Despite the unprecedented growth in research on knowledge management and supply chain risk management, most prior studies discuss these two topics in isolation. Also, there is a scarcity of empirical research on both topics. By pulling together seemingly unrelated concepts of knowledge sharing and supply chain risk management, this study devises an integrated model investigating the extent to which operational risks affect supply chain performance and the moderating role of knowledge sharing. The dataset contains 225 responses collected from the firm managers of the Australian food supply chains (FSCs) and analyzed through structural equation modeling. The findings uncover that operational risks significantly undermine FSCs performance. However, knowledge sharing inversely moderates the adverse effect of operational risks, such that the higher the knowledge sharing, the lower the adverse performance effect of operational risks and vice versa. The findings enhance managerial discernment about the criticality of frequently occurring operational risks and the role of knowledge sharing in risk mitigation. The novelty of this study lies in the unified model that simultaneously delves into the performance effect of operational risks and moderating influence of knowledge sharing on risk‐performance nexus.