Risk management in procurement and supply chain management is crucial for any organization dealing with complex supply chains. One of the main functions of supply management is to ensure smooth and uninterrupted flows of goods and materials. With rapid globalization taking place, the supply chains have turned increasingly complex covering different countries and continents with associated high risks of supply disruptions. Therefore, organizations need to constantly think of analyzing and reducing these risks. These disruptions can have major negative consequences for example, they can result in service and production disruptions and hampered productivity and capacity utilization. For an organization, a supply disruption can also mean inability to meet demand and satisfy customers. Thus, it is essential for organizations to comprehend the sources and drivers of risk before devising risk mitigation strategies which may require adding capacity, increasing inventories, aggregating or pooling demand, increasing capability, or having more customer accounts