The Genesis of Supply Chain Risk

Supply chain officers may feel with Edward Smith. After years of uneventful supply chain management and after years of striving after more efficient processes, unexpected and sometimes even devastating events have derogated supply chains. A series of major disruptions like Hurricane Katrina, piracy attacks offshore Somalia, global financial crisis, flooding in Thailand, European ash-cloud, Japanese earthquake and tsunami among others have revealed a missing preparedness within today’s supply and distribution networks [248]. Thus, the management of so-called supply chain risks became an issue.