FACULTY AND RESEARCH

We propose a new approach to risk management based on the existing project and supply chain risk methodologies. We obtain greater control over risk issues when including previously unrecognized or unknown sources or actors in the pre-project phase. Design/methodology/approach Two case studies are presented which describe the practical obstacles and shortcomings of both project risk management and supply chain risk management. Our new approach allows actors to understand the context surrounding the emergence of the project. Findings Existing methodologies to manage risk in both projects and supply chains do not capture all potential risks. Using feedback from the case studies, we find that a broader vision of who are the stakeholders and the overall situation in which the activity will take place are required to understand potential risks. Stakeholders need to be involved much earlier than what is prescribed. The project context must also be taken into account. Insights into the implications in terms of overall risk management in a supply chain and learnings for further development are presented. Research limitations/implications The case study is of a too limited scope to truly address the methodological shortcomings of risk evaluation and mitigation of the three methodologies which have been evaluated. Moreover, the case studies were both of French firms: other managerial cultures might have provided different results. Practical implications The new recommendations for managers can be replicated in project and supply chain management in industries involved in new product development, process reengineering, project management, supplier relationship management at middle and high level managerial ranks. Original/value Supply chains are increasingly long and fragmented. Accelerated product life cycles entail frequent new projects involving upstream and downstream partners. This new approach of risk management at supply chain level requires both reactive and proactive processes involving more stakeholders than in existing methodologies.