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Risk management in manufacturing
Strategies to monitor and manage risks to your manufacturing company
Managing internal and external risks in today’s ever-changing marketplace is challenging. From proposed tariffs and cybersecurity concerns to the industry’s aging workforce, manufacturers must mitigate risks from all directions. Risks are an integral part of business growth, but not all risks are created equal. Management and mitigation efforts must be calibrated according to the likelihood of exposure and the potential downside from an incident. Prioritizing and managing risks is becoming increasingly important to an organization’s ability to adapt to an ever-changing and global business environment. If manufacturers are not managing risks in a structured process, now is the time to start.
Many manufacturers are noting the costs of tariffs for the first time. Beyond exemptions, there are other options to keep costs down.
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