The prime objective of Supply chain risk management (SCRM) is to reduce the chances of any
uncertain situation and feat an appropriate set of solution to manage the situation efficiently and
effectively. We at Logismart Understand this very well. SCRM is full of challenges that can result
in higher cost, wasted materials and production error. It has become even more complex and
vulnerable than in past. Due to absence of commonly recognized definition of SCRM and very
scared literature, it is very difficult to clearly understand it. This article will elaborate a general
literature review on evaluation of definitions of supply chain, risk management and supply chain
risk management. This article applies content analysis approach, bibliographic analysis and
analyzing top cited journal and researches in SCRM that is a unique and novel methodology. The
finding of this study reveals that, majority of the researchers are agreed, risk is variation in
outcome or performances that are not predictable, whereas supply chain is a network of
organizations that add value in every stage of product or services till its destination toward users.
Supply chain risk is probabilistic and unwanted situation whereas supply chain risk management
is to manage probabilistic and undesirable situation by evaluating risk sources, analyzing
likelihood and present a strategy to avoid, mitigate or minimize the effect of risk sources.
Risk is part of life. Someone may be late from his work or one may need to cancel his meeting,
internet can stop working when you really need it or there may be strike in Sunday when
someone has the only day for shopping. Risk or disruption of risk can be anytime, anywhere and
to anyone but it does not mean to halt, life has to move on. Meanwhile if someone has
noteworthy planning or contingencies the loss can be avoided, mitigated or minimized. Risk is
reality; it is almost impossible to absolutely escape from this. Every single field has to face it either
in daily life or in business. Any disruption either natural or nonnatural have become highest risk
for business. In an interview about 67% managers agree that risk management is more important
than before. Huge literature is available on the definition of SCRM and its development but still
a common understanding is missing. Global, economic, social and political advances in supply
chain have increased the risks and by involving more partners it has become more complex. Risk
or risk management is diverse, complex and scattered area, it can be found in many subjects like
engineering, medical, electrical, mechanical etc. because of its diversity and complexity it has
numerous definitions. In the justification section it can be observed. Subsequently, supply chain
has become as essential part of global business and economies. Due to globalization and rapid
change in innovation increase the value of supply chain. Now it has been said that supply chain
is a complex network it includes procurement, internal operations, inventory, marketing etc. But
due to its simplicity and commonness the world supply chain will prevail. Supply chain risk
management is a new area but has gained histrionic importance. This study will present a detail
discussion on definition in literature section. Several views describe various definition of risk but
some words or ideas are common by taking these mutual ideas a universal definition can be
developed.