Understanding Supply Chain Risk Management: A Managerial Perspective

Recently, Covid-19 has upset supply chains, and we have arrived at the period of global warming. What is more, with time, the supply chains are getting increasingly unpredictable with a huge number of partners, which makes it hard to oversee. There is the perpetual weight on the manager to increase the efficiency of their supply chain, which incorporates cheap crude materials, diminished stock, and use-in-time (JIT). This series of uncertainties, complex and broadly linked to this pressure on management brings a lot of risk to the line.Presently, occupational risk has expanded over recent months, firms have not had the option to utilize risk management to the fullest. This article will incorporate significant methodologies and techniques used to expound the best practices and it turns into the essence of flexibility in supply chain. It will also provide easy-to-understand processes, from the perspective of the manager, which will help them in addressing and dealing with risk by exploring the questions about risk exposure, measures, and tools to deal with. This article will attempt to achieve the shortcoming in the consensus that exists between research, theoretical and practical applications by firms and the fact that there is less concentration on SCRM in curriculums. It will also explain in asimple and straightforward way the basic concept and logic behind risk and the key steps and tools of the SCRM will be described and the best ways to achieve effective supply chain and propose a SCRM frameworks for managers to enable them on the path of better decision making.