Nowadays, the economic determining factors are volatile and change dynamically leading to high uncertainty and risk for supply chain partners. Increased supply chain flexibility is not only considered as a success factor but is also essential for companies to remain competitive. The present article is based on selected results from expert interviews, a focus group as well as a survey analysing the status quo concerning supply chain risk management and the importance of flexibility. Afterwards, a process model is presented which consists of an approach to deduct strategies and measures in order to adjust supply chain flexibility in a structured way. The approach can be implemented for risk mitigation in practice.