Businesses operate in an increasingly unpredictable world , in which the risks they face are many , varied and sometimes catastrophic . One need only recall the past two years to realise this .

Above and beyond the pandemic , there is risk associated with changing social priorities - such as those around environmental , social and governance ( ESG ).

Here , there is the risk of reputational damage arising from ESG transgressions in the supply chain , which can be large and complex . Unless a business is meticulous about vetting third parties , then it might unknowingly be supporting human rights abuses , modern slavery and environmental damage .

There is also cyber risk . This is a growing concern , because cybercriminals increasingly see supply chains - with their countless upstream and downstream vendors - as a back-door hack into highvalue corporate targets .

Then there is Mother Nature , and her increasingly violent mood swings . As climate change generates increasingly more serious weather events , the danger of supply chain

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Procurement Magazine March 2022 | Page 61

The risks facing modern procurement teams are varied and growing . We look at technology ’ s role in helping firms stay safe

Businesses operate in an increasingly unpredictable world , in which the risks they face are many , varied and sometimes catastrophic . One need only recall the past two years to realise this .