There are several primary reasons why organizations should focus on Supply Chain Risk Management (SCRM):

• Mitigating financial and reputational risks: Organizations can face financial and reputational risks due to disruptions in their supply chains. For example, a delay or interruption in the supply chain can result in lost revenue or customer dissatisfaction, which can harm a company's reputation. Therefore, organizations should implement strategies to identify and mitigate such risks. Two risk concepts that can be used to support this are the cost of risk, which refers to the financial impact of risk events, and reputational risk, which refers to the potential damage to a company's reputation.
• Ensuring business continuity: Disruptions in the supply chain can also result in the inability of a company to provide its products or services, leading to significant business disruptions. Therefore, organizations should focus on SCRM to ensure business continuity. Two risk approaches that can be used to support this are scenario planning, which involves developing plans to manage potential risk events, and risk transfer, which involves transferring risk to another party through insurance or other means.
• Improving supply chain resilience: Organizations can also focus on SCRM to improve the resilience of their supply chains. By identifying and managing risks, companies can build a more resilient supply chain that is better able to withstand disruptions. Two risk concepts that can be used to support this are supply chain complexity, which refers to the level of complexity in the supply chain, and supplier risk, which refers to the risk associated with the reliability and performance of suppliers.

In conclusion, organizations should focus on SCRM to mitigate financial and reputational risks, ensure business continuity, and improve supply chain resilience. To support these reasons, they can use various risk concepts and approaches such as the cost of risk, reputational risk, scenario planning, risk transfer, supply chain complexity, and supplier risk.

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