Running head: TLMT 441 1 TLMT 441 9 Supply Chain Risk and Risk Management Strategies TLMT 441/Advanced Business Logistics Abstract The paper evaluates the supply chain risks and risk management strategies that an organization can use to identify, assess, and mitigate prospective occurrence. Risk is a significant component of various operations in an organization, which requires assessment, identification, and mitigation to prevent future occurrence. Many organizations lack an essential process, which would help them to detect and manage risks that may occur at different processes and period. A firm faces both known and unknown risks, where unknown threats are difficult to mitigate due to their nature of the occurrence. The provision of the customized monitoring systems, depending on the organization’s operations and needs shows the preparation of a firm to face the future challenges and mitigate some possible occurrences. A persistent risk monitoring is another strategy, which an enterprise can use to identify risks that may have severe implications if they would occur. Strengthening the supply chain is a significant aspect that helps an organization to respond to the disruptions effectively and avoid severe impacts in various processes. Keywords: supply chain, risk management strategies, processes, risk monitoring, risk mitigation, defensive mechanisms Supply Chain Risk and Risk Management Strategies Supply chain risk management involves undertaking different strategic steps to detect, evaluate, and minimize chances of risks’ occurrence. Thus, it requires a comprehensive method of identifying various risks that may exist in an organization’s supply chain, leading to the integration of the major processes in a firm. Risk management starts with the establishment of a risk profile and after that, address it to ensure an active monitoring. As a result, an enterprise can assess the value of the risk for various aspects of the business and mitigate it to avoid failure in the supplier ecosystem. However, many organizations lack an essential process that would help them to detect and manage risks such as bankruptcy and cyber-attack. The issues, such as globalization, have increased the diversity of risks that an organization faces, where the products from different regions may pose significant risks to a firm’s supply chain process. Globalization has led to the increased complexity, which may pose higher levels of risks, and therefore, requires an organization to address them. Consequently, it is essential to be proactive and institute various risk management strategies, depending on the organization’s supply chain type. The supply chain risk management is a significant aspect that helps an organization to detect, assess, and mitigate the usage of various strategies in order to protect a business’ critical infrastructure and prevent a disruption of the supply chain. Many organizations experience various challenges, while t.