CHAPTER 5Risk Identification and Hazard Assessment
IN ORDER TO EFFECTIVELY manage supply chain risk, you must first know what the risks are and fully understand their impact. A hazard assessment (or risk analysis or assessment) is conducted to identify the potential threats to the organization, quantify the impact of those risks on core business functions, document the threats, and then develop an approach for eliminating or decreasing the impact of the recognized threats. A hazard assessment and a business impact analysis are the two keystones of the business continuity planning lifecycle. (Business impact analysis is the subject of Chapter 6.)
A frequently cited quote from writer Frederick B. Wilcox reminds us that “You can’t steal second base ...
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