Discussion Essay on Supply Chain Risk Management (Essay Sample)

604_Week 5 Discussion
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604_Week 5 Discussion
Supply chain management is crucial for any business because it addresses diverse dynamic factors. Simultaneously, proactive risk management practices have proven to be cost effective approaches to mitigating risks compared to reactive strategies. In essence, an effective SCRM framework is crucial in ensuring quality of services and products thereby guaranteeing customer satisfaction. Enterprises including Resillinc and Avetta among others provide organizations with the essential insight to support effective decision making when handling social, financial, and environmental risk in the supply chain.
Risk is an inevitable part of any supply chain and it requires crucial attention to ensure positive outcomes. Companies such as Resillinc and Avetta offer essential services for businesses seeking assistance in management of uncertain factors that can lead to bottlenecks in the supply chain (Throwbridge, 2017). Such organizations focus on financial risk management which is actualized through services such as visibility mapping and vulnerability assessment. Overall, these companies focus on internal and external risks that can affect business continuity and feasibility. In essence, factors such as demand risk are calculated to address issues such as miscalculation and misappropriation of a product or service demand (Web, 2019). Lack of business continuity planning can lead to unsustainable practices. Therefore, Resillinc amongst other similar firms offer services that monitor the supply chain identify weaknesses therein, and make informed decisions that can promote business continuity and ensure sustainability.
Firms including Resillinc and Avetta focus on risk management in the supply chain by offering insight essential in financial, social, environmental planning to ensure organizations remain sustainable amid