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The growing prevalence of disruptive influences in modern operations and supply chains has called for a systematic approach to identify risk sources and to develop predictive enterprise risk management. This imperative has become a top priority for many organizations such as the pharmaceutical industry. This paper leverages a multi-criteria decision making methodology to model enterprise risk management in a focal pharmaceutical firm operations and supply chain. Six types of risks and five strategies are considered and analyzed. Results suggest that supply chain executives attach great importance to regulation/legislation, followed by operational, and reputation risks, while financial, market, and relationship risks ranked low in importance. With respect to enterprise risk management strategies, risk reduction/mitigation was considered the best option followed by risk avoidance option. From the results, it appears that multicriteria decision making methodology can be used to assist supply chain executives in developing a priority hierarchy for risk management strategies. It can also help the management with a step-by-step approach to identify, assess, and manage portfolio of risks that can be detrimental to their pharmaceutical supply chain performance, brand equity, profit growth, and shareholder value.
Chris I. Enyinda (Fri,) studied this question.