Until recently, business continuity had not always been at the top of the food and beverage agenda. That changed as events such as the pandemic and the conflict in Ukraine tested many organizations’ resources and supply chains.
How is the risk landscape changing?
Extreme weather events have become more frequent and intense, while global conflicts and changes in climate threaten harvests and production of essential commodities.
High energy costs, environmental concerns, geopolitical tensions, and trade disputes have become common, posing risks at all stages of the food and drink supply chain. The risk of another pandemic is also very real, potentially affecting people and animals.
This contributes to increasing uncertainty and raises the possibility of a break in operational continuity should a major stress event occur.
What can you do to get ahead of emerging challenges?
Consider measures such as nearshoring some supplies…
WTW can support clients through all stages of the business continuity planning process.
This includes helping to quantify the financial, operational and reputational impact of disruption, developing business continuity plans, business continuity training, and testing and auditing plans to make sure they are fit for purpose.
We can also help with supply chain impact analysis, mapping and continuity planning, using tools such as Supply Chain Diagnostic to measure and monitor exposures to natural catastrophe, geopolitical, pandemic and other stress factors.
Disclaimer
WTW hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
Authors
Contact
