How To Risk Management

067: Turn Your Response to Post-Brexit Market Volatility into a Competitive Advantage (and Thoughts on the Future), w/ Susan Grelling

A week has passed since the UK electorate shocked the world by voting to leave the EU.  In this episode, I share my personal feelings on the vote, and also explore both the short term impact and what I believe is the most likely long term outcome.

In the short term, I believe that the Brexit vote provides an opportunity for procurement professionals and leaders to position themselves as the go-to contacts for the c-suite in managing the supply side volatility that is a natural consequence of the result.  So, for today’s show, I immediately reached out to Susan Grelling. Susan is an economist, CPO and Risk Management executive who also has first hand experience of the impact of the Soviet Union breakup.  Susan is ideally positioned to provide guidance on how procurement can navigate volatility while minimizing risk to the benefit of our organizations.

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“When there is a period of fluctuation, you have no clue when the next shock to the system is.  You have to have options ready for all scenarios.” 

In this episode, you will learn:

  • Background on the UK referendum, and the process that the Leave vote has triggered
  • The role that procurement can play in helping to mitigate the risks associated with market volatility:
    • How can you prepare for unknown unknown’s?
    • As a procurement organization, what can we do and where do we start?
    • How do we build a risk profile of all the products or services that our business sells?
    • How can we approach the subject of risk if we have never played a role in managing or mitigating risk pre-Brexit?
    • Why now is not the time to be a hero!
  • My personal believes on what future holds, and why ultimately Brexit may look closer to the status quo than a revolution

Links and Resources:

Thanks for Listening!

About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.