TT Club highlights the variable trends in supply chain security risk
The risk of loss or damage to goods in the global supply chain has never been more prevalent. In combating the dangers, international freight insurance specialist, TT Club has launched a second series of its podcast to draw attention to the variable and complex nature of these risks and offer increased guidance on loss prevention.
TT Club is further increasing its efforts to deliver more of its long-established guidance to transport operators on managing their protection against theft and fraud. In Series 2 of its successful podcast, TT Live, risk management experts discuss current trends in criminal activity that target cargo in transit and storage. The six episodes cover such aspects of the problem as fraud, the insider threat, theft strategies, secure parking for vehicles and the targeting of depots and warehouses.
All the new episodes, along with those from Series 1, and the extensive library of written advice from TT are available as free downloads on the insurer’s specially designed Supply Chain Security webpage. TT Live is also available on Spotify, Apple, Google and many other podcast streaming services.
Mike Yarwood is TT’s Managing Director, Loss Prevention. He hosts the podcasts and comments, “The current freight transport environment features higher than normal volumes of cargo movement across all modes on land, sea and in air, as well as significant disruption to well-established routings and methods of transport. Added to these facets are increased inventories of certain goods at many locations and more sub-contracting activity, potentially employing less reliable entities. All these factors allow well-organised criminal organisations to exploit security weaknesses along the supply chain.”
Accompanying Yarwood on the podcasts is David Thompson of Signum Services, the in-house investigative arm of TT’s managers, Thomas Miller & Co. Ltd. His career spans 30 years as a Detective with London’s Metropolitan Police and a further eight as an investigator with Signum. “Organised crime has never been so organised,” says Thompson. “Much cargo crime is perpetrated by well-oiled business-like machines that target goods that are in market demand and easily converted into cash. They are well-informed and adapt quickly to new transport trends, spotting opportunities with intelligence and resource.”
Among identified trends apparent during the recent lockdowns has been a move away from the theft of higher value, more easily traced goods, such as electronics and domestic appliances, to food and drink commodities that have had a ready market. Thieves have also noted and exploited the congestion in the supply chain that has increased the use of temporary warehousing and storage sites that are not always as secure as established premises. The second series of TT’s podcast addresses these along with a range of other risk pinch points.
Keeping ahead of, or more often, up with the variable modus operandi that criminal organisations employ, and combating the threats to cargo assets they enable, are major tasks and are the challenges that TT Club’s loss prevention resources are posed to face through increased awareness and guidance on protective action.
About TT Club
TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.
Media contact – TT Club
Tel: +44 (0) 7979 868539
You may also be interested in:
International freight transport insurer TT Club's well-respected loss prevention newsletter, TT Talk, is being made available as a podcast. TT Live will be recorded monthly and released at the same time as the written word. In addition, six specially produced interviews on various aspects of contractual challenges in the operation of the container supply chain will be made available over the next six weeks.
New report highlights country's ongoing vulnerability to cargo theft as well as the trends during the first half of 2020.
With an insurable interest in excess of 50% of the world's tank container fleet, freight transport insurer TT Club has an intimate understanding of the sector. Its latest StopLoss guidance for tank container operators in managing risk in this element of the global supply chain contains valuable advice.