Yes, supply managers may be able to provide information to identify risks to the organization and they can develop strategies to mitigate those risks.
<h3>What are some supply chain risks and their management strategies?</h3>
Some supply chain risks include:
• Demand Risk: it happens when there is miscalculation of the product demand.
• Supply Risk: It occurs when the raw materials for the business are not supplied on time or at all and hence causes disruption of flow of product.
• Environmental Risk: It is the direct result of any socio – economic, political or environmental issues that affect the timing of supply chain.
• Manufacturing Risk: It is a possibility that any key component of the workflow gets disrupted.
• Planning and control risks: Caused by inaccuracy in forecasting and assessments and thus a poor planning of production and management.
Some strategies of management of these risks are:
• Management of environmental risks.
• Improving cyber supply chain risk management.
• Improve supply chain visibility.
• Leveraging the Prevention, Preparedness, Response, Recovery ( PPRR) risk management model.
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