Supply Chain Management includes coordination and collaboration between partners, which can be suppliers, intermediaries, third party service providers and customers. Supply Chain Management integrates supply and demand management within and between companies to serve the needs of the end-customer (Council of SCM, 2017). Supply chain risk management (SCRM) is the coordinated efforts of an organization to help identify, monitor, detect and mitigate threats to supply chain continuity and profitability ( Rouse, 2018) . Supply chain risks are the elements which causes non-performance in operations. Effective supply chain risk management is mandatory to have a successful business.
The risk management process is all about identifying exposures to risks, measuring those exposures and making a decision on how to protect the business from the risks (Kidwell et al., 2016). There are several risks that a bank is exposed to that could impact its organizational strategy
According to report „Creating Resilient Supply Chains: A Practical Guide” the framework to classify the sources of risk by location has been set. Three stages have been indentified: internal to the focal firm, external to the focal firm but internal to the supply chain network and external to the network. The first one refers to the processes and control. Process risks are related to disruptions to managerial and value-adding activities in the firm that are likely to depend on internally owned assets and infrastructure. Control risks arise from the application or misapplication of rules and systems that exert control over the processes.
We also observed from this paper that traditional risk strategies are shorter sufficient and efficient to trade with this modern business environment. Zsidisin et al. (2000) claimed that risk management is a process non-stop that includes long-term dedication of all supply chain member. Communication, gathering, and evaluation of information are involved by ongoing risk assessment which can assist in improving proper risk management strategies. Hence, it is helpful to analyze that there are appearance of risks with these new supply chain
DEVELOP CSR STRATEGY What is a CSR strategy? The CSR assessment generates a base of information the firm can use to develop a CSR strategy. A CSR strategy is a road map for moving ahead on CSR issues. It sets the firm’s direction and scope over the long term with regard to CSR, allowing the firm to be successful by using its resources within its unique environment to meet market needs and fulfil stakeholder expectations. A good CSR strategy identifies the following: • overall direction for where the firm wants to take its CSR work; • the stakeholders and their perspectives and
While for those hazards with higher effect, they are more likely transferred and prevented. Therefore, risk management provides company a systematic and comprehensive approach to handle uncertainty. It operates as one part of management system in organization. The associated standards and techniques play vital roles in various industry areas of organization to apply for achieve effective risk management. Moreover, an efficient risk management system help organization to shorten down hazards from uncertainty and transfer risks into potential opportunities in business.
Risks arise due to uncertainties in the social, economic and political environment due to non- availability of information. This paper deals with the risk management involved in the financial institutions. These risks result from variations and fluctuations in asset or liabilities. It may also result from assets or payments and on liabilities or in inflows or outflows of cash. There is a need for risk management in banking sector to overcome the risk and manage the banking function well.
a. Threats allow organizations to identify anything that can go wrong b. Vulnerabilities make a system more prone to an attack c. Controls involve protecting vulnerabilities to make an attack unsuccessful IV. RISK MANAGEMENT PLAN When managing a company's risk assessment plan, the proper preparation and information handling can make all the difference in formulating a business continuity strategy. A proper risk analysis procedure can strengthen all organization's comprehensive business continuity plan. • Identify the scope of the risk assessment • Establish ties to earlier formed business impact analysis results • Determine the level of detail to which you plan to conduct the risk assessment • Identify internal and external sources • Secure management approval A well-run IT system that is well configured and managed tends to be more secure.
In a large portion of monetary productions, risk alludes to the negative deviation from the arrangement (Maylor 2010). In fund, risk is identified with the danger towards a venture, or credit (Encyclopaedia Britannica, 2013). Regarding corporate and business, risk is the likelihood that an occasion either expects or startling, may make an unfavourable impact on the companies. Risks or instabilities have their own particular unmistakable attributes which call for specific appraisal and management
Personal risks is the exposure to financial loss or the additional expenses due to premature death or disability. As a result of death or disability of a person who earns income, financial lost may be incurred leaving a family or a business financially insecure. Next, property risks is the uncertainties of direct or indirect losses to personal or real property due to fire, theft, accident or any other hazards while liability risk involves the possible losses as a consequences of carelessness or property damage to others. For the speculative risks, it is a category of risks that might give a result either profit or loss. All speculative risks is undertaken as a result of a conscious choice.