ABSTRACT
This section pertains to risk analysis, risk assessment, and risk management. Governments and companies alike try to create resilient systems as security-related interruptions have the power to immobilize global production and supply and therefore affect the entire supply chain. Over the past few decades, global supply chains grew immensely through forming complex networks in order to boost performance and cost efficiency and satisfy customers’ demands. This growing intricacy of supply chains tends to increase risk, as visibility is limited, and the control span is significantly diminished. In instances where disruptions are inadequately controlled, the domino effect phenomenon occurs, as a single threat manifesting at a single component of a supply chain can significantly influence other parts. Governments and companies alike utilize risk analysis tools and protocols in order to manage and control risky events as they occur.
