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The purpose of this paper is to explore the relationship between various risk management strategies and risk management practices in order to design and hence enact a suitable supply chain risk mitigation (RM) plan. Additionally, this study proposes a hierarchical framework to explain the mutual relationship between supply chain risk management (SCRM) practices and strategies by considering the underlying dimensions between them.

An amalgamation of systematic literature analysis (SLA) and correspondence analysis (CA) has been performed to develop the conceptual framework. A real-life case of Indian petroleum supply chain has been considered to validate and explain the proposed model.

The results reveal three underlying dimensions, which associate the relationship between RM strategies. They are, risk adaptability of SC managers with a variance of 34.71%, followed by resource capability of the firm and the degree of sophistication of RM practices, with variances of 27.72 and 20.35%, respectively. Risk avoidance strategy comprises of practices such as supplier evaluation, technology adaption, flexible process and information security. On the other extreme, the risk sharing strategy includes revenue sharing, insurance, collaboration, public–private partnership and so on as essential RM practices.

The study not only focuses on the distinction between RM strategies and practices, which were used interchangeably in the prior literature, but also provides an association between the same by exploring the underlying dimensions. These underlying dimensions perform a crucial role while developing a risk management plan. This study explicitly focuses on the RM step of SCRM process. Pre and post risk mitigation phases of SCRM process, such as risk assessment and risk monitoring, are beyond the scope of the current research.

The paper develops a framework for mapping various RM strategies with their corresponding practices by considering the Indian petroleum supply chain as a viable case study. Various theoretical and business implications are derived in the context of the developing country.

Customer participation (CP) has received considerable interest in the service literature as a way to improve the customer experience and reduce service providers' costs. While its benefits are not in question, there is a paucity of research on potential pitfalls. This paper provides a conceptual foundation to address this gap and develops a comprehensive model of the risks of customer participation in service delivery, integrating research from the marketing, operations and supply chain management, strategy, and information technology fields.

The model is derived deductively by integrating insights from research in marketing, operations and supply chain management, strategy, and information technology.

This paper identifies three categories of potential risks of CP (i.e. market, operational, and service network) and discusses ways that firms can mitigate these risks. Building on the model, it develops a CP risk assessment tool that managers can use when evaluating increases in CP.

The conceptual model proposed in this paper can serve as a robust basis for future research in customer participation, particularly in such areas as sharing economy services, service delivery networks, and experiential services. The risk assessment tool offers clear guidelines for managers who are considering an increase in customer participation in their service.

This is the first attempt to conceptually define customer participation risk and develop a comprehensive model of its drivers and strategies to mitigate it. This paper develops a straightforward method for managers to evaluate CP risk.

The purpose of this paper is to explore the effects of demand planning practices on the disruptions induced by operational risk. The study reveals whether the negative consequences of operational risk factors (covering demand, supply, control and process risks) can be absorbed or amplified through the application of specific demand planning practices in supply chains.

The study involves the partial least squares path model procedure. Likewise, the items of the constructs in the outer model were subjected to a purification process by principal component analysis with the orthogonal (varimax) and oblique (Promax) methods of rotation.

The findings suggest that although one may not observe uniformity and standardization in the role of demand planning in alleviating the negative effects of operational risks, still some regularities can be obtained. Having said that some demand planning practices tend to mitigate or reinforce disruptions driven by operational risk, whereas the other practices simultaneously absorb and amplify disruptions driven by operational risk.

The study shows that different managerial instruments, which are not inherently dedicated to risk management, when appropriately applied, may have an indirect impact on the mitigation of supply chain risk. In particular, the concept of demand planning might be very helpful for managers when dealing with demand and control risks.

The study simultaneously examines a more detailed bundle of practices forming the demand planning process. The research attempts to investigate the link between the demand planning process and operational risk consequences, derived from all sources (supply, demand, process and control). The paper shows that risk management is not a sole tool to mitigate disruptions. Among the concepts, which contribute to decrease risks is the demand planning process. The study demonstrates that the demand planning process when applied as a component of supply chain management, may contribute to mitigate certain operational risks.

Globalization and outsourcing have rendered Indian automotive companies more vulnerable to supply chain (SC) risks. Consequently, companies adopt different supply chain risk management (SCRM) strategies to mitigate SC risks. The purpose of this paper is to explore SCRM strategies in Indian automobile industry and to classify automobile firms based on SCRM dimensions.

A survey instrument on SCRM dimensions was designed and data were collected from 79 automobile firms. Principle component analysis (PCA) was performed on the collected data to derive the factors underlying SCRM dimensions. Further, cluster analysis using extracted factors as a clustering variate was performed to identify strategic groups from the given set of firms.

PCA derived seven factors, namely: avoidance, supplier development, flexibility, risk pooling, redundancy, integration and control strategies. The surveyed firms were classified into two clusters as low and high SCRM level.

A limitation of this study is that data were collected from a single industry and in a single country.

Understanding of SCRM dimensions shall increase the use of these dimensions and firms can mitigate negative effects of SC risks. The detailed operationalization of SCRM strategies highlights the importance of three strategies: avoidance, integration and supplier development. Managers’ understanding of SCRM strategies will improve the firm's performance and business excellence.

This research empirically validates SCRM strategies and investigates how these create differences among firms.

The purpose of this research is to develop a validated general measure of supply chain risk management maturity (SCRMM) to assess organizational risk management maturity in the context of the supply chain (SC).

Dimensions and statements measuring SCRMM were developed through a literature review and consultation with experts. The instrument was refined through a pilot study and a full-scale study of 140 SC managers in the USA. A final SCRMM instrument, consisting of 25 statements, was obtained through scale purification, exploratory factor analysis, reliability analysis, and confirmatory factor analysis of construct validity. Cluster analysis was conducted to characterize the organizational groupings with respect to the instrument dimensions.

SCRMM was found to be comprised of the three main dimensions of SC Risk Management Orientation, Enterprise Risk Management Integration (ERMI), and SC Risk Collaboration. ERMI was found to be comprised of the three sub-dimensions of SC Risk Mitigation, Improvement of Risk Management Processes, and Organization Internal Risk Management. Cluster analysis revealed three groups characterized according to SCRMM as leaders, followers, and laggards.

The findings are based on a sample in the USA, so the SCRMM scale may not generalize to supply chains in other countries or geographic regions.

The instrument provides a self-assessment and benchmark tool for businesses to advance their SC risk management through different stages of maturity.

This is a pioneering general instrument that treats risk management maturity of the organization in the context of the SC. Participants span many industries and SC positions.

Risk management is an emerging research area in tourism and hospitality. This paper classifies hotels based on grid (control) and group (inter dependencies) structure given by the cultural theory of risk. This paper aims to understand whether hotels grouped as per grid group structure differ on risk coping strategies such as mitigation, absorption and transfer for various hospitality risks.

Primary data are collected from 112 senior managers of luxury hotels using structured questionnaire aimed to capture the grid group aspect and risk management practices. Using factor scores, hotels are grouped. One-way analysis of variance is performed on these data to ascertain whether risk management practices of various types of hotels differ.

Results provide new insights into hotels grid group aspect and risk-related behaviour, revealing that hotels significantly differ on risk coping and confirming that the structure of hotel – the grid and group – does impact its risk management practices.

The study adds to the extant literature. For the first time, the grid group structure of hotel is proposed to impact the risk coping. Second, the risk perception study is conducted at firm level and not at individual level as done in past. Third, the paper looks at all three risk management practices and not in isolation, thus taking the risk research dialogue further. The study has not considered non-luxury hotels. Second limitation is a small sample of 112 hotels.

The study opens up a new perspective on hotel risk management. The researchers will benefit from the newer, theoretical understanding of firm-level complex structure of risk. The hotels risk professionals can benefit from understanding grid group structure and risk coping practices.

The novel approach of grid group classification of hotels is developed. Risk management practices are studied across hotel types for various risks. Study enhances the understanding of risk and grid group structure with regard to managing hospitality risk.

The purpose of this paper is to systematically review, synthesize and critically evaluate the current research status on the role of collaborative interorganizational relationships (CIRs) in supply chain risks (SCRs) from a social capital perspective and provide an organizing lens for future scholarship in this area.

This study adopts a systematic literature review approach to investigate 126 articles from 27 peer-reviewed journals between 1995 and 2020.

This paper investigates supply chain CIRs using a social capital perspective to explain the role of structural, relational and cognitive capital that resides in these relationships in various SCRs (i.e. environmental, supply, manufacturing, demand, information, financial and transportation). The review reveals that the three social capital dimensions uniquely and both positively and negatively affect different SCRs. The findings further suggest that the perceived SCRs can influence the structural and relational capital.

This study calls for practitioners to consider the cognitive alignment with their supply network partners, their relational investments, as well as the interorganizational processes and systems in managing and alleviating SCRs.

This review offers a theoretical articulation of how various aspects of CIRs affect SCRs. Specifically, this study extends the existing understanding of the role of social capital in SCRs through offering a synthesis of dominant findings and discourses, and avenues for future research.

This paper aims to provide a critical review of the literature on the rate of return risk faced by Islamic banks.

Through a thorough review of the literature, this paper presents the discussion among scholars regarding the rate of return risk in Islamic banks.

One of the major issues highlighted is the sensitivity of Islamic banks to the changes in the conventional interest rate due to the fact that many Islamic banking products are benchmarked against the conventional interest rate. Moreover, the limited techniques and instruments available to mitigate the rate of return risk also need serious attention by the regulators.

The study relies solely on the literature and highlights important issues in the area but does not provide any empirical evidence of the importance of rate of return risk to Islamic banks as it is beyond the scope of the paper.

There are several issues that should be taken into consideration. First, the dearth of empirical research on the identification of the rate of return risk in Islamic banking highlights the need to develop appropriate methodology to enrich the study on the rate of return risk. Second, more focus is needed to determine the impact of rate of return risk on the financial stability and the performance of Islamic banks.

This paper highlights several important issues relating to the rate of return risk in Islamic banks that are not widely discussed among researchers. In particular, this paper emphasizes the need to identify, handle and mitigate such risks to ensure the stability of Islamic banks. Therefore, this paper identifies a gap that needs further exploration so as to contribute towards enriching the existing literature in this area.

The aim of this conceptual study is to analyze the effects of state-of-the-art research streams on supply chain risk management (SCRM) based on organizational theoretical background and direct future research toward the use of other related organizational theories. This paper seeks to provide a framework for understanding various organizational theories that can impact the understanding of SCRM.

A systematic literature review on articles published from 1998 to 2020 was conducted manually in the following databases: Emerald, Science Direct, Taylor & Francis Online, and Wiley online library. Among these articles, the paper by Smeltzer and Siferd (1998) is the first article published on the topic. Therefore, that serves as a starting point for the papers' analysis. A total of 109 articles have been selected and reviewed in detail.

The results of the study indicate that the articles which utilize theories in SCRM research have been mostly published in the last three years. The quantitative and case studies have been prevalently applied methods in the articles. In total, 34 theories are listed from the investigated articles. The four commonly studied theories among these are the information processing theory, transaction cost theory, contingency theory, and resource-based view.

This paper is the pioneer in the sense that the paper specifically and directly reviews the SCRM literature in terms of organizational theory usage. For future research, this study offers a diffusion of innovation (DOI) theory that explains the factors which can affect the adoption or diffusion of SCRM practices.