Risks In Supply Chain Management
Task 2
2.0 Supply Chain Risk
Yiyi Fan and Mark Stevenson (2018) states that the risks in supply chain are the emergence of natural disasters or man-made problems. However, this can have an impact on the organisation’s operation and financial situation which may result to the closure of the business.
2.1 Risk
According to Cline, Preston B (2015), risk is the potential of losing or gaining something of value. Values can be the, social status, emotional well-being, physical health or financial wealth which can be lost or gained while taking risk resulting from a given action or inaction, foreseen or unforeseen. Moreover, risk can be defined as the intentional interaction with uncertainty.
According to Gregory Monahan (2008), risk is the achievement
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Matotel et al (2015:173) outline that risk management is the coordination of activities to direct and control an organization with regards to risk.
2.3 Supply chain management
Martin Christopher (2016) enumerate that Supply Chain Management (SCM) is the relationship of upstream and downstream relationship with the suppliers and customers in order to deliver superior customer value at less cost to the supply chain as a whole. Moreover Martin Christopher (2016) analysed that SCM might be to reduce or eliminate the buffers of inventory that exist between organizations in a chain through the sharing of information regarding demand and current stock levels.
2.4 Supply chain risk management
Supply chain risk management (SCRM) is described by (Brindley, Clare (2004:80) as the collaboration among partners in a supply chain or on your own. Applying risk management process tools to deal with risks and uncertainties caused by or impacting on logistics related activities or resources in the supply chain.
Supply chain risk management is the interaction of two major fields that risk management and supply chain
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It is also a competence and capability many enterprises have yet to develop.
According to Matotek Marija et al (2015:171), to develop a SCRM strategy we need to look at the following criteria:-
1. Risk Identification
It is the process of finding, recognising and describing a risk
2. Risk
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