Define Supply Chain Risk Management as the implementation of strategies to manage every day and exceptional risks.
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Supply Chain Risk Management as the implementation of strategies
Full Answer Section
- Identifypotential vulnerabilities at every stage of the supply chain, from sourcing raw materials to delivering finished products to customers.
- Assessthe likelihood and potential impact of these risks.
- Mitigaterisks by implementing strategies to minimize their occurrence or severity. This could involve diversifying suppliers, building in redundancies, or investing in risk management technologies.
- Monitorthe evolving risk landscape and continuously adapt strategies as needed.
Sample Answer
Your definition captures a key aspect of Supply Chain Risk Management (SCRM), but it can be broadened to encompass a more proactive approach. Here's a refined definition:
Supply Chain Risk Management (SCRM) is the implementation of strategies to identify, assess, mitigate, and monitor potential risks throughout the entire supply chain, encompassing both everyday operational disruptions and exceptional events.
SCRM goes beyond simply reacting to risks. It involves a proactive approach to:
- Identify potential vulnerabilities at every stage of the supply chain, from sourcing raw materials to delivering finished products to customers.
- Assess the likelihood and potential impact of these risks.
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