Cold Supply Chain (CSC) involves temperature-controlled activities in the overall process, ranging from the raw material storage to the final supply of the products to the consumers. The activities involved are easily exposed to risks such as temperature and humidity, equipment failure and quality risk to name a few. Such sensitive processes need proper risk mitigation strategies, to ensure the effective functioning of the overall CSC. For this purpose, the current research conducted a vigorous literature review and identified 40 relevant risks related to CSC in a developing country. The risks were analyzed using Failure Mode and Effect Analysis (FMEA)-Risk Priority Number (RPN) technique to shortlist the significant risks. The significant risks were then subjected to the Full Consistency Method (FUCOM) for prioritization. The results concluded, contamination of food, temperature and humidity and quality as the top-three risks that can be dangerous for the overall cold supply chain. To overcome these risks, the study recommends the proper implementation of traceability systems and Radio Frequency Identification (RFID) systems. Furthermore, employing the latest technologies and efficient personnel training can also help overcome these risks. Such an application of the study in the case of a developing country, Pakistan's CSC forms to be the first of its kind. Furthermore, the application of FMEA-RPN along with the FUCOM technique in the scenario of CSC risk management forms the novelty of this research study.