Having a well-established risk management framework in place is a critical part of running a successful business. It’s especially important when it comes to managing the supply chain of a business, as it helps to ensure that the company is able to anticipate, plan for and mitigate any potential risks that may arise. In order to establish a comprehensive risk management framework in your supply chain, it is important to first understand the different components of a supply chain and the risks associated with them. Supply chains are comprised of several interconnected processes that, when working together, help to get products to customers in a timely and cost-effective manner. These processes include procurement, production, logistics, and distribution. Each of these processes carries with it a unique set of risks that must be managed.