What Does Supply Chain Risk Management (SCRM) Mean?
Supply Chain Risk Management (SCRM) is a strategic approach to lowering the probability that an organization’s reputation and/or profitability will be harmed by an untrustworthy supply chain component.
Techopedia Explains Supply Chain Risk Management (SCRM)
According to the National Institute of Information Technology (NIST), the business priorities that lead an organization to choose one supplier over another are almost the same as those that introduce more risk to the supply chain. This includes choosing a supplier who charges less than other suppliers, seeking out providers known for interoperability and partnering with providers who have the ability to roll out new product features on a frequent basis.
