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Companies 'near-shoring procurement functions to manage risk'
Businesses in the UK are looking to near-shore their procurement capabilities as a means of better managing their business risks.
With companies increasingly focusing on supply chain risk management following the introduction of the Bribery Act, many firms are looking to locate their manufacturing operations closer to their end markets, according to KPMG.
A survey by the professional services firm reveals that 43 per cent of manufacturers believe that near-shoring is an effective means of managing risk, while 18 per cent describe it as highly effective.
Moreover, 46 per cent of those polled believe this trend will gain pace in the manufacturing sector over the next 12 to 24 months.
David Higginson, risk consulting director at KPMG, said: "Very few companies have a fully integrated supply chain risk management process addressing all elements of supply chain risk: supplier failure, continuity of supply, counterparty risk and regulatory risk."
Earlier this year, Emma Scott, representation manager at the Chartered Institute of Purchasing and Supply, noted that this summer's Olympics could also potentially cause supply chain disruptions if companies do not take necessary precautions.
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