<p>Supply Chain Risk Management (SCRM) is centered around on-going risk assessment with the purpose of minimizing vulnerabilities. Focussing on the risk-adaptation theory, we aim to identify, categorize, evaluate, prioritize, and reduce risks in the Indian dairy supply chain at various stages. Firstly, using a risk matrix analysis (RMA), we study and order the risk factors in dairy supply chains, and then prioritize it by using the best worst method (BWM). Considering a case in the Indian context, we categorize the technological risks appearing at different stages of the dairy supply chain networks, in order to make the network more responsive and capable. The major risk factors were characterized into <i>three</i> classes using the risk matrix analysis as; <i>high</i>,<i> medium</i>, and <i>low</i> risk categories and a subsequent prioritization of the same is done. Reading from the results, the <i>implementation risks</i> and the <i>strategy risks</i> emerge to be imperative. Managers and practitioners can propose appropriate action plan to minimize the critical risk factors in their dairy supply chain, as perceived from the results of this study. Also, considering the theoretical insights from a risk-adaptation theory perspective, we focus on the risk identification and risk assessment phases, where a combination of risk matrix analysis and best worst method appears more effective. Considering the Indian dairy sector, the research focuses on risks at several levels such as; <i>stakeholder level</i>,<i> collecting level</i>,<i> processing level</i>,<i> storage and logistic level</i>,<i> cooperative level</i>, and <i>marketing levels</i>, so as to effectively manage them appropriately.</p>