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HBX.CORE.v2024-11-30.q151
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Question 70/151

A company that makes specialized equipment for a very competitive industry relies on several critical engineered imported components. The components present a high degree of risk that could impact the future growth of the company. Given this situation, which of the following is the BEST course of action for the buying organization to take when preparing for negotiations with suppliers?

A. Ask suppliers to analyze potential sources of risk for all components and raw materials

B. Change sources of any components or raw materials that are imported from high-risk countries

C. Require suppliers to provide risk insurance, with the buying organization listed as contingency beneficiary

D. Determine with senior management and internal stakeholders the acceptable levels of risk for each product

Correct Answer: D

The best course of action is to determine with senior management and internal stakeholders the acceptable levels of risk for each product. This collaborative approach ensures that the organization has a clear understanding of its risk tolerance and can develop appropriate strategies to mitigate those risks. It involves assessing the potential impact of risks on the business and aligning risk management strategies with the company's overall objectives. This preparation is crucial for effective negotiations with suppliers, ensuring that all parties are on the same page regarding risk management.
References
* Risk Management in Supply Chains by David L. Olson and Desheng Dash Wu
* COSO (Committee of Sponsoring Organizations of the Treadway Commission) ERM (Enterprise Risk Management) Framework
* ISO 31000 Risk Management Standards

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