Assessment and Control of Supply Chain Risks

Abstract

The process of recognising and reducing risks in a supply chain. This article takes a look at the main threats that supply chains face, ranks them according to likelihood and severity, breaks down the ways in which these threats might be mitigated, and finally, gives an assessment of how well these techniques work. Results from this research highlight the need for comprehensive risk assessment and management in supply chains, since firms depend on a complex web of vendors, wholesalers, and retailers to provide goods and services to customers. Lost revenue, decreased profitability, and harm to brand image are just a few of the financial and reputational consequences that companies may face as a result of disruptions in the supply chain. emphasises the necessity of a variety of risk management strategies that may improve the dependability and efficiency of the supply chain, including supplier diversity, buffer inventories, backup plans, collaboration, communication, insurance, and technology automation. This report provides valuable insights for supply chain managers by outlining best practises for risk management. By doing so, organisations may better withstand and respond to unexpected disruptions.