Exclusive Video: Michael Carson, managing supply chain risk

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Micahel Carson, Partner and Head of Supply Chain and Logistics Advisory EMEA at Cushman & Wakefield speaks at Procurement & Supply Chain LIVE 2023

As the world’s fastest-growing procurement and supply chain event, Procurement & Supply Chain LIVE 2023 was a disruptive learning and networking event that showcased some of the industry’s top speakers across innovation, thought leadership and strategy.

Micahel Carson, Partner and Head of Supply Chain and Logistics Advisory EMEA at Cushman & Wakefield

Supply Chain Risk & Resilience Fireside

Micahel Carson, Partner and Head of Supply Chain and Logistics Advisory EMEA at Cushman & Wakefield, deep dives into supply chain risk and resilience at Procurement & Supply Chain LIVE.

The challenges of navigating uncertainty

Reflecting on the challenges when navigating uncertainty in the supply chain, Carson notes a lack of consistency when it comes to measuring risk across supply chains. 

As such he introduces the concept of the ‘manufacturing risk index’, highlighting the importance of assessing both the likelihood and impact of risks, drawing parallels with risk management in national security.

"There is no consistent measure of risk. Every supply chain has its own nuances, pitfalls, etc., so there is no global measure of risk,” explains Carson. "Risks are only a challenge when they actually happen. In preparation, it's about giving yourself choices, knowing more today than yesterday."

Assessing vulnerabilities

Delving into the ways in which organisations can assess vulnerabilities in their supply chains, Carson stresses the need for a framework to evaluate risks and build a better understanding of the global environment. 

Carson also touches on the human factor in decision-making, acknowledging the value of experience and gut instinct.

"Having a framework around known knowns, known unknowns, and unknown unknowns helps to view the world in a structured way,” says Carson. 

He adds: "You don't know what you don't know. It's acknowledging what we don't know and seeking the answers for those [...] Scenario modelling gives you the opportunity to run endless numbers of scenarios, stretching hypotheses to see different outcomes."

Building procurement teams from scratch

When it comes to building procurement teams from scratch and upskilling employees when it comes to risk and resilience, Carson emphasises the need for a team’s willingness to adapt to change in the rapidly evolving business landscape. 

"The willingness to adapt is a key skill. It's not optional anymore to not assess risk in our supply chains to some degree,” he explains, adding: "Continuous improvement within an organization is driven by an imperative for change, which comes from assessing risk and gaining a deeper understanding of the business."

To watch any of our other speakers from Procurement & Supply Chain LIVE 2023, click here.

Don’t forget to register for our future events at Procurement Supply Chain LIVE and Manufacturing LIVE 2023.

Celebrating exemplary achievements in the fields of procurement and supply chain management, the Supply Chain AWARDS - debuting in 2024 - acknowledges companies, professionals, and projects that demonstrate exceptional performance, innovation, and strategic thinking. Click here, to find out how you can enter.

For more insights into the world of supply chain read the latest edition of Supply Chain Digital and be sure to follow us on LinkedIn & Twitter. Other magazines that may be of interest: Procurement MagazineManufacturing Digital
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