Baker McKenzie identifies several key questions leaders should think about to protect their companies from supply chain disruptions brought about by the events surrounding COVID-19 pandemic

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How to Protect Yourself from Distress in Your Supply Chain

Protecting Supply Chains – Baker McKenzie identifies several key questions leaders should think about to protect their companies from supply chain disruptions brought about by the events surrounding COVID-19 pandemic

Summary:

Baker McKenzie listed key questions and several possible courses of actions that leaders can take to address the distress being put on their respective supply chains by the Coronavirus crisis:
  • Providing Support to Suppliers – Discuss whether your company intends to help your suppliers resolve the issues and challenges they face, or resort to finding an alternative source at least temporarily
  • Re-Sourcing Supply – Determine if your current supplier contract allows you to secure resources from other supplies, and if it does not, what can you do to be able to seek an alternative supplier
  • Acquiring Capability to Re-Source Supply – Assess whether you have the means, including equipment, materials, technology and intellectual property rights, to re-source the product to other suppliers or manufacture the product yourself
  • Understanding Suppliers’ Insolvency Issues – Gain comprehension of the current situation involving your suppliers’ potential insolvency issues and the jurisdiction where such cases may occur
For a more detailed discussion on the key questions identified above, please visit Baker McKenzie’s website at: https://www.bakermckenzie.com/en/insight/publications/2020/03/how-to-protect-yourself-from-distress-supply-chain
Company: Baker McKenzie
Category: Supply chains

Original publication date: March 9, 2020

Date last updated: April 8, 2020