Jewellery Value Chain

SRS is a wholesaler and a key member of the Gold jewellery value chain buying a variety of designs from manufacturers spread across various regions of the nation and selling to local retailers within the Kanpur region of India through a one stop shop in a trustworthy & reliable manner. We will further break this definition up for a better understanding –
• Wholesaler – A person/firm who buys in a larger quantity of goods from various producers or vendors, warehouse them and resells them to retailers on credit and cash basis.
• Gold Jewelry – Gold jewelry encompasses every possible ornament wearable by the end consumer from head to toe in its finished condition.
• Key Member of the Value Chain – In the Value chain defined above

While preventable risks or internal risks can be managed by clearly laying down rules and norms or compliance based approach, it is necessary for strategic and external risks to having a proper risk management plan. They also tell us that people overestimate their skills regarding their forecast and risk assessment. Organizational and individual biases make the company overlook the risks and incubate them through normalization of deviance. They say that risk management should counter these biases and help the organization to mitigate the risk. Further, they explain how to mitigate strategic risks as “one size does not fit all” which means that every firm has a different way of operating and, therefore, need different structure and role of risk management function. To manage strategic risk depending on what type of organization it is organizations can have independent experts, facilitators, embedded experts and avoid the function trap. External risks as mentioned earlier arise outside the organization and the authors identified following sources of external

By understanding the principles and procedure for generating an effective risk management business owners can ensure best outcomes by minimizing their impact on the business. They should clearly identify their business objective to identify the potential impact of these risks. Business owner should be able to identify where risk management would fit into their current state of the organization. It is the owner’s responsibility to help people in the organization to understand the benefits of risk management and clearly define their roles. Businesses should also implement risk management process with utmost vigilance and strategic