Abstract
Integrated supply chain risk management (ISCRM) has become indispensable to the theory and practice of supply chain management. The economic and political realities of the modern world require not only a different approach to supply chain management, but also bold steps to secure supply chain performance and sustainable wealth creation. Integrated supply chain risk management provides supply chain organisations with a level of insight into their supply chains yet to be achieved. If correctly applied, this process may optimise management decision-making and assist in the protection and enhancement of shareholder value.
Highlights
Globalisation has created significant opportunities for countries and organisations around the globe, and introduced more uncertainties given the increased complexity of the global business environment
Chains are fundamental to organisations as they are instrumental in the achievement of strategic business objectives
These complexities are often furthered by extended supply chains crossing regional and international boundaries, involving an increased number of supply chain role players and exposures to political developments, different legal and regulatory frameworks, human rights issues, etc. While the latter poses a major challenge to supply chain organisations, it remains a key challenge to stay competitive in a global business environment that is characterised by rigorous customer demands in respect of cost, product quality and service delivery
Summary
Firms have become increasingly aware of the importance of risk management, primarily because of high profile corporate failures and stricter corporate governance. Perhaps the most significant comments published to date about supply chain risk management relate to some conditions of an effective ISCRM approach, as advocated by the authors, namely the importance of a holistic, integrated and collaborative approach towards supply chain risk management (Stauffer, 2003: 4; Atkinson, 2003: 43-47). It is imperative to identify potential supply chain threats well in advance and to respond rapidly to relevant opportunities as these may influence the achievement of supply chain and business objectives This should not be an ad hoc exercise but should be embedded in the culture of the supply chain organisation through a formalised and integrated supply chain risk management framework. Among others, careful planning, widespread consultation with all the relevant role players and a proper communication strategy
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