Assessing Risk in Processed Seafood Supply Chain

Abstract

          This article aimed to examine the risks and potential impacts that may occur in the processed seafood industry’s supply chain. The COSO Enterprise Risk Management framework (COSO ERM) will be applied to classify risks and potential impacts in the industry into four categories: strategy, operation, reporting, and compliance. Secondary data from the Global Risk Report 2021, published by the World Economic Forum (WEF), was used to analyze the risk reflecting society, the economy, and the industry. The Global Risk Report 2021 provided the perspective of short-term risks that may affect organizations, including the uncertain events associated with the processed seafood industry that may arise.
          The report demonstrated that the operation had the most significant risks with negative impacts. There were four risks: the risk of labor shortages, the risk of reliance on technology,  The risk of sea freight, and the risk of fuel price volatility. In terms of strategy, there were three associated: the acquisition of raw materials risk, financial risk, and the risk related to shifting consumer behavior. The compliance had one risk: the risk of industrial growth. Finally, in the matter of the reporting was not found to be any risk.