Supply chain risk assessment and mitigation under the global pandemic COVID-19

Abstract

Supply chain (SC) disruptions were massive in 2020, with many manufacturers forced to close their operations temporarily. The coronavirus pandemic (COVID-19) has changed the way enterprises perceive risks and the potential effect on their supply chain. Many enterprises are now very dependent on third-party services, so it is necessary to adapt to sustainability challenges. This paper aims to provide a detailed review of research related to risk assessment and mitigation of the SC under lockdown due to COVID-19. Then, it identifies risks associated with supply chains (SCs) during the pandemic using the Failure Mode Effect Analysis. Finally, it suggests improvements to have a fully resilient supply chain. In addition, it explored Supply Chain Resilience (SCR), its phases, and strategies by examining an enterprise that managed COVID-19 pandemic disruptions and turned their potential losses into revenue. Furthermore, we discussed a case study where the enterprise increased its total income by nearly $1 million.