Which is a common method for risk management in supply chains?

• A. Identify hazards, assess risk, develop controls, implement mitigations
• B. Identify hazards, assess risk, develop controls, implement mitigations, and monitor
• C. Identify hazards, assess risk, implement mitigations, and monitor
• D. Identify hazards, assess risk, develop controls, and monitor

Answer: (B)

Risk management in supply chains is an ongoing cycle where you identify hazards, evaluate risk, design and put in place controls, carry out mitigations, and then continuously monitor to see if those measures work and whether new risks appear. The strongest choice includes all of these steps plus ongoing monitoring, ensuring you verify effectiveness and adapt to changes in suppliers, processes, or external conditions. Without monitoring, you wouldn’t know if controls are effective or if new risks have emerged, so the cycle would stall and risks could persist or grow. Ending at mitigations misses the essential feedback loop; omitting the development of controls leaves no safeguards to implement; and skipping mitigations means no action is taken to reduce risk. Therefore, including monitoring after implementing mitigations best represents how risk management is actually practiced.