Utilize the definitions and concepts of supply chain risk management, and offer a strategy for company preparedness for similar events.

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1. Do a Supply Chain Assessment to Assess the Risks: To identify any potential vulnerabilities and risks in your supply chain including those from partners and external suppliers, a risk assessment is necessary. The assessment should include evaluating the current process for managing supplier relations, monitoring supplier performance, and verifying quality standards.

2. Create mitigation strategies. Once the risks are identified, you can create strategies that address disruptions and failures within your supply chain. If certain suppliers are affected by disruptions, these strategies can be used to shift production or increase inventory to address demand surges.

3. Monitor performance: Organizations can use digital dashboards to keep track of supplier performance so that they’re prepared in case of unexpected circumstances. This allows you to respond quickly when necessary and maintains operations smoothly.

4. Continuous Improvement Processes (Supply Chain Continuous Improvement): This incorporates risk management into business goals. It allows companies to react quickly and more effectively when there are unexpected events.

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