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BOSTON—AIR Worldwide Corp. has expanded its suite of catastrophe risk products for supply chain networks, the company said Monday.
The modeling system not only assesses risks associated with physical damage to a single location or node, but it also examines how each location can be affected completely, partially or indirectly by natural disasters such as hurricanes, floods, earthquakes, tornadoes and tsunamis.
“The existing method of assessing supply chain catastrophe risk is based on worst-case scenarios, establishing either 0% or 100% disruption one node at a time and propagating the impact through the entire the supply chain,” Akshay Gupta, director of Boston-based AIR Worldwide's catastrophe risk engineering practice, said in a statement.
“It does not include the likelihood or frequency of shutdown, nor does it consider the partial shutdown of a single node or the simultaneous disruption of multiple nodes,” he said. “This traditional approach can now be improved to provide a realistic and comprehensive assessment of the supply chain's catastrophe risk exposure.”
The system gives risk managers the ability to identify primary risk drivers stemming from natural catastrophes as well as the direct or contingent impact on a location within a company's supply chain, Mr. Gupta said.
For more information, contact Mr. Gupta at firstname.lastname@example.org.
VAN, Turkey—AIR Worldwide Corp. said losses from the earthquake that hit eastern Turkey on Sunday could be between $55 million and $170 million.