Version 1
: Received: 12 September 2024 / Approved: 13 September 2024 / Online: 13 September 2024 (11:00:34 CEST)
How to cite:
Frimpong Barimah, A. Determinants of Supplier Risk Mitigation and Control in the Procurement of Goods and Services: A Review of Literature. Preprints2024, 2024091072. https://doi.org/10.20944/preprints202409.1072.v1
Frimpong Barimah, A. Determinants of Supplier Risk Mitigation and Control in the Procurement of Goods and Services: A Review of Literature. Preprints 2024, 2024091072. https://doi.org/10.20944/preprints202409.1072.v1
Frimpong Barimah, A. Determinants of Supplier Risk Mitigation and Control in the Procurement of Goods and Services: A Review of Literature. Preprints2024, 2024091072. https://doi.org/10.20944/preprints202409.1072.v1
APA Style
Frimpong Barimah, A. (2024). Determinants of Supplier Risk Mitigation and Control in the Procurement of Goods and Services: A Review of Literature. Preprints. https://doi.org/10.20944/preprints202409.1072.v1
Chicago/Turabian Style
Frimpong Barimah, A. 2024 "Determinants of Supplier Risk Mitigation and Control in the Procurement of Goods and Services: A Review of Literature" Preprints. https://doi.org/10.20944/preprints202409.1072.v1
Abstract
In today's interconnected global business landscape, companies face numerous risks, particularly from their supply chains. Supplier disruptions can cause financial damages, inefficiencies, and reduced competitive edge, highlighting the need for robust supplier risk management. This paper scrutinizes recent studies on supplier risk management spanning 2020 to 2023. This review examines supplier risk management, focusing on supplier evaluation, payment terms, contract duration, and buyer-supplier collaboration as critical factors influencing risk mitigation and control in the procurement of goods and services. Through a systematic literature review, the study identifies the multifaceted nature of supplier risks, including production delays, quality issues, and financial challenges. It underscores the importance of proactive risk identification, comprehensive supplier evaluation, strategic payment terms, appropriate contract durations, and robust buyer-supplier collaboration. Despite the benefits, challenges remain, such as understanding regulatory impacts and ensuring methodological consistency. This review contributes to the discourse on supplier risk management, offering insights for future research and practical applications to enhance resilience and operational efficiency in global supply chains. Based on the findings, future studies should concentrate on formulating holistic supplier risks management approaches that nurture buyer-supplier collaboration and harness innovative technologies to enhance risk management practices.
Business, Economics and Management, Business and Management
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
