Introduction Risk is one of the concepts that continuously attract the attention of business administrators and scholars. This paper is aimed at discussing this notion within the context of supply chain management. In particular, it is necessary to examine the theories and models that can be used to manage risks and increase organizational resilience to internal and external threats. This report will consist of several sections. First, one should provide the definitions of main concepts such as internal and external risk. Furthermore, this paper will include a review of research articles that can be used to identify different theoretical frameworks or models of supply chain risk management. Overall, one can say that the current research is oriented toward two aspects of risks, namely probability and impact on the sustainability. It should be noted that existing approaches to supply chain risk management cannot be universally applied. As a rule, they were designed to respond to the problems faced by certain types of companies or industries. This is one of the limitations that should be considered. Definitions of the main concepts Overall, the notion of risk can be interpreted as the possibility of loss, hazard, or any other undesirable event. However, researchers, who examine this term from an organizational perspective, describe it as a “variation in the distribution of possible outcomes, their likelihoods, and their subjective values” (Christopher & Peck 2004, p. 4). Therefore, risk is closely connected with the deviation from the established norm. It should be noted that there are two types of risks, namely internal and external. Internal risks take their origins in the inside operations of an organization, in particular, the decisions of the management, structure, R&D policies, planning, and so forth (Lin & Zhou 2011, p. 164). Each of these aspects lies within the scope of managerial responsibilities. This is one of the details that should be considered. In turn, external risks can be attributed to the factors cannot be controlled or eliminated by the management. For example, one can speak about such threats as natural disasters, political upheavals, or technological catastrophes that can produce detrimental effects on a company. Additionally, it is important to examine such a concept as supply chain management (SCM). Certainly, one can offer several definitions of this term. Yet, researchers usually describe it as the way to control the flow of goods from the suppliers of raw materials to the end users of a product (Sinha, Whitman & Malzahn 2004, p. 154). This term is important for understanding the questions that will be discussed. Overall, supply chain risk management (SCRM) can be described as a set of activities that are aimed at identifying various risks and minimizing their probability or influence on an organization. To a great extent, it is a set of activities that are supposed to make a company less vulnerable or susceptible to various threats. For example, the development of a contingency plan is one of the activities included in SCRM. This plan is supposed to give step-by-step instructions that should be carried out provided that a certain event takes p