This paper reviews existing literature on managing geopolitical risks in supply chains and proposes a comprehensive risk hedging framework. It defines geopolitical risk through five key traits, categorizes existing hedging strategies, and introduces a four-step risk management approach supported by enablers and strategy dimensions. The study emphasizes the importance of aligning operational, political, and financial strategies and recommends companies assess vulnerabilities, build resiliency, and prioritize actions based on criticality. It offers practical guidance and highlights areas for future research.