Manufacturers may not be fully prepared for new and emerging risks, according to a study from Chubb and the National Center for the Middle Market (NCMM). The study found that although manufacturing is experiencing growth, many interconnected challenges have led to new risks including financial and competitive challenges, cybersecurity exposures, regulatory uncertainties and workforce development issues.
“Middle-market manufacturing has seen steady growth in recent years with an improved business climate,” said Mike Williams, executive vice president and manufacturing industry practice leader for Chubb North America. “But with this growth also comes challenges that are causing manufacturers to rethink and evolve nearly every aspect of their operations. Manufacturers need new strategies to manage and mitigate risks so they can free up their resources to take better advantage of opportunities.”
“The manufacturing environment is much more complex today than it was five years ago, largely due to the competitive challenges of talent, trade and technology,” said Thomas A. Stewart, executive director of NCMM. “The midsized manufacturers best positioned for success are adept at turning these challenges and risks into new opportunities.”