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The lessons are legion: Manage risk as an ongoing part of your business and you win. Give it short shrift and you lose. Nowhere is a lack of preparedness more worrisome than in a company''s supply chain, where a mismanaged approach to risk could spell catastrophe. The most effective approaches to risk don''t simply prepare a company to recover quickly from unexpected disaster, they encompass the everyday unexpected - the blips in market conditions, the hiccups from suppliers - in one cohesive risk management strategy. With this in mind, Hau Lee, a professor at the Stanford Graduate School of Business, has developed a six-step framework for evaluating and managing risks that can affect the supply chain. Both supply chain leaders and other senior executives would be wise to see how their risk management strategies address each of Lee''s areas of focus. Does your organization have a robust and ready approach for each of these elements?