Risk management in international supply chains: A review with USA and African Cases
1 Access Bank Plc Nigeria.
2 Sanctus Maris Concepts, Nigeria, Limited.
3 Ignition Ajuru University of Education, Rivers State, Nigeria.
4 Department of Business, Skinner School of Business, Trevecca Nazarene University, USA.
5 Walden University, USA.
6 Independent Researcher, Indiana, USA.
7 Independent Researcher, Maryland, USA.
Review Article
Magna Scientia Advanced Research and Reviews, 2024, 10(01), 256–264
Article DOI: 10.30574/msarr.2024.10.1.0024
Publication history:
Received on 31 December 2023; revised on 08 February 2024; accepted on 10 February 2024
Abstract:
The globalization of supply chains has brought about unprecedented opportunities for businesses to expand their reach and access diverse markets. However, it has also exposed them to a myriad of risks that can significantly impact the efficiency and resilience of international supply networks. This paper provides a comprehensive review of risk management strategies in international supply chains, with a focus on contrasting scenarios in the United States (USA) and African contexts. The United States, as a global economic powerhouse, boasts a highly developed supply chain infrastructure. In this context, risk management primarily revolves around technological disruptions, natural disasters, and geopolitical uncertainties. Advanced technologies, such as real-time tracking and data analytics, play a crucial role in mitigating these risks. Furthermore, the USA's well-established regulatory framework aids in ensuring compliance and reducing legal uncertainties in the supply chain. Contrastingly, African nations, while experiencing rapid economic growth, often contend with infrastructural challenges and political instability. The risk landscape in African supply chains encompasses issues such as inadequate transportation networks, customs inefficiencies, and varying degrees of political stability. Localized solutions, community engagement, and collaboration with international partners emerge as critical components of effective risk management in the African context. This review underscores the importance of adopting a holistic approach to risk management in international supply chains, acknowledging the diverse challenges faced by different regions. It highlights the need for businesses to tailor their risk mitigation strategies based on the unique characteristics of the regions in which they operate. Additionally, the study emphasizes the significance of fostering collaboration between developed and emerging economies, promoting knowledge sharing and technology transfer to enhance the overall resilience of global supply chains. This paper offers insights into the multifaceted nature of risk management in international supply chains, shedding light on specific challenges faced by the USA and African nations. By understanding and addressing these challenges, businesses can enhance their preparedness and agility in navigating the complex landscape of global supply chain management
Keywords:
Risk Management; Supply Chains; USA; Africa; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0