Risk in the Supply Chain wins a British Insurance Award
State of Flux
LONDON, United Kingdom. The British Insurance Awards have selected Risk in the Supply Chain, an innovative market offering jointly developed by Aon and State of Flux, as a the winner of the Risk Management Award. This category recognises "a significant contribution to the advancement of risk management [including] the application of new techniques, effective identification and reduction of risk and the development of creative risk financing strategies."
Risk in the Supply Chain analyses corporate suppliers and supply chains to determine the business continuity risk and to suggest innovative mitigating solutions. The service leverages the synergies between Aon's risk management expertise and State of Flux's supply chain knowledge. According to Alan Day, Managing Director of State of Flux, "the tailored risk management solution enhances visibility of potential vulnerabilities in the supply chain, allowing supply professionals to make informed decisions on the trade-off between the risk and reward of cost-saving initiatives."
Alex Hindson, Associate Director of Aon, exclaimed, "Aon and State of Flux are honoured to have won the award. This nomination acknowledges our robust risk management processes which manage critical risk exposure cost-effectively, thus helping to run a more efficient and resilient supply chain."
The award is also significant because it represents the increasing importance of supply chain practices in other industries. The BIA awards serve to recognise only the best companies and products in the context of insurance: "the awards showcase top class performance and innovation, they reward achievement and they raise standards. Winning a British Insurance Award sets firms apart from their competitors and is a tangible demonstration to their customers that they have something special to offer."
Acknowledged as a strategic business partner to blue chip clients, State of Flux provides supply chain change solutions across the entire value chain. Its successful solutions are based on three interconnected client support functions: Services, Consult and Operate. Services include Research, Risk in the Supply Chain, Ethical Supply Chain and eSourcing. State of Flux Consult supports clients by providing consulting for both the revenue generating and the supply side of an organisation. State of Flux Operate provides joint outsourcing solutions and propositions to clients in the context of both procurement and supply chain support.
Aon is a global leader in risk management, insurance and reinsurance brokerage, human resources and management consulting, and outsourcing. Aon's global network of resources provides innovative solutions to business risks and helps capture opportunity, increase efficiency and build value. By recognising that each client has unique needs, Aon has developed expertise across a complete range of business processes, products and industries.