GRC Insight is highlighting news, trends, and thought leadership in governance, risk, and compliance. We complement it with original opinion, research, and reviews. Save time, and stay on top of your profession.
A growing clamor for supply chain diversification and returning manufacturing to the US is going to land in the laps of the c-suite and board. It is starting with outrage at the vulnerability of medical supply chains. But the obvious weaknesses of current globalization are causing a review of all supply chains and their exposure to environmental and political risk.
There is a coming reassessment of brittle and unresponsive supply chains prompted by the inadequate supply of medical masks. The masks, their non-woven fibers, ventilator parts, air cargo capacity, anticompetitive concentrations, government requisitions, and labor force disruptions are just a few of the third-party and supply chain risks revealed by Covid-19. Already in the U.S. there is strong sentiment to repatriate manufacturing and warehousing of medical goods.
The growing use of sanctions as a policy tool has created a demand for compliance professionals that is outstripping supply. The result is an extremely tight job market and rapid growth of third-party services provided by accounting firms, law firms, and specialized compliance consulting firms. Unemployment for compliance professionals currently stands at 0.2%.