Systemic risks in supply chains: a need for system-level governance

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/99364 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/99364 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/99364 archive 353 disk0/00/01/82/60 2022-10-05 08:12:48 2025-03-26 05:00:20 2022-10-05 08:12:48 article show Colon C. 8883 0000-0002-4132-4648 Hochrainer-Stigler S. 7958 0000-0002-9929-8171 Systemic risks in supply chains: a need for system-level governance pub ASA EM SYRR Purpose Global and interconnected supply chains are increasingly exposed to systemic risks, whereby individual failures propagate across firms, sectors and borders. Systemic risks have emerged from the decisions of individual firms, e.g., outsourcing and buffer reduction, and are now beyond their control. This paper aims to identify appropriate approaches to mitigating those risks. Design/methodology/approach Systemic risks require analyzing supply chains beyond a dyadic perspective. This study approaches the problem through the lenses of complex systems and network theories. Drawing on the lessons learned from other systemic-risk-prone systems, e.g. energy and financial networks, both in research and practice, this study analyzes the adequate level of governance to monitor and manage systemic risks in supply chains. Findings The authors argue that governance institutions should be mandated to overview and reduce systemic risks in supply chains from the top down, as central bankers do for the financial system. Using firm-level data and tools from network analysis and system dynamics, they could quantify systemic risks, identify risk-prone interconnections in supply chains and design mitigating measures. This top-down approach would complement the bottom-up supply chain management approach and could help insurers design policies for contingent business interruptions. Originality/value Instead of looking at supply chains purely from the firms’ angle, the perspective of insurers and governments is brought in to reflect on the governance of risks. 2022-10-05 published doi:10.1108/SCM-03-2022-0101 2861 126 public Supply Chain Management: An International Journal TRUE 1359-8546 no info:eu-repo/semantics/article