Identify and discuss the top risks from the risk calculations of a business operations.

1. Using the assigned country of origin and main transportation route (or the first alternative ocean route if your main route was submitted as airfreight) from your previous homework assignment, consider the internal and external risks discussed in modules 9 & 10 and prepare a risk register and risk matrix (before mitigation) identifying the internal and external risks to the supply chain (minimum of 20). Use the qualitative risk method to evaluate the risk. Use a scale of 1 (lowest) to 5 (highest) in determining probability of occurrence and impact. 2. From the risk register and matrix created in #1, identify the top 5 risks from the risk calculation that you must evaluate to secure the business operations. Explain the actions you would take to monitor and manage the risk. Be specific as to the action you would take using the lessons learned from the articles

Answer & Explanation

Solved by verified expert

Identifying and managing risks is a crucial aspect of running a successful business. The top risks that a business may face can vary depending on its size, industry, location, and other factors. However, some common risks that businesses should consider include:

Financial Risk: This is the risk that a business may face when it is unable to meet its financial obligations, such as paying bills or servicing debt. Financial risk can arise due to various factors, such as poor cash flow management, high levels of debt, or unexpected economic downturns.

Operational Risk: This is the risk that a business may face from its day-t

Looking for a similar assignment?

Let Us write for you! We offer custom paper writing services

Place your order

Step-by-step explanation

o-day operations, such as machinery breakdowns, supply chain disruptions, or employee errors. Operational risks can cause production delays, reputational damage, and financial losses.

Cybersecurity Risk: With the increasing use of technology in businesses, cybersecurity risk has become a top concern. This risk arises from the possibility of data breaches, hacking, or cyber-attacks that may compromise sensitive information, disrupt operations, and damage the company’s reputation.

Strategic Risk: This is the risk that arises from poor decision-making, lack of planning, or failure to adapt to changing market conditions. Strategic risk can cause businesses to lose market share, face legal issues, or fail to meet their long-term goals.

Compliance Risk: This is the risk that arises from non-compliance with laws and regulations, such as tax laws, labor laws, or environmental regulations. Compliance risk can lead to legal penalties, fines, and reputational damage.

In conclusion, businesses should regularly evaluate and manage their risks to ensure that they are well-prepared to face unexpected challenges. By identifying and addressing the top risks, businesses can take proactive steps to minimize their impact and protect their long-term viability.

Download PDF