393 - Risk Mitigation Strategies
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Major quality failure
Carefully select and monitor suppliers
Natural disaster
Contingency Planning (alternative sites, etc.), insurance
Country risks
Hedge currency, produce/source locally
Theft and vandalism
Insurance, security precautions, knowledge of likely risks, patent protection, etc.
Commodity price risks
Mulitsource, commodity hedging
Inventory risks
Pool inventory, safety stock
Logistics failure
Safety stock, detailed tracking and alternate suppliers
Loss of customers
Service/product innovation
Network provider failure
Support redundant digital networks
Regulatory risk ( e.g. licensing and regulation issues)
Up-front and continuing research; good legal advice, compliance
Supplier failures
Use multiple suppliers
