94% of Fortune 1000 companies experienced
supply chain disruptions from VOVID-19
75% of companies have had negative or strongly
negative impacts on their businesses.
55% of companies plan to downgrade their
growth outlooks (or have already done so)
Improve claims monitoring and management
Manage equipment failures and safety-related
loss events
Automate internal controls to reduce instances
of human error and fraud
Performance management across the
organization
3. Operational Risk Management
Risk to business operations tends to be a rather
large area to address. It encompasses a host of risks
emanating from four major categories: people,
process, systems, and external events.
One major event (a long-lasting event that
continues to have ramifications today) was the
enormous disruption caused by the outbreak of
COVID-19. The world has dealt with global
pandemics in the past. But this one had unforeseen
-- and largely unanticipated -- impacts on business
operations around the world. Entire regions and
economies in lockdown…loss of human life, jobs and
entire businesses…fragmented supply chains.
A recent article by Accenture highlighted the
impact on the fragile supply chain:
COVID-19 highlighted the lack of global resiliency
and just how costly supply chain and operations
have become. Technology such as artificial
intelligence and machine learning can play a huge
role. This includes:
Some examples of how analytics can address
operational risks include:
LEVERAGING DATA | 6