Samsung has been awarded for its resilience and business continuity efforts during the semiconductor downturn in recent years. The British Standards Institution (BSI) has honored the Korean firm’s Device Solutions (DS) division, which encompasses the semiconductor business, with the ISO 22301 Certificate for its international standard Business Continuity Management System (BCMS). This certificate recognizes an organization’s ability to resume its business after a crisis. BSI awards companies when their crisis resilience meets global standards.
Samsung certified for its business continuity efforts
The semiconductor market has faced several hurdles over the past few years. The supply chain constraints due to the coronavirus lockdowns in China, coupled with the recent economic headwinds, have resulted in low demand globally. Samsung, which is one of the biggest stakeholders in this industry, has found it difficult to stay afloat. It has taken a massive profit hit in recent quarters. The company doesn’t hope for things to improve anytime soon. The Korean behemoth sees sluggish sales continuing throughout 2023. Samsung is expecting its semiconductors profits to be halved this year.
However, the company hasn’t stopped or reduced its investment in semiconductor R&D (research and development) even during these tough times. “Bad times can become good opportunities,” Samsung’s co-CEO and head of the semiconductor division said last year, adding that continued innovation is key to overcoming such slowdowns. As part of this strategy, the Korean firm advanced its BCMS for Hwaseong Campus in its home country to meet global standards. It evaluated various risks in the industry and prepared for them through precautionary exercises, including emergency drills.
These efforts have bore fruit. Samsung has received global recognition for its BCMS for Hwaseong Campus. The ISO 22301 certificate represents the highest level of commitment to business continuity and disaster preparedness. “Samsung showed strong will in having a robust business continuity management system, and displayed world-class crisis monitoring and response capabilities,” said SeongHwan Lim, Chief Operating Officer of BSI Korea.
“We will continue to enhance our business resilience and maintain a robust business continuity management system to handle not only conventional crises but also newly emerging issues such as global supply chain disturbance,” said Taeyang Yoon, Executive Vice President and Chief Safety Officer (CSO) of Samsung’s DS division. “Through these efforts, our customers can rely on our leading semiconductor technology even in the most unexpected circumstances”. The company is planning to attain ISO 22301 certifications for its other semiconductor campuses this year, including those located abroad.
2023-01-27 15:08:47