[290720.EN.BIZ] Risk Management Concerns Rising at Ports in Area of Compliance

COVID-19 and its resulting trade disruption has prompted port managers to examine ways to improve risk management through digitisation, according to the latest Remy InfoSource survey.

The 2020 iSpec Ports Industry Survey revealed that 51 per cent of port executive respondents now identify risk management as the key area they would like to improve on in the future, up from 32 per cent in the previous iteration of the iSpec Ports Industry Survey in 2018, said the press release.

In 2018 the top two areas for improvements noted by ports and terminal executives were shorter lead times and more standardisation.

Risk management was also the leading reason pinpointed by respondents when asked to identify the most problematic issues they encounter when managing complex outsourced projects, said the release.

Project compliance and delivery was the most problematic area identified by respondents, it said.

"I think it's no surprise that in such an uncertain world the importance of risk management has increased dramatically," said Remy InfoSource CEO Pieter Boshoff.

"Disruption to supply chains has increased across the globe causing operational and investment uncertainty and, with social distancing rules, also changing the way we all conduct our business," said Mr Boshoff.

"Managing that risk has become a major challenge at ports, particularly when it comes to managing outsourced equipment tender and procurement projects that are often complex in nature and frequently involve multiple vendors."

Source : HKSG / Illustration : Project Times.