Searching for background information in my preparation for tomorrow’s lecture on supply chain risk, I was again reminded of an old acquaintance in risk management: Gustav Hamilton’s Circle of Risk. First conceptualized in 1974, Gustav Hamilton, the risk manager for Sweden’s State Company Limited, or Statsföretag AB in Swedish, created a “risk management circle,” graphically describing the interaction of all elements of the  risk management process, from assessment and control to financing and communication. I have not seen it referenced in the international literature, but it does occur quite often in Swedish academic circles, and is frequently cited by both MSc and PhD students. Perhaps time to take a closer look?

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