The objective of this report is to determine risk and technology management practices that can assist an organisation to manage desired changes in their business operational and functional activities. The analysis of this report includes:
- Identify different techniques which are available for identifying risk and analyze which would be more appropriate for FISH Company.
- Discuss most appropriate technique to analyze risk factors that can influence management of FISH Company.
- Determine business risk which associated with corporate failure and inability in FISH Company.
- Analyze purpose of risk management plan in the context of FISH Company.
- Discuss the process that FISH Company could follow to get key factors as Risk Appetite and Tolerance.
- Provide a recommendation to implement risk budget.
INTRODUCTION
In modern time period, the technology play an important role in bearing with major risk factors. Technology has been changing the way that need to be done effective business. Risk is the identification, evaluation and management of effective risks which has been followed by economical and coordination of application for resources to maximising, monitoring and controlling the probability and this will directly impact on events to increasing the income and profitability in better manner (Haimes, 2015). This report is based on Grocery co. which acquired FISH company that is gathering and distributing fish. In this report, the company need to evaluate five major techniques which help in analysing actual position of business at the large market place. Also they required to determine main factors of business concerns which reducing the failure elements and components.
1. Critically evaluate the 5 techniques for identifying risk and select most appropriate method
In modern time period, the technology play an important role in bearing with major risk factors. Technology has been changing the way that need to be done effective business. For ensuring the adequate and timely risk need to be identification is perform is the main responsibility of business owner, so the business owner is the first member participant in the company project. There are various techniques and method which are used for analysing the major risk factor and this will directly effect on FISH company management system. It is necessary for company is to identifying the risk factors which are related with corporate failures and this will lead towards losses to the company. In addition to this, the common method and technique is using existing technologies for adopting new techniques which show the better performance and lower costs (Ling And et. al. 2011). The procedures which assist in recognising the risks, assessing the risks and also developing schemes for managing risks that are known as risk management. For FISH co. they require to evaluate five major techniques which identifying risk in easy manner, these are described as under:
Five Whys – Five ways is an interactive interrogative method which can be used to explore the effect and measure of relationship of a specific issue and problem. The major goal of this technique is to considering the cause by which issues has been created by repeating the questions. According to the case stud, Grocery co. has developing effective strategies and practices which are continuously adopting major changes that will increasing the competitive area in the international environment.
Fish bone analysis – This analysis is also known as major reason and effect which is visual image method and technique for categorize the desired causes of specific issues and problems for distinguishing or recognising their root grounds. The fish bone analysis help their employees for confronting the resolution which mainly highlights the signs and symbols of greater issue (Martins, Oliveira and PopoviÄÂ, 2014). Along with this, it is also useful in group action sessions to concentrate on interactions with each other. After that the group has understanding whole session so all the major required causes for particular problems and the provider assist the group to give them rate regarding possible reason as per the level of implication and hierarchy in diagram.
Pareto chart – This is that type of chart which consist both line graphs and line in which a person values can be represented in decreasing order by bars, on the other hand cumulative total is presented by the line. This will also help in determining the actual cost of company products which need to be represented in better manner. The lengths of the specific bars represents the cost and this will arranging the longest bars and on the left towards the right manner.
Fault tree – The fault tree analysis was introduced by Bell Laboratories and it is one of the most useful technique and method in the system dependability, safety, maintainability analysis within an organisation. This is deductive process which can be used for determining the different integration of hardware and software failures that can understanding the major cause of events.
Risk registration and assessment – Risk register is the representation which contains huge list of all the major risks aspects that will identified by the firm and give priority among all (Arena, Arnaboldi and Azzone, 2010). On the other hand, risk assessment is that procedures which help in identifying risk, evaluate and analyse the risk factors that includes risk action plans, control activities, risk maps and communication rule.
As per the case analysis, the company will select risk register and assessment method because by this tool, the company can develop register in which all the major risk factors list are recorded, then they evaluate all the identified risks which occurs within an organisation and create various issues and problems in effective manner.
2. Identify, assess and analyse, using the appropriate techniques, risk factors which impact on management of FISH company
In modern time period, the technology play an important role in bearing with major risk factors. Technology has been changing the way that need to be done effective business. The procedures which assist in recognising the risks, assessing the risks and also developing schemes for managing risks that are known as risk management (Lehmann and Joseph, 2015). According to the case study, the company need to maintain their business operations and its functions which help in gaining profit and also manage the customer base in proper manner. The Grocery and fish co. select risk register and assessment method for recording all occurring risk factors which occurs within an organisation.
Preservation system - In this case, the fish co. mainly concentrate on preservation system which can be used to protect fish spoilage and long shelf life. Along with this, they are making and designing inhibit activity of spoilage bacteria and the changes in metabolic which result in the loss of fish quality. For keeping safe and secure of their specific products, they required to maintain the temperature of the freeze where they store the fishes which should be decreased and the activity of metabolic in the fish is continuously reduces. For getting over with this risk factor, they require to preserve their fish in the temperature of dropped down with about 0 degree Celsius. If fish co. does not combine their all fishing procedures, then they will face various issues and problems in badly manner. Such method or technique are specifically integrating for rising preservation and declining the discarded effects such as denaturation of nutritive by providing various heat attention (De Bakker, Boonstra and Wortmann, 2010).
Automated process – This is another factor which directly impact on fish co. management and administration system so company need to searching the higher productivity and also increasing the cost of labours which has been driven towards computer development and improvement technology scales and automatic skinning for getting huge profit and income.
Transportation facilities or services – This is the one of the most challenging factor of fish transportation through road which help in providing maintenance of the cold chain, for frozen goods or items, fresh packaging of fish products and stowage density. For maintaining the cold chain, they need to adopt cold chain which has been used for separate containers or comfort vehicle which transfer products from one place to another. Along with this, the fish co. required to do all these things which help them in eliminating such things in proper manner. Also they require to developing their food packaging and handling to allow faster and rapid loading of items of fish.
Safety and quality – This is another major risk factor which directly impact on management of fish company so require to do various actions for eliminating such aspects. Firstly fish co. need to take permit from The International Organisation For Standardisation ISO to sell fishes in the market which is worldwide federation of national standard authorities (Luo, Zhang and Shim, 2010). Along with this, it can be define as the integrity of characteristics and attributes of specific goods and services which can help in supporting its ability to satisfy customers all requirements and needs.
3. Recognise business risk associated with corporate failure and inability of seniors and introduce effective measures
In modern time period, the technology play an important role in bearing with major risk factors. Technology has been changing the way that need to be done effective business. The procedures which assist in recognising the risks, assessing the risks and also developing schemes for managing risks that are known as risk management. In an organisation, managers have certain ability and capability which help them in recognise the risk factors that will occurs and create major issues or problems in badly manner. According to the case study, the fishing sector ensure that their fish handling, processing and transportation services meet with their standards. The appropriate training should be provided to control government employees which are providing with the help of institutions and its channels can be established in better manner. They required to ensure their high standards for safety and quality of fish products which assist in reducing the losses which outcome can be seen as customers illness and spoilage damage while trading (Wu, Chen and Olson, 2014). There are various effective measures which are analysed as under:
a. Usefulness of risk avoidance and mitigation plans for identified risks
This involves developing the option of strategy which has acquire higher measures for gaining success and growth but generally high value cost can be associated with achieving specific task or project. In modern time period, the technology play an important role in bearing with major risk factors. Technology has been changing the way that need to be done effective business. The procedures which assist in recognising the risks, assessing the risks and also developing schemes for managing risks that are known as risk management.
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