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4 Pillars of Supply Chain Pain #4 of 4: Risk Management

4 Pillars of Supply Chain Pain #4 of 4: Risk Management

Every organization faces the same challenges. Departments are set up in silos and the exchange of information is often cumbersome at best.

Risk is the largest pain. So what is the risk with the current setup?

$100,000 penalty: You and your contractor could be charged by the WSIB with an offence for working without a clearance number. The maximum fine upon conviction is $100,000.

For specifics please visit: https://www.norwich.ca/…/building/WSIB%20Brochure.pdf…

$50,000 insurance cost: working with a service provider that does not have enough insurance or their insurance has lapsed and you didn’t know or follow up. A big hit to your deductible of $50,000 or more.

$250,000 stolen: bogus suppliers and invoices are set up by one department and automatically paid by another. Expected loss of could be as high as $1,200,000.

$130,000 extra cost: Working with a supplier that goes bankrupt and you have the wrong HST on file with an incorrect company legal name. Payment due to the government 13% of paid transactions.

This is why I founded @QCsolver. To help organizations keep track of their information in a much more efficient and cost effective manner.

To see my previous posts and learn more about what we do then please visit https://qcsolver.com/blog/