Question

Discuss the importance of supply chain risk management for a firm that manufacturers goods out of raw materials ( 50marks)

Your answer should also include the following
definition of risk in context of supply chain risk
explain Supply Chain Risk Management

explain different types of supply chain risk and their source
explain financial and non financial importance of supply chain risk

If you can get me the points,I will be able to explain.

Make sure you have knowledge in Operations Management of a manufacturing firm before answering this question

Answer 1

Supply chain risk. Management is risk mitigation strategy where multiple risk adjustment mechanisms are in place to avoid unforeseen risks in future.

Financial risk, environmental risk, schedule risk, sociopolitical risk, legal risk, hunan behaviour risk, proect organisation risk are some identified.

Financial risks lead to cross border outflow amd heavy damages to balance sheet while non financial risks pose serious threat to brand image.

The biggest risk here therefore is human behaviour risks and management of talent and their performance into supply chains management.

Managing of Human Behaviour Risk:

Any successful business is run by teamwork as corporate management is like playing football where all players cojointly strive forward for common goal.

Starting with HR which forms crux of employment and widening and talent acquisition, employee engagement, talent spotting, reserving and growing talent, promoting talent, corporate governance, ethical management and industrial labor relations has the potential to build strongest base for organisations.

Financial team comprises of risk management and investment banking, accounting, payments, and legal and audit requirements.

Marketing teams handle sales, marketing, public relations, digital marketing, analytics, strategy development.

Operations team make up for supply chain management, logistics, purchase, procurement, maintenance, supervision and engineering.

IT forms technical and analytical support and cyber security rusk support.

Thus we see all teams are intee related and it is cross functionality that drives success. Eliminate any one function and whole organisation gets paralysed. If HR doesn't work the administration collapses. If Finance doesn't work out no marketing expenditure can be taken ahead. If Operations doesnt work there is no production nor sales.
If IT doesnt work there is no marketing and no payment mechanism.

Hence all functions are extremely important and independent. However in overall opinion Hr forms the base because HR function recruits people who are biggest stakeholders and any degradation or malfunctioning in HR can destabilise any organisation.

PLEASE UPVOTE INCASE YOU LIKED THE ANSWER WILL BE ENCOURAGING FOR US THANKYOU VERY MUCH ALL THE BEST IN FUTURE