Best Practices to Mitigate The Risks In Supply Chain Management

Abstract

The dangers of managing transnational supply chains are currently a topic of conversation among both academics and industry experts. This reality is brought into further focus by the rising commercial uncertainties in the management of supply chains, which pose a danger to the general operation of both the network and the economy. Within the context of a competitive and fast-paced business environment, the purpose of this study is to conduct an analysis of the existing research on the factors of risk that are involved in supply chain management. As a criterion for inclusion, having the term "risk" appear anywhere in the study's title, keyword list, or abstract was used to select the studies whose data were used in the theoretical analyses that were carried out. The mitigation of risks across the supply chain is an essential component of the whole system. As a consequence of national economic policies and globalization, firms that are involved in supply chain management face increased levels of uncertainty, as well as a plethora of new obstacles. These elements have a considerable impact, both individually and together, on the financial outcomes of companies and the economy as a whole. A description of the many methods that are used to mitigate the risks that are inherent in supply chains may help firms become more competitive. The impact of catastrophes, whether they are natural or caused by humans, can be lessened by the use of risk mitigation methods.