Currently, the meaning and the concept of supply chain risk are not strongly defined, thus supply chain researchers adduce various ways to manage such risks. The paper provides a consecutive survey of risk management approaches in supply chain management and in other activity spheres with the purpose to find a motivated definition of supply chain risk. Within this paper, different risk definitions, classifications and other connected risk management elements are reviewed. Then three different approaches to risk recognition within supply chain networks are suggested with the aim of defining the problem of risk recognition connected to supply network function - material flow management. Finally, an integrated conceptual model of supply chain risk is introduced, and further research related to simulation application is discussed.