With more than 80% of international trade carried by sea, ports and terminals play a critical role in global supply chains. But a wide variety of risks — ranging from natural catastrophes, operational challenges, cyberattacks and outages, and workforce issues — can contribute to disruptions that may have a ripple effect throughout the global economy.
Considering the potential widespread impacts, it is important for port and terminal operators to understand the potential challenges and identify vulnerabilities in their operations. This will allow them to build a comprehensive risk management and insurance strategy to improve resilience.
In this episode of Risk in Context, Randal Waters, senior vice president within Marsh Advisory’s Emerging Risks Group, speaks with Janelle Griffith, who leads Marsh’s North American Logistics Practice, and Randall Hollomon, Head of the Ports and Terminals Industry Practice Group. They discuss the multiple risks that ports and terminals tend to face and how these could impact already vulnerable supply chains. They also share actions that organizations should consider as they seek to build more resilient port operations.
