[Editorial] Supply chain risks

China's potential restrictions on urea exports and the use of Apple's iPhone by government workers have raised concerns among South Korean policymakers and businesspeople. While China has not officially implemented a ban on urea shipments, there are worries about potential disruptions to the supply chain. Korean firms have been working to diversify their import markets, but experts warn that China could still exert control over exports for political and economic reasons. China's past actions, such as the 2021 urea solution export ban, have highlighted Korea's dependence on Chinese imports. - Korea Herald

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Frequently Asked Questions - Supply Chain Risks

Q: What are supply chain risks?

A: Supply chain risks refer to potential disruptions or issues that can impact the production, transportation, or delivery of goods and services within a supply chain.

Q: Why are supply chain risks important?

A: Supply chain risks can lead to significant financial losses, delays in fulfilling customer orders, reputational damage, and other negative impacts on businesses. It's crucial for organizations to identify and manage these risks effectively.

Q: What are some common types of supply chain risks?

A: Common types of supply chain risks include supplier bankruptcy, natural disasters, transportation delays, quality issues, geopolitical factors, regulatory changes, and cyber threats.

Q: How can supply chain risks be mitigated?

A: Effective supply chain risk management involves implementing strategies such as developing backup suppliers, diversifying sourcing locations, improving visibility and communication within the supply chain, conducting risk assessments, and investing in technologies that enhance resilience.

Q: What are some examples of supply chain risk management frameworks?

A: Some commonly used supply chain risk management frameworks include SCOR (Supply Chain Operations Reference), COSO (Committee of Sponsoring Organizations of the Treadway Commission), and ISO 31000 (International Organization for Standardization).

Q: Are there any regulations or standards related to supply chain risk management?

A: Yes, certain regulations and standards exist to guide organizations in managing supply chain risks. Examples include the Sarbanes-Oxley Act (SOX), which focuses on financial reporting integrity, and ISO 28000, which provides guidelines for supply chain security management systems.

Q: Where can I find more information about supply chain risks in The Korea Herald?

A: For more information specifically related to supply chain risks in The Korea Herald, it is recommended to visit their website or search their archives directly. They may have articles, news reports, or expert opinions that cover this topic in detail.

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