The SCRMP methodology proposed here is a comprehensive and coherent approach for managing risks and uncertainties associated with a given problem. The SCRMP methodology is practitioner‐oriented in evaluating projects. Supply chain managers can apply it as an audit framework, in much the same way as the ISO 9000 quality system, in coping with risks and uncertainties, as well as in accomplishing the desired supply chain performance. It is important to recognize though that the approach cannot be applied blindly. As noted above, the SCRMP is a suggested aid that can help in making decisions, however, it does not make the decisions for the supply chain manager. It can merely serve as a tool to help in decision making. It is then always the intuitive judgment, tacit knowledge, and the unique situation that come into play and that must be considered.
From an academic research perspective, the paper contributes a conceptual risk assessment framework. As was noted in Manuj and Mentzer (2008, p. 133), “there is a lack of conceptual frameworks and empirical findings to provide clear meaning and normative guidance on the phenomenon of global supply chain risk management.” While we have responded to the first observation by the development of the SCRMP, empirical testing of this model is warranted. Future research is encouraged to test the SCRMP at a range of company and to report the findings. Based on the results, the SCRMP can be refined and modified. Furthermore, different versions of the SCRMP can be developed depending on the company's context and environment, for example of whether sourcing is done domestically or internationally. Insightful will then also be the classification of companies into risk profile groups, based on their application of the SCRMP. What makes some companies more or less risk averse than others, and what is the subsequent impact on performance? These are just some of the questions pressing for answers.
In addition, while the focus of this paper was on a detailed description of the three phases, the other components of Figure 1, such as drivers, risk categories, supplier/logistics evaluation criteria and performance measures should not be neglected. These issues can impact the level or risk significantly. Future research is encouraged to investigate these components in greater detail, and integrate them with the SCRMP. The cohesive framework presented herein provides structure and guidance for such further investigations of supply chain risk management. As such, Figure 1 stakes out the research landscape of supply chain risk management. More fine‐grained research looking at the individual phases of the SCRMP is also needed. Right now, evaluations are based on subjective judgments, and inherently include some error. Therefore, more quantitative approaches of risk management are called for. Sensitivity analyses could for example be conducted by simulating a range of feasible values and investigating their impact on both cost and risk. Going even a step deeper, future research should investigate how data available on company internal systems can be leveraged to determine these values. Based on the results, an optimal solution could then ideally be determined.