While there are early signs that economic growth is returning to many parts of the world, it’s important to not put Supply Risk Management initiatives on the shelf.

A recent World Economic Forum report, “Global Risk Report 2010″ highlights the very real risks that all organizations face every day.

While the risks are many and range from oil price spikes to biodiversity to fiscal crises (see the Risk Interconnection Map here), they all fall within the 3-3-4 Risk Management framework we’ve been working under for the last 18 months:

• 3 kinds of Risk: Brand, Disruption and Price
• 3 step Risk Management Process: Find, Fix and Follow-through
• 4 part solution: Technology, Capabilities, Community and Content

Corporations should pay particular attention to pages 34-36 of this report that articulate specific advice for the private sector, namely:

• Test assumptions in underlying strategic plans and capital investments
• Understand and monitor the complex and changing interrelationships between systemic risks
• Identify emerging opportunities within the emerging trends or events

As budgets start to open up, now is precisely the time to implement the comprehensive risk management program that you developed during the “dark days” of the recession.

Kris Colby is a Director in Ariba’s Spend Management Services group. Kris specializes in strategic sourcing and risk reduction for multinational organizations.