Risk management practices in the insurance industry with regard to supply chain management

Economic Annals-ХХI: Volume 193, Issue (9-10), Pages: 108-113

Citation information:
Budovich, L. (2021). Risk management practices in the insurance industry with regard to supply chain management. Economic Annals-XXI, 193(9-10), 108-113. doi: https://doi.org/10.21003/ea.V193-13

Lidia Budovich
PhD (Economics),
Associate Professor of the Department of Innovation Management,
MIREA – Russian Technological University (RTU MIREA)
78 Vernadsky Avenue, Moscow, 119454, Russian Federation
lidia.boudo@yahoo.com
ORCID ID: https://orcid.org/0000-0002-4693-4832

Risk management practices in the insurance industry with regard to supply chain management

Abstract. Today, fierce competition between manufacturers, increasing the level of innovation and reducing the life cycle of products have led to the design, production and marketing of products with various goals and a variety of risks in macro designs for supply chains. The purpose of this study is to design a strategic supply chain risk management system with a systematic approach to assess and control risks in the insurance industry. This article is an applied research and descriptive, correlational, and multiple regression analysis and path analysis techniques have been used to determine the factors affecting supply chain risk. This research is one-time cross-sectional taken place in 2021. The participant cases were 150, which resulted in 110 samples using Cochran’s sampling formula.

Risk assessment and rating determines the superiority of each risk based on relevant indicators and thus provides the opportunity to provide an appropriate response to each risk. In this research, by presenting a comprehensive and hierarchical model for risk assessment, while identifying the main risks of the supply chain by relying on the method of risk failure structure and determining measurement criteria, a comprehensive questionnaire has been prepared based on the relative importance of each risk in the insurance industry. It has been determined as a case study using analytical method.

Keywords: Risk Indicator; Supply Chain Strategy; Risk Management Framework; Insurance Industry

JEL Classifications: E51; J20

Acknowledgments and Funding: The author received no direct funding for this research.

Contribution: The author contributed personally to this work.

Data Availability Statement: The dataset is available from the authors upon request.

DOI: https://doi.org/10.21003/ea.V193-13

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Received 11.07.2021
Received in revised form 12.08.2021
Accepted 22.08.2021
Available online 19.10.2021