It’s a comprehensive approach that encompasses the entire supply chain, from raw materials to the final consumer, and aims to mitigate risks and enhance resilience. **Key Points:**

* **Supply Chain Risk Management (SCRM)**: A comprehensive approach to managing risks across the entire supply chain, from raw materials to the final consumer. * **Impact of Supply Chain Disruptions**: Organizations have faced significant financial losses and reputational damage due to disruptions. * **Benefits of SCRM**: SCRM can help organizations mitigate risks, enhance resilience, and improve overall performance.

These are known risks that are already identified and understood by the company. Unidentified risks, on the other hand, are those that are not yet known or understood by the company. These can be external factors such as natural disasters, political instability, or economic downturns.

The modern supply chain is facing increasing pressure to become more efficient, sustainable, and resilient. This pressure is driven by factors like globalization, technological advancements, and evolving consumer demands. To address these challenges, companies are increasingly adopting innovative solutions, including artificial intelligence (AI), blockchain, and the Internet of Things (IoT). These technologies are transforming the way businesses operate and manage their supply chains.