Concepts and models for information and communications technology security management http: Standard containing generally accepted descriptions of concepts and models for information and communications technology security management. The standard is a commonly used code of practice, and serves as a resource for the implementation of security management practices and as a yardstick for auditing such practices. However, the standard is not free of charge, and its provisions are not publicly available.
It is the mismatch between supply and demand.
Traditionally, supply chain risk was often the result of inadequate spend visibility, lack of deep supplier and market information, poor inventory management, poor supplier collaboration, and inefficient coordination heightened by a lack of infrastructure, skills, resources, research, and technology as well as language and cultural barriers.
Today, matters are much worse. After all, the effect of a supply chain disruption goes beyond just late shipments, lost production time, and delayed execution times.
It can cause stock outs and lost sales, missed customer expectations, quality and safety concerns, project failure, market exposure, and lost credibility. It can increase costs, reduce bargaining power, and even influence poor supplier selection as the organization struggles to correct the imbalance.
The importance of supply chain risk management cannot be ignored. However, enterprises that have adopted comprehensive supply risk assessment and management programs, which include the leverage of deep supplier and market risk reward business plan, have reduced the frequency of supply risks and outperformed their peers in supply performance and costs.
An organization needs to prepare for different types of supply chain risk, build resiliency into its daily operations, and be aware that not all of the classic strategies used to prepare for risk are applicable in today's operating environment.
Risks arise at many levels.
This wiki uses the definitions of R. Specifically, a deviation is when one or more parameters stray from an expected value without any changes to the underlying supply chain structure.
A disruption is when the structure of the supply chain is radically transformed through the unavailability of certain facilities, suppliers, or transportation options.
A disaster is when a temporary irrecoverable shutdown of the supply chain network occurs due to unforeseen catastrophic system wide disruptions. Internal Risks Within an organization, there can be machine related issues, quality problems, materials and parts shortages, and communicable illnesses among staff on an almost daily basis that could lead to deviations.
Furthermore, unexpected employee strikes and opportunistic behavior by senior management could lead to significant supply chain disruptions in the long term. Network Risks From a network perspective, an organization is subject to the risks associated with increasing customization, outsourcing, and collaboration.
A disruption to the supplier or third party logistics carrier is a disruption to the organization. Furthermore, the organization risks deviations due to fluctuating transportation capacity constraints, disruptions due to failures in communication lines, customs delays, port slowdowns, supplier bankruptcy, and government over reactions to crisis situations such as border closings.
Industrial Risks From an industry perspective, the emergence of a new technology or a new business model could cause considerable deviations and disruptions to the business across the spectrum.
Environmental Risks From an environmental perspective, an organization is subject to variations and deviations in expected demand, supply, and lead times that can result from shifts in consumer spending, inflation, and unpredictable economic changes such as foreign exchange fluctuations, governmental policy changes, free trade zones, and energy price fluctuations.
An organization is also subject to disruptions from human perpetrated acts such as sabotage, theft, crime, strikes, and slowdowns and disasters that result from terrorist attacks, civil wars, failing states, freshwater shortages, large scale natural disasters such as earthquakes, hurricanes, typhoons and pandemics, and major geopolitical events.
Compliance Risks Regulatory and compliance risk is becoming more and more common around the world. Strategies for Resilience In order to effectively manage these disruptions when they occur and maintain profitability and effective operations, an organization needs to be resilient to predictable and recoverable supply chain risks.
Resilience is the inherent ability of an enterprise to return to normal performance levels following a supply chain disruption. Resilience can be achieved through classic redundancy mechanisms or built-in flexibility.
Safety Margins With safety margins, a company produces more slightly units than it is forecasting to sell in case demand spikes to insure that it has enough units to meet customer demand.
The advantage is ensured customer satisfaction and no negative stock-out stories hit the press, but the disadvantage is that the company incurs additional costs and if the company sells less units than forecasted, the company might not even break even because of the additional cost associated with the safety margin.
Reserved Capacity With reserved capacity, a company will take one of two approaches. If it produces in house, it will not maximize utilization of a production line in planning to allow for more units of a product to be created quickly in case of a demand spike.
If it uses a contract manufacturer, it will reserve up-front, usually through a cash payment, more production time than it actually expects to need to allow for rapid production of additional units.
Reserved capacity has the advantage of allowing the organization to respond to demand spikes quickly, but it decreases the value of, and return on, operational investment.
Order Expediting In order expediting, it will accelerate a planned shipping schedule by paying for a faster shipping method at the last minute. For example, parts that would usually ship by sea will be shipped by air instead. This usually happens to meet a demand spike or to prevent a plant shutdown if a scheduled shipment does not arrive on time.
Although order expediting, when judiciously applied, has the advantage of preventing a production line shutdown, it has the serious disadvantage of significantly increased logistics costs while diverting shipment capacity away from other products.
It might even contract with its secondary suppliers for reserved capacity on such routes. This is one of the two classic strategies whose advantages, when applied correctly, outweight its disadvantages. Simply planning for alternatives and having those plans in place ready to go in case of emergency requires very little time and investment.
Dual Sourcing A company employing the dual-sourcing strategy will either source from two different suppliers, preferably in two different locations, or source from one supplier with multiple, geographically dispersed, plant locations and either use materials and products from both locations or insure that production can be moved to a second location within a very short timeframe should a production interruption occur at the first location or demand exceed the capacity of the first production location.
This is the other of the two classic strategies discussed whose advantages generally far outweigh its disadvantages.The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street [Justin Fox] on webkandii.com *FREE* shipping on qualifying offers.
1. A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. Risk is the possibility of losing something of value.
Values (such as physical health, social status, emotional well-being, or financial wealth) can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen (planned or not planned).Risk can also be defined as the intentional interaction with uncertainty.
Risk and reward go hand-in-hand with investing in the stock market. Learn about this relationship and how you can make it work for you. The Balance Understanding Risk.
Menu Search Go. Go. Investing. Basics Stocks Real Estate Value Investing View All ; The Balance Small Business The Balance Careers The Balance is part of the Dotdash. Direct relationship between possible risk and possible reward which holds for a particular situation.
To realize greater reward one must generally accept a greater risk, and vice versa. Also called risk. A PowerPoint tutorial with 3 differentiated booklets on Risk and Reward assessment.s.
A PowerPoint tutorial with 3 differentiated booklets on Risk and Reward assessment.s. Resources. Topical and themed NQF BTEC L2 UNIT 2 FINANCE IN BUSINESS KNOWLEDGE ORGANISER This is a complete revision resource for this demanding exam.
This can be used 5/5(1).