Risk management strategies in global supply chains : a comparative strategy

Abstract

This research critically reviews the effectiveness and efficiency in different approaches to risk management intended for enhancing resilience, efficiency, and sustainability of supply chains globally. It outlines advantages and challenges related to supplier diversification, new technological advancements (IoT, AI, Blockchain), and collaborative approaches. The results prove that the performance of a supply chain is significantly enhanced with these strategies; at the same time, these are expensive and somewhat complex to implement, especially for small- and medium-type enterprises. The research underscores that tailor-made risk management approaches both industry and firm-specific are imperative to gain supply chain resilience and sustainability.