"The implementation of strategies to manage both everyday and exceptional risks along the supply chain based on continuous risk assessment with the objective of reducing vulnerability and ensuring continuity."
Identifying, assessing, and addressing potential risks that can disrupt the supply chain, such as natural disasters, geopolitical events, or supplier bankruptcies.
Risk identification: The process of identifying potential risks that are involved in a supply chain system, such as natural disasters, transportation issues, supplier failure, and so on.
Risk assessment: Determining the potential impact and likelihood of each risk and prioritizing them for risk management.
Risk measurement: Measuring the likelihood and impact of risks through quantification of risk exposures.
Risk mitigation: This refers to the process of avoiding risks or minimizing their negative impact, such as creating backup plans and reducing supply chain complexity.
Risk transfer: Transferring the risk to the appropriate stakeholder, such as an insurance company.
Supplier risk management: Managing risks arising from suppliers by conducting due diligence, assessing supplier financials, improving supplier relations, and so on.
Demand uncertainty management: Forecasting demand accurately and taking actions to adjust supply chain plans in case of demand volatility or variability.
Inventory risk management: Managing inventory levels to balance the cost of inventory and the risk of stock-outs.
Logistics management: Managing the movement of goods through the supply chain to ensure on-time delivery while managing cost and risk.
Global risk management: Managing risks specific to a global supply chain, such as political instability, currency fluctuations, customs regulations, and so on.
Information risk management: Managing cybersecurity and data protection throughout the supply chain.
Market and competitive risk management: Analyzing trends in the market and competition to identify potential threats to the supply chain.
Disaster recovery planning: Developing a plan to recover from a disaster, such as a natural disaster, cybersecurity attack, or other unexpected events that can disrupt the supply chain.
Legal and regulatory risk management: Ensuring compliance with applicable laws and regulations and managing risks associated with legal issues through proper documentation, record-keeping, and transparency.
Ethical risk management: Managing the risk of negative publicity or damage to a company's reputation due to unethical behavior in the supply chain, such as labor abuse or environmental concerns.
Strategic Risk Management: This type of risk management focuses on identifying and mitigating risks that have the potential to impact the overall strategy of the business.
Operational Risk Management: Operational risk management deals with the risks that arise from day-to-day business operations. It includes risks related to personnel, equipment, and systems as well as external risks, such as supply chain disruption.
Financial Risk Management: This type of risk management is specifically concerned with managing financial risks like currency risk, market risk, interest rate risk, credit risk, and liquidity risk.
Legal Risk Management: Legal risk management is focused on identifying, managing, and minimizing the risk associated with legal challenges that a company may encounter. It includes risks related to compliance with laws and regulations, litigation, and contract disputes.
Reputational Risk Management: This type of risk management focuses on managing the risks that have the potential to damage a company's reputation, including issues related to corporate social responsibility, media relations, and public perception.
Information Technology (IT) Risk Management: IT risk management is concerned with identifying and mitigating the risks associated with the use of technology, such as cybersecurity threats, data breaches, and system failures.
Supply Chain Risk Management: This type of risk management is specifically focused on managing risks that arise from the supply chain, including risks related to logistics, transportation, supplier relationships, and supply chain disruption.
Environmental Risk Management: Environmental risk management is focused on identifying and mitigating risks related to environmental factors, such as pollution, climate change, and sustainability.
Business Continuity Risk Management: Business continuity risk management is focused on preparing for, responding to, and recovering from disruptions that could impact the business, such as natural disasters or pandemics.
Human Resource (HR) Risk Management: This type of risk management involves managing risks related to human resources, such as employee safety, labor disputes, and workforce related issues.
Crisis Risk Management: Crisis risk management involves creating a plan and preparing for what to do in the event of an unforeseen event like a natural disaster, cyber-attack, or major operational failure.
Reengineering Risk Management: This type of risk management focuses on identifying and mitigating risks associated with new initiatives, such as process reengineering, mergers acquisitions, and organizational restructuring.
"To deal with risks and uncertainties caused by, or affecting, logistics-related activities, product availability (goods and services) or resources in the supply chain."
"SCRM applies risk management process tools after consultation with risk management services, either in collaboration with supply chain partners or independently."
"To reduce vulnerability and ensure continuity in the supply chain."
"It implements strategies to manage both everyday and exceptional risks along the supply chain based on continuous risk assessment."
"Risks and uncertainties caused by, or affecting, logistics-related activities, product availability (goods and services) or resources in the supply chain."
"Risk management services, either in collaboration with supply chain partners or independently."
"SCRM applies risk management process tools."
"Both everyday and exceptional risks along the supply chain."
"To continuously evaluate and address risks and uncertainties in the supply chain."
"By implementing strategies to manage risks and uncertainties in the supply chain."
"It deals with risks and uncertainties caused by logistics-related activities in the supply chain."
"It deals with risks and uncertainties related to product availability (goods and services) in the supply chain."
"It deals with risks and uncertainties related to resources in the supply chain."
"By implementing strategies to manage risks and uncertainties and ensure the uninterrupted flow of goods and services."
"SCRM is focused on addressing risks specifically related to the supply chain, whereas risk management covers a broader scope."
"The continuous assessment and evaluation of risks along the supply chain."
"It addresses risks and uncertainties caused by, or affecting, logistics-related activities, product availability, and resources in the supply chain."
"The implementation of strategies to manage risks and uncertainties along the supply chain."
"Yes, SCRM can be applied independently, without collaboration with supply chain partners, but may also involve consultation with risk management services."