Creating a Watertight Logistics Risk Management Policy in the Current Climate

The world is more connected than ever, with goods transported huge distances every day. But with this interconnectedness comes a unique set of challenges. It doesn’t take a lot to put a stick in the spokes of your logistics company, with supply chains at the mercy of climate change, destabilised countries, and pandemics that touch every corner of the globe. This is why creating a watertight risk management policy is the key to ensuring uninterrupted business. This article will look into what you can do to create a risk management policy that protects yourself and your business.

If you’d like some advice from an experienced broker on risk management and considerations for your business operating in the logistics sector, contact The Yorkshire Broker. We’ve worked with businesses throughout Yorkshire, offering expert, unbiased advice and support. Get in touch by calling 01924 929070.

Insurance Made Personal

What is a risk management policy?

 

A risk management policy is a statement used by companies and businesses to identify and respond to possible risks in their sector that could harm their business and can be used to minimise the potential impact of these risks. It can provide guidance, protect staff, recover costs and ensure financial health. Risk management plans allow you to prepare for the worst, absorbing some of the blow if that worse should happen.

What are some of the risks?

 

There are many potential risks for your company, including data breaches, system failures and natural disasters. The most critical risk to guard against could easily be the supply chain. If a business’s supply chain is at risk then the rest of the business is also at risk. With no products arriving, the business grinds to a halt, profits fall, morale plummets and the business could very well go under.

If you’d like some advice from an experienced broker on risk management and considerations for your business, contact The Yorkshire Broker. We’ve worked with businesses throughout Yorkshire, offering expert, unbiased advice and support. Get in touch by calling 01924 929070.

Use the PPRR risk management model

 

The PPRR risk management model stands for Prevention, Preparedness, Response, and Recovery. It allows you to take precautionary measures, develop a plan, execute your plan and resume operations as soon as possible.

Diversify your supply base

 

There is always a chance that issues will arise with your supply chain, and one way of mitigating that problem is to diversify your supply base. Using a range of hauliers, suppliers and production outlets means that if one fails, the others will be able to pick up the slack, causing minimal disruption to your business.

Read or leave a review

Website Hosting by Dark Cherry Creative.