Abstract
Supply chain risk management (SCRM) can provide companies with a long-term competitive advantage, particularly if it is integrated with enterprise risk management (ERM). Current SCRM research frameworks do not explicitly examine this integration, potentially hindering a deeper understanding of SCRM. This research uses survey data and follow-up interviews to suggest that ISO 31000:2009 provides a foundation for advancing future SCRM research, and to more successfully execute SCRM. It is also determined that ISO 31000:2009 encompasses existing SCRM frameworks, but is more exhaustive. It includes two critical steps generally omitted from SCRM frameworks: 1) developing a strategic context for SCRM, and 2) performance monitoring. Finally, it was found that firms recognize the importance of SCRM, but SCRM integration and skills are lacking.
Highlights
Enterprise risk management (ERM) is a critical component of business strategy [1]
Chain risk management (SCRM) can provide companies with a long-term competitive advantage, if it is integrated with enterprise risk management (ERM)
The findings suggest that though companies recognize the importance of supply chain risk management (SCRM), SCRM is not generally linked to ERM and that key SCRM skills are lacking
Summary
Enterprise risk management (ERM) is a critical component of business strategy [1]. Despite ERM’s importance, ERM implementation is limited [2]. This research has two primary goals: 1) determine whether ISO 31000 provides the framework to reach consensus on SCRM scope and definition, which in turn could accelerate SCRM research, and 2) determine whether ISO 31000 provides the foundation for planning and executing SCRM. To pursue these goals, survey data and follow-up interviews were used. Findings suggest that ISO 31000 provides researchers a framework for developing a consensus on SCRM terms and scope, and provides practitioners with a foundation for linking ERM and SCRM, and planning and executing SCRM. The findings suggest that though companies recognize the importance of SCRM, SCRM is not generally linked to ERM and that key SCRM skills are lacking
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