New QBE white paper outlines proactive strategies to reduce risk in supply chain
New York, NY – QBE North America, an operating division of global insurer QBE Insurance Group Limited, released a new white paper about the risks of supply chain management, focusing on the effects of globalization. Titled “Does Your Supply Chain Harbor Hidden Risks?”, the paper provides an overview of key areas of risk that tend to impact multinational and domestic companies – both the companies themselves, as well as their many suppliers.
Since the 1980s, globalization – the increased interdependence of large multinational and smaller domestic companies on international labor, raw materials, production, warehousing, distribution and commercial sales – has amplified supply chain risk in ways both predictable and surprising.
Moving raw materials and finished products long distances creates an expected increase in risks. Given that the multitude and variety of risks are becoming more predictable, the leadership of multinational and domestic companies can benefit from taking a closer look at how global interdependence affects each link of their supply chain.
“Supply chain risks are legion, especially given the backdrop of globalization. Further, there are any number of elements within each industry that can prove problematic under the right conditions – or, for that matter, under normal conditions,” said Victor Sordillo, QBE Senior Vice President, Global Risk Solutions.
Mr. Sordillo outlines seven vital areas of supply chain management for multinational and domestic organizations to consider, ranging from manufacturing site safety and labor conditions to quality control and cyber security. He closes by examining strategies to address supply chain risks and key insurance coverages to mitigate these risks.
“A proactive response by industry leaders can mitigate many production and distribution risks, and help them prepare judiciously for less-likely risks that may, one day, occur,” he explained.
The “Does Your Supply Chain Harbor Hidden Risks?” white paper is available on QBE North America's Manufacturing Microsite: QBEsolutions.com/manufacturing.
QBE's Commercial Insurance business offers a suite of products for midsized business customers. These products include a variety of options to address supply chain risks including contingent business interruption, business interruption, transit, inland marine, product liability, product recall, errors and omissions and cyber liability.
To learn more about our specific target classes and QBE's commitment to providing unique and comprehensive risk management solutions tailored to the manufacturing industry, please visit QBEsolutions.com/manufacturing or contact your local underwriter today.
QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2015 of $4.6 billion. QBE Insurance Group's 2015 results can be found at www.qbe.com/us. Headquartered in Sydney, Australia, QBE operates out of 37 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
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