Trl2604_Assignment 1

1. INTRODUCTION Organizations can be vulnerable to a wide range of supplier problems, whether from external events, such as product defects or warehouse fires, or external threats like cyber-attacks, trade wars or natural disasters disruptions production or shipment. 2. Supply Chain Management Definition Supply chain management encompasses planning and management of all activities involved in sourcing and procurement, conversion, all logistics management activities, coordination and collaboration with channel partners (i.e. suppliers, intermediaries, third party service providers or customers. Essentially integrates supply and demand management within and across companies (CPCMP:Council of Supply Chain Management Professionals,2010). 3. Discuss how a firm can implement Supply Chain Risk Management based on the case study with regards to the external environment, supply chain processes and supply chain information. Supply Chain Risk Management (SCRM) refers to the implementation of strategies and plans to manage supply chain networks through constant risk assessment and reduce vulnerabilities to ensure resilience in supply chain. Supply Chain Risk Management is a systematic and phased approach for recognizing, evaluating, ranking, and mitigating and monitor potential disruptions in supply chains. 5. CONCLUSION Understanding supply risks can enable purchasing organizations to take effective action in response to those risks. Risk management should form an integral part of good purchasing and supply practice. It is essential to address the right risks and use the right strategies. 6. REFERENCES