Due to digitalization organizations increasingly interact with other organizations. Data, information, and knowledge are exchanged along the supply chain. This not only creates benefits but also creates manifold risks. The latter is particularly relevant for SMEs being usually the weaker partner in vendor buyer relations. This paper explores knowledge risks associated with supply chain interactions. Risks are identified for three phases of a typical vendor and buyer relations cycle: the preparation phase, the development and learning phase, and the operational phase. The relevance of the relations presented will have to be empirically validated. For this, explorative focus groups involving SMEs from Portugal and Italy were conducted. The overall aims of the ongoing research project are first, to raise awareness among SMEs about these risks, and secondly, to provide training and assistance for these companies on how to avoid or mitigate these risks.