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Supply Chain Risk Management
Supply chain risk management (SCRM) are the strategies that are put in place to handle everyday and exceptional risks that are present in the supply chain based on continuous risk assessment with the purpose of decreasing vulnerability and guarantee stability.
SCRM endeavors to decrease vulnerability in the supply chain by adopting a coordinated holistic approach which identifies and analyses the risk of failure points present in the supply chain. To manage risk it is important to incorporate various functions such as logistics, finance and risk management, etc. It is crucial that stability and continuity of the supply chain is maintained in the case of a situation which otherwise have interrupted normal business.
Some options to manage an acceptable risk level include:
- Managing stock
- Considering alternative sourcing arrangements
- Business interruption / contingency insurance
