business durability pitfalls. Any inimical events or catastrophes that have a negative effect on a business may qualify as a peril Businesses might suffer from a variety of business durability pitfalls, including terrorism, fire, flood tide, cyberattacks, data breaches, and security events

The impact of the Covid 19 epidemic on companies around the world is arguably the stylish illustration of business durability threat. Businesses suffered severe losses as a result of the endless check of stores and the forced sheltering in place of guests during lockdowns. As businesses battled to make payroll or pay rent, a record number of workers were laid off

Types of Business durability Pitfalls

There are some business durability issues that a company needs to keep an eye and manage:

• Computer attacks Attacks on cybersecurity are a major source of solicitude for businesses. Hackers’ network and system damage can bring a company plutocrat in addition to harming its brand. For case, in October 2020, the German software company Software AG came under attack from the Clop ransomware. The

cybercriminal organization wanted a rescue payment of further than$ 20 million. Their internal network was incompletely affected by the attack.

• Information leaks A data breach is the release or exposure of sensitive, nonpublic, and precious information to a position or person that isn’t trusted 540 data breaches in the US were recorded in the first half of 2020

• Terrorism When terrorism strikes a nation or a megacity, its citizens and the general public come fearful an uneasy. Workers and association security forces might not be adequately prepared to deal with terrorist assaults. The most visible goods of terrorism are property damage and business interruption. Also, indeed after a terror incident, a nation’s tourism assiduity and general quality of life are still impacted Businesses don’t get back to business as usual for a many months

• Fire Fires generally do suddenly and without any previous warning They constantly be as a result of broken business outfit or indecorous operation of executive tools and outfit. It’s vital to maintain a fire control plan that includes fire armies, fire admonitions, and fire extinguishers as a precautionary approach to control fires. Is necessary for the business.

• Death and Damage Natural disasters and other dangerous circumstances that affect businesses beget losses and severe injuries among workers, guests, and other people connected to the enterprise. This can be avoided by maintaining tools and outfit, doing routine point examinations, and putting up advising signs when combustive or dangerous outfit is being employed. Disasters and unanticipated incidents also affect and damage business property and goods After suffering similar damage, associations are generally unfit to recover For illustration, due to Covid 19, further than,000 chaffs Have permanently closed this time, according to the National Restaurant Association. Business durability plans give better druthers For businesses to survive indeed after a disaster.

• Reputational threat Disasters also affect a company’s character in a negative way. People’s lose trust in a company and start to view it with a healthy cure of skepticism. For illustration, a fire may damage a establishment’s internal property as well as injure people, which might make the public suppose the establishment isn’t secure and doesn’t take necessary preventives to guard it’s labor force and demesne This might discourage unborn guests and workers from associating with them Likewise, a establishment’s character can also be damaged by data breaches. People’s trust towards a establishment decreases due to the

spread of sensitive data

• Loss of data Loss of essential data not only disrupts business conditioning but also puts the company’s future in jeopardy. Mitigate Business Continuity Risk 4 way to produce a Business durability Plan. To develop adaptability as a business and future evidence it’s functioning against unanticipated disasters and events, businesses must prepare a business durability plan

There’s a three step companion to alleviate business durability threat:

• The first step involves putting together a platoon for enforcing a business durability plan

• Operation plan and commitment to the BCP process should also be established in this step

• The establishment must easily explain the crucial reasons for having a BCP, videlicet, to cover workers, suppliers, and guests as well as the business operations themselves.

Business impact analysis helps determine the implicit impacts of a dislocation to critical business operations The BIA can be eased by asking the following questions The conditioning that are iatrical to the core operations of the business However what needs to be attained to renew these prioritized conditioning?

This includes both internal and external coffers similar as vehicles, force, mortal coffers, and electricity force. What’s the maximum period of

time for which a business might be suitable to repel temporary dislocation?

Therefore, this identifies the time frame for the prioritized conditioning to be proceeded It’s essential to regard for all possible disasters a business might face, be it natural, data grounded, pots grounded. To get a more accurate assessment, enterprises should also look at once events and disasters that analogous businesses may have faced.

Risk Mitigation using Supply Chain Analytics

K J Somaiya Institute of Management, Mumbai

In today's world supply chains

complexity is an inevitable subject of disruption With this in mind, more and more global companies are asking themselves how to assess and manage these risks, and are therefore preparing their supply chains accordingly. A number of companies have been rocked by unforeseen vulnerabilities and supply chain disruptions, resulting in recalls costing hundreds of millions of dollars in industries ranging from pharmaceuticals and consumer products to electronics and automotive, and various government organizations and private companies have struggled with cyber security breaches and the loss of critical intellectual property due to vendor ecosystem outages

At the heart of these crises there is a common theme that is the lack of robust processes to successfully identify and manage growing supply chain risks as the world becomes more connected. New threats such as ransomware attacks are emerging alongside more traditional and long established vendor risks such as vendor bankruptcy. The challenge of managing risk in the supply chain has been exacerbated by globalization, where even sensitive products such as defence systems use raw materials, circuit boards and associated

components that may come from countries that the system manufacturer didn't even know existed supply chain This increased complexity has brought with it more potential points of failure and higher levels of risk More than $500 billion have been lost globally due to earthquakes, floods and fires since 2017, these high costs combined with long recovery times have prompted many companies to re evaluate supply chain strategies to make them more risk aware and resilient to any type of disruption.

In today's global business landscape, it is no longer sufficient to view the supply chain as a collection of tangible assets and associated liabilities that need to be managed and secured Rather, increased risk requires a holistic risk management program that focuses on an organization's tangible and intangible assets across all operational functions. This approach enables supply chain managers to make better, more informed distinctions between the competing priorities of process profitability and controlled efficiency of risk exposures across the enterprise.

A comprehensive supply chain risk management strategy and the incorporation of a suite of predictive analytics tools to measure and

Risk Mitigation using Supply Chain

Ibrahim Khan

manage risk is now a core component of any successful business and often extends beyond its own supply chain and encompasses all of the organization's key operations In fact, modern predictive analytics is fast becoming a tool to spot key trends, patterns and potential disruptions within supply chains and a means to protect most of the business. Valuable assets in creating sophisticated risk mitigation models.

The devastation of major catastrophic events can disrupt local and global supply chains, which in turn has a significant impact on the global economy. Organizations that use innovative weather information and analysis can mitigate the costly impact of such events Analytics can help manage environmental, health and safety compliance and sustainability across supply chains and product lifecycles The trends and the resulting business intelligence enable more effective management of product stewardship and legal requirements for safety in the workplace. Predictive algorithms can alert supply chain managers to larger issues in operations and processes. Businesses can also apply predictive analytics to historical cargo theft data to plan the safest routes for cargo transportation.

An effective supply chain risk management strategy includes finding and prioritizing key business components, mapping the entire supply chain to highlight interdependencies, and uncovering

areas along the supply chain where disruptions can lead to failure

The primary concern of supply chain and risk managers is supply chain disruption Disruptions in the production or supply of materials can result in lost sales, lost sales, eroded margins, lost profits and a damaged reputation in the marketplace. Effective outage mitigation requires a comprehensive risk analysis at every origin, intermediate point and transport connection. This allows managers to identify all key areas of potential damage and determine how best to allocate resources to protect against vulnerabilities.

Supply chain risk management is becoming increasingly important as both large and small companies seek to expand their reach Companies entering new markets often have to establish new relationships with suppliers, work with government agencies and adapt to local laws and culture. The resulting complexity in the supply chain can mask a multitude of financial, regulatory and legal risks. Managers should work closely with supply chain partners and corporate compliance professionals to improve collaboration with create a risk mitigation plan, and install a network wide emergency protocol. Supply chain managers need to know where the organization's supply network begins and determine who controls the various points of origin But risk assessment does not end at source locations

Each intermediate and production site distribution centre, warehouse, rail terminal, truck stop has logistical operations and potential risks that also need to be considered. With regard to suppliers and points of origin, supply chain managers must identify who controls operations at each intermediate point and request detailed information on efforts to reduce the potential for disruptive risks. Depending on the type and location of the company, the risk of interference may vary Political unrest may raise concerns about port security and volume flexibility Intermediate points are also vulnerable to cargo theft, a risk that costs the US economy billions of dollars each year

With ever changing requirements and ongoing product inventories, EH&S professionals must track hundreds of

regulations across multiple jurisdictions as they apply to thousands of products. Comprehensive and centralized global regulatory information can help ensure overall product and asset compliance. Analytics can support product and material regulatory investigations, data management, decision support, and compliance initiatives. Developing and maintaining a reliable supply chain is critical to the success of any business, especially in today's economy Supply chain and risk managers are increasingly collaborating to identify and mitigate the risk of disruption at all points in the supply chain As sophisticated technologies such as forecast modelling and weather information evolve, companies using such tools are well positioned not only to protect their most valuable assets, but also to gain a crucial competitive advantage.

Risk Mitigation using Supply Chain Analytics

Risk Management in Supply Chain

Minds of Momentum

Simantini Maiti and Viram Vora K J Somaiya Institute of Management, Mumbai

Supply chain risk management (SCRM) is the implementation of strategies to tackle common and rare risks along the supply chain on the basis of continuous risk assessment to reduce vulnerability and ensure continuity.

SCRM utilizes risk management process tools after consultation with risk management services, either in collaboration with supply chain partners or independently, to manage uncertainties caused by logistics and supply chain related activities, resources, or product availability in the supply chain

SCRM attempts to reduce supply chain vulnerability using a coordinated, holistic approach involving all supply chain stakeholders, including identifying, analyzing, and addressing potential failure points within companies' supply chains. Risks to the supply chain range from unforeseen natural calamities to counterfeit products and reach across quality, security, resiliency, and product integrity.

Mitigating supply chain risks can involve the disciplines of supply chain and logistics, cybersecurity, finance, and risk management The primary goal is to maintain supply chain continuity in the event of scenarios or

incidents which otherwise would have interrupted regular business and profitability Logistics risk management programs reduce supply chain management interruptions, including Defensive Driver training, Fleet Audits, Cargo Loss Minimization, Road Safety, Warehouse Safety, etc.

Some logistics and supply chain techniques, such as supply chain optimization and lean manufacturing, can negatively impact continuity and resilience. It is increasingly adopted among businesses, especially manufacturers, to extend supplier quality management practices throughout supply chains, increasing transparency, reducing overhead costs, and improving operational efficiency

In the last decade, several organizations have been staggered by unpredictable supply chain vulnerabilities and disruptions, leading to recalls costing millions of dollars in industries ranging from heavy commodities like electronics and automotive to goods like pharmaceuticals and consumer goods. Multiple government organizations and private businesses across the globe have struggled with cybersecurity breaches, losing substantial intellectual property due to the failures in the supply chain ecosystem

Risk Management in Supply Chain

But the crux of these crises is a common theme: the lack of resilient processes to identify and successfully manage global supply chain risks as the world becomes more interconnected New threats, such as cyber security attacks, are emerging alongside traditional and longer accepted supplier risks, such as supplier bankruptcy.

The challenge of supply chain risk management has been aggravated by globalization. Particularly, sensitive products like defense systems use raw materials, circuit boards, and related components that may have originated along the value chain in countries which the system manufacturer is unaware of The growing complexity of the global supply chain has brought with it more possibilities of potential failure points and higher levels of risk

In McKinsey's 2010 survey of 639 executives across a wide range of industries and countries, 71% said their companies were more exposed to risk from supply chain disruption than before. 72% expected those risks to keep increasing in the long run. In 2018, the United States government established multiple agencies and task forces, including the Critical Infrastructure Security and Cybersecurity Agency in the Department of Homeland Security and the Protecting Critical Technology Task Force at the Department of Defense, to address better the supply chain risk The private sector continues to seek a

standardized and proven methodology for assessing and monitoring risks to minimize process disruption Both private and public organizations have struggled to progress significantly on this topic for several reasons:

• Supply based transparency is difficult to achieve: Hundreds of suppliers in modern multi tier supply chains may contribute to a single product. Identifying the complete set of suppliers from the raw material sources to a final assembled system requires considerable time and money.

• The scope and scale of risks are intimidating: The probability and severity of many risks are complicated to establish and measure (How often will supplier's employees be careless in cybersecurity practices?) and, therefore, difficult to address, quantify, and mitigate.

• Proprietary data restrictions impede progress: Tier 1 or 2 suppliers in complex products may consider their supply chains proprietary, limiting visibility at the purchaser or integrating manufacturer level

Rather than dwelling on the problem and these difficulties, organizations should tackle issues in a structured way, categorizing and addressing known risks while improving the organization's resilience to the

inevitable unknown risk that is likely to become an impending problem.

Mitigate risk and create value

Creating value in companies' supply chain while simultaneously mitigating risks to an organization requires a synergetic action between multiple stakeholders in the business, including supply chain and procurement personnel, legal, compliance, and finance. The most vital step in mitigating risk to a business is vetting potential third party relationships. By collaborating across the industry, these various stakeholders can design a strategy for using third party relationships to increase value. Only successful companies can survive, thrive, and

drive business growth in the long run.

The way ahead

Global supply chains of companies are irreversible, as are the supply chain risks that globalization has brought McKinsey suggests that organizations must build robust programs to manage known and unknown supply chain risks Leaders should also realize that risk management is not just about setting up processes and governance models but also involves shifts in culture and mindsets.

By implementing these approaches, organizations increase their chances of minimizing supply chain disruptions and crises while capturing the total value of their supply chain strategies.

What's New and Exciting in FORSE

Intern Diaries

With the start of the new academic year, many new talents started their journey to enter the world of MBA Finally, getting out of the virtual world of online everything, it was time to re live the offline mode of things. The first task was to set an aim to secure a good summer internship. However, achieving this significant milestone is very confusing and intimidating. This is where Team FORSE came along and

made it much easier for the new batch through their signature initiative, Intern Diaries In this initiative, seniors who had previously secured internships in well reputed companies shared their experiences and tips on how to bag your internship in your dream company. A well planned event combined with great spirit from seniors and juniors made this event a total success.

Caseopedias

Case studies are the ABCs of an MBA, the best way to learn something is by applying it in real life, and case studies are the perfect instrument FORSE got the ball rolling with our new initiative getting bigger and better by introducing Caseopedias.The motive is to make the long and tedious cases shorter and easy to

read and understand That is how we plan on bringing interesting topics with Caseopedias of different organizations Along with Caseopedias, the YouTube series will spread knowledge not just among operations and supply chain enthusiasts but students across multiple domains.

What's New and Exciting in FORSE

Igniters

FORSE fam is on a rollercoaster ride that only gets bigger and better After going through a long and tedious selection process, a group of talented and high spirited people finally triumphed to be part of the committee. The "Igniters" newcomers bring specialized knowledge and skills

from different fields They bring enthusiasm, team spirit, warmth, and a sense of belonging that FORSE is known for

The above day embarks one of those many outings that the FORSE Fam had and will have in the future.

What's New and Exciting in FORSE

Article Writing Experience

“Momentum provides a great platform for participants to have articulate their free flow of thoughts and present it. I would like to thank FORSE for providing us the opportunity to research and write an article on Military logistics & its comparison with the commercial one’s. ”

Paras Lodaya and Parshwa Shah, K J Somaiya Institute of Management, Mumbai, and Writers of Published “Minds of Momentum” article “Business Logistics vs Military Logistics” , June 2022 Edition.

“I'm delighted I found this chance to demonstrate my writing abilities and learn more about many aspects of logistics and supply chain. I appreciate the KJ Somaiya Institute of Management and the management team for holding such a fantastic tournament, on behalf of myself and my partner. For their next competitions, I wish FORSE and the institute the best of luck.”

Srijan Awasthi and Huda Khalid, Galgotias University, Noida and Writers of Published article “Drones in Logistics”, June 2022 Edition

“Momentum provided a unique opportunity to explore the use of data and technology in operations and service. I thoroughly enjoyed researching and understanding the concepts and applications. It was an immense value add as I came across many unique and innovative use cases. I thank the team for providing this opportunity and consider it my privilege to contribute to the magazine.”

Vishal Maurya, Symbiosis Institute of Business Management (SIBM), Pune Winner and Writer of Published article “Prescriptive Analytics A Supply Chain Enabler”, June 2022 edition

FORSE in Frame

• Winner in National Level Virtual Storm:Hackathon

• 1st Runner Up in National Level Competition Data Challenge II

Saeem Chini

• 1st Runner Up in National Level Case Study Competition ‘Decrypter’ by NIBM Pune

• 1st Runner Up in National Level Case Study Competition ‘Decrypter’ by NIBM Pune

Nikita Mishra

Simantini Maiti

Shivam Raghuwanshi

FedEx was started on the idea of picking up cheques from the 12 Federal Reserve banks in the United States, flying them to a central hub & vice versa but later federal reserve board reversed its decision, leaving FedEx with no clients and millions in debt. (Startuptalky)

Supply Chain & Logistics currently account for approximately around 14% of India’s GDP whereas the global average is around 8%. (Arthur D Little)

Indian Railways loads a freight of approximately 1 4 billion tons annually and earned Rs 1,43,732 crores of gross freight revenue during fiscal 2021 22. (Economic Times)

DHL, the logistics company was named after the first letter of its founder’s surnames Adrian Dalsey, Larry Hillblom and Robert Lynn. (DHL)

THE IGNITERS

TEAM

“Individually, we are one drop. Together, we are an ocean.” Ryunosuke Satoro

Faculty In Charge

Designer

Shivam

Pramod Shetty

Editor

Lodaya Aviraj Jain