* Current Situation Analysis: The team has already analyzed their current situation and gauged the impact of supply disruptions. This is a crucial first step in risk management, as it identifies the potential vulnerabilities and the consequences of disruptions.
* Next Steps in Risk Management: Once the risks are identified, the next logical step is to outline contingency plans and continuity measures. This ensures that the company has a proactive approach to mitigate the identified risks.
* Contingency Planning: This involves developing specific actions and procedures that will be implemented in case of a supply disruption. These plans should be detailed and actionable to ensure quick response times.
* Continuity Measures: These are measures that ensure the company can continue operations with minimal disruption. This might include alternative sourcing strategies, safety stock levels, and flexible supply chain configurations.
* Reference: According to the risk management frameworks such as ISO 31000 and supply chain best practices, outlining contingency plans and continuity measures is a critical next step after risk identification and assessment.