Supply Chain Risk Management Strategies for Mitigating Geopolitical and Economic Risks

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@article{1709805,
      author = {Odira Kingsley Okenwa, Ogechi Thelma Uzozie, Osazee  Onaghinor},
      title = {Supply Chain Risk Management Strategies for Mitigating Geopolitical and Economic Risks},
      journal = {Iconic Research And Engineering Journals},
      year = {2019},
      volume = {2},
      number = {9},
      pages = {242-262},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1709805.pdf},
      abstract = {This study investigates supply chain risk management (SCRM) strategies aimed at mitigating geopolitical and economic risks that increasingly disrupt global supply networks. The primary objectives are to identify key geopolitical and economic risk factors, evaluate traditional and contemporary mitigation strategies, and assess the role of technology, collaboration, and diversification in enhancing supply chain resilience. Employing a systematic literature review methodology, the study synthesizes findings from peer-reviewed articles and industry reports published between 2020 and 2025. Content analysis is used to extract and categorize emerging themes related to risk identification, predictive analytics, operational adaptations, and collaborative frameworks. Key findings reveal that while traditional approaches such as supplier diversification and buffer stocks remain relevant, advanced technologies like artificial intelligence, blockchain, and digital twins significantly improve risk prediction and response capabilities. Collaboration among supply chain partners and strategic diversification emerge as critical enablers of resilience. The study also highlights challenges in implementing SCRM, including data limitations, organizational barriers, and resource constraints, while identifying opportunities through digital transformation and sustainability integration. The conclusions emphasize the need for adaptive, technology-enabled, and collaborative risk management frameworks that align with evolving geopolitical and economic dynamics. Recommendations for industry practitioners and policymakers focus on investing in digital infrastructure, fostering cross-sector partnerships, and embedding sustainability within risk strategies to secure long-term supply chain stability and competitiveness. Directions for future research include exploring integrated risk governance models and the socio-political dimensions of supply chain risk.},
      keywords = {Supply Chain Risk Management, Geopolitical Risks, Economic Risks, Supply Chain Resilience},
      month = {March},
  }