Data and information back-up is the result of copying or archiving files and folders for the purpose of being able to restore them in case of data or information loss. Data or information loss can be caused by many things ranging from computer viruses to hardware failures to file corruption to fire, flood, or theft. If you are responsible for business data, a loss may involve critical financial, customer, and company data. If the data is on a personal computer, you could lose procurement and financial data and other key procurement and contract files that would be hard to replace.
There are different ways of storage where we can save our backup.
● External hard disk
● CD and DVD
● Cloud service (Google Drive)
Importance of system documentation
– Provides a basis for management to review the system prior to authorisation
– Staff training on the use of system.
– Implements smooth personnel changes and avoiding the problem that key employees may take with them all knowledge about the way the system works.
– Revising existing systems and programs
– It is useful to the auditor for preliminary evaluation of the system and of its controls.
– Could assist in disaster recovery.
Stakeholder involvement has been a major requirement for effective, efficient, and fair risk management. Since risk management includes uncertain outcomes that affect different parts of the population to different degrees, it is essential to
integrate the knowledge, values, and interests of stakeholders into the risk policy making process.
Stakeholders can be influential in helping to shape strategies which really work. They can also play an important part in analysing the effectiveness of risk management strategies. Some risk management processes require that major stakeholders sign off on a risk action plan, to show that they have agreed to the strategies which have been put into place.
Ways of engaging suppliers and stakeholders in risk management process
• Total involvement
• Cross functional collaboration
• Formally or informally gathering information from suppliers
• The use of supplier conferences and supplier forums
• Gathering information from suppliers
• Collaboration of all types – to engage in the process of strategy development
• Early supplier involvement – applied to new product developments,
maximising the use of the suppliers’ knowledge to identify risks.
• Securing motivation and rewarding suppliers – this applies to those who share risks with the retail buyers.
• Developing information flows
• Enforcement and compliance – while much engagement may be co- operative there may be circumstance in which there is a more authoritarian approach
• Compliance with standards and industry regulations
1. The role of contingency planning in mitigating supply chain risks
2. Discuss the stages of formulating contingency plans
3. Evaluate how business continuity planning contributes to mitigating supply chain risks. (benefits or importance and the key stages in business continuity planning)
4. Discuss five elements of a business continuity plan
5. Explain the benefits of implementing effective DRP min managing supply chain risks of a company
6. Discuss the risks caused by a lack of systematic succession planning in supply chain
7. Explain five benefits of ensuring that all suppliers have appropriate insurance policies in place to protect against risks.
8. Discuss the Principles of insurance