Risk Management in Global Supply Chains: Addressing Vulnerabilities in Shipping and Logistics

Abstract

This paper explores the critical aspects of risk management in global supply chains, with a specific focus on vulnerabilities within shipping and logistics. The interconnected nature of today's supply chains exposes them to various risks, ranging from natural disasters and geopolitical tensions to operational challenges and cybersecurity threats. The paper outlines a comprehensive framework for risk identification, assessment, and mitigation, emphasizing the importance of proactive strategies in addressing potential disruptions. Diversification of suppliers and transportation routes, technological investments, insurance coverage, and enhanced collaboration are highlighted as key mitigation measures. Through case studies, the paper examines successful risk management practices and draws insights from failures. Additionally, it delves into emerging trends, such as technological advancements and climate change adaptation, providing a forward-looking perspective on evolving risks. The conclusion underscores the dynamic nature of global supply chain risks and advocates for continuous improvement in risk management practices to ensure resilience and sustainability.
 Keywords: Risk Management, Global, Supply Chains, Vulnerabilities, Shipping and Logistics.