1.1. Review organisational processes, procedures and requirements for undertaking risk management 1.2. Determine scope for risk management process 1.3. Identify internal and external stakeholders and...

RISK CONTEXT
INTRODUCTION
We would like to take an example of the retail industry. This case study is meant to discuss the proximities
of the risk that ideally happens in the retail industry. This organization deals with a series of the risks that
may happen with them on daily basis (Bolton,Chen & Wang, 2013).
We shall discuss the risk factors included in the industry that they have to face on daily basis. We’ll be
discussing the various aspects of the business and the risk associate with them. The spheres to be
discussed in context with risk management would be in the area of economic risk, social risk, legal risk,
political risk, technical risk and policy risk (Bolton,Chen & Wang, 2013).
CRITICAL SUCCESS FACTORS
Critical factors are those factors that are helpful in making the business successful. It helps the industry to
grow as a unit and is also helpful in keeping them updated about the level of the competition prevailing in
the market. The business has to be updated so as to stay active in the level of the market competition.
Some of the critical success factors for the retail industry are as follows: -
1) SUPPLY AS PER THE LOCAL DEMAND.
2) SUPPLY CHAIN EXPERTISE.
3) ENCOURAGING SKILL DEVELOPMENT.
4) R AND D
5) GAP ANALYSIS.
6) BRAND MANAGEMENT
SUPPLY AS PER THE LOCAL DEMAND: - It is really important that the supply of the commodities
eing produced by the business should be as per the local demand. The supply of the goods should match
the expectation of the demand of the people and they should be able to fulfill the requirement of the
people. The company will grow only when they are able to deliver what is being demanded by the people
in the cu
ent scenario of market (Bolton,Chen & Wang, 2013).
SUPPLY CHAIN EXPERTISE: - It is really important that the business should be able to deliver their
commodities properly. The business has to effective in terms of their supply chain management if they
wish to grown effortlessly. The supply chain of the company has to be supe
ly flawless if they wish to
grow effortlessly. The supply chain of the company is an important aspect that has to be taken care off by
them. The supply chain is one of the services that promises timely delivery and retained customers
(Bolton,Chen & Wang, 2013).
ENCOURAGING SKILL DEVELOPMENT: - The one of the prime concerns of the business remains
to encourage the development of the skill of the labor. The staff of the company has to be dedicatedly
trained so as to keep them performing up to the mark. In order to perform well it is really important that
they should be performing as per the standards. The benchmark of the performance can only be raised if
they get to get trained well. The level of the competition in the market is intense and they can perform
lavishly only when they get a proper training in their skill set (Bolton,Chen & Wang, 2013).
R AND D: - The term stands for research and development. It is really in term of the business that they
should be investing some amount of their profit in the research and development for better techniques
and technology. The research and development shows the effective and efficient ways to handle a work in
a progressive way. It has proved that the research and development in technology has helped the
companies in many ways in achieving their targets (Bolton,Chen & Wang, 2013).
GAP ANALYSIS: - The business needs to find the gaps between the services and the delivery of the
items. It is really important that they should know about the cu
ent demand in the market and the
amount of goods being produced by them and what grade of quality is being delivered by them. The gap
can only be analyzed if they have done a good research in the market for the situation analysis. They
should have a good idea about the market position so as to know what all practices have to be changed so
as to being fruitful results for the benefit of the business. What all they should be doing so as to retain
their consumers and keep them motivated and loyal towards the
and (Bolton,Chen & Wang, 2013).
BRAND MANAGEMENT: - The
and can only be managed if all the channels are being properly taken
care off. The
and plays an important role in making or
eaking any
and name. It is the identity of the
usiness in the market and in the eyes of the consumer. It becomes the sole responsibility of the business
to keep their
and name properly managed (Bolton,Chen & Wang, 2013). The management of the
and is a hectic task to be dealt with and it needs higher level of sincerity so as to keep it running in a
fluidic way all the time.
RISK CONTEXT
We shall be discussing the types of the risk that maybe prevailing in the business. It is really important
that the business should be properly analyzed and all the internal as well as the external risks should be
channeled in a proper way. Risk refers to the threats that may be harmful for the business and may lead to
serious damages / monetary loss or permanent closure in future terms. Primarily there are 2 types of risks
that ideally happen to any company and they are namely internal and the external risks. As a next step we
shall be discussing both of them (Bouder & Slavin, 2013).
Internal Risks: - These are those risks that may happen due to some of the internal issues in the
usiness. It is really important that the business should keep a sense of peace and harmony amongst the
internal factors and should be able to deliver success accordingly. Some of the major factors that may be
affecting the internal factors of the business are as follows: -
Tasks: - It is a possibility that the tasks being assigned and allocated are not being performed leading to
wastage of resources, efforts and time. This could be one of the biggest threats for the business. It is really
important for the business to analyze the right amount of task to be given to the right person so as to
ensure the timely delivery of tasks and thus a guaranty of completion of the same. The assurance of task
completion of time shall ensure that the things are moving in the right direction and the company is
moving at a right pitch. The task being provided to an individual shall be duly assigned as per the capacity
of knowledge of the personnel. It is really important that the business personnel should ensure a timely
delivery of the tasks (Bouder & Slavin, 2013).
People: - The people who are working for the organization or are connected directly with the business at
times may act as a hazardous component for the business. It is again a task for the business that all the
people who directly affect the business should be happy with the organization. They should be in good
health and safety to ensure a safe and prolonged future of the business of the firm (Bouder & Slavin,
2013).
Equipment: - The equipment tools being provided to the employees for use should be effective measure.
It is really important that the tools being used by them should be of the best use to them and business. It
should be able to being in more efficiency in their work and should...