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Supply-chain risk management is aimed at managing risks in complex and dynamic supply and demand networks. [1] (cf. Wieland/Wallenburg, 2011)Supply chain risk management (SCRM) is "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".
These disruptions cascaded into the global shipping industry where ports like the Port of Los Angeles, a major hub for imports from Asia, are unable to clear their shipyards in a timely fashion, further exacerbating the supply chain crisis. This has led to suggestions that stockpiles and diversification of suppliers should be more heavily focused.
The complexity and globally outsourced nature of modern supply chains, combined with the practice of optimization techniques such as lean and just-in-time manufacturing in order to improve efficiency, has increased supply chain vulnerabilities to even minor supply disruptions.
Ransomware attacks on several major oil terminals in Germany, Belgium, and the Netherlands in early 2022 exposed the risks of supply chain disruptions, highlighting the impact of cybercrimes on ...
Supply chain disruptions have always been a part of global trade. However, a new report from HSBC highlights how companies in the current market are increasingly exposed to unexpected global events.
Boeing and other top aerospace firms are scouring their supply chains to determine their exposure to a major fire last week at a Philadelphia-area parts factory that has set off alarm bells across ...
However, the scalability of traditional risk management steps (identification, assessment, treatment and monitoring of risks) quickly reaches its limits: It is entirely possible to identify all conceivable risks within a company; However, a supply chain often consists of thousands of companies – the attempt to identify all possible risks in ...
Supply chain glitches dominated the latest company earnings season, with mentions of the issues by chief executives jumping 412% from last year, according to a BofA tally.