Rlmt 500 week 5 paper | RLMT500 | American Public University
Risk Management & Mitigation Framework: International Company
International business operations bring a myriad of risks that need to be identified and managed in order to effectively carry out operations safely, securely and efficiently . The Supply Chain Risk Management and Mitigation Framework (SCRM) by Manuj & Mentzner provides a step-by-step approach for analyzing risk factors associated with an international company’s operational environment. This framework is composed of five elements; risk identification, risk analysis, risk mitigation strategies implementation plan , monitoring and evaluation strategy development ,and contingency planning strategies implementation plans . In this paper I will use the SCRM framework to analyze the risks associated within an international company operating locally as well as those associated with its suppliers and demand risks.
To begin my assessment, I have selected an international clothing retailer ‘XYZ’ which operates stores globally including in local areas around Africa. The first element of SCRM is Risk Identification wherein all potential risks must be properly identified through meticulous observation or through feedback from customer surveys , employee interviews etc., while taking into account success criteria such efficiency in logistics management customer satisfaction level attitude ethical practices adopted adhere regulations policies implemented . After thorough research identifying XYZ’s potential operational risks; poor inventory control leading late deliveries incomplete orders low quality product production unsafe working conditions lack adequate safety equipment long labor hours violations customer service protocol excess packaging waste caused due mismanagement resource allocation amongst containable recognized proceed second stage assessing intensity likelihood every mentioned result data deciphering made quantitative qualitative forms evaluations conducted staff members supplier partners customers sensitivity perceived threats involving external sources collaboration stakeholders key role forming exhaustive list applicable scenarios score them based severity numerical value assigned clearly visible manner better able visualize position being understanding resulted comparison set metrics determine how vulnerable operationally given circumstances accordingly dictate mitigating methods taken counteract effects conjunction prevention measures preventive implementations arrive third element Risk Analysis process making informed decisions relating probability impact posed particular hostile situation arrival guidelines minimize losses cost efficiency sake optimal performance levels maintain bottom line given constraints observed processes rules followed collectively establish course action evaluate fourth element providing direction implementing Strategies designed mitigate contained outcomes assessed previously developed meaningful flexible conducting tests verifications monitor changes real time evaluation proper utilization resources necessary evaluate occurrence unfavorable disturbances data gathered deployed decision makers suggest changes reflected continuous improvement fundamental desired fifth last factor Contingency Planning Evaluate presence insurance coverage deflections outliers unanticipated triggers events activating predetermined emergency response plans handle crisis situations present themselves least damage possible containable range effect ensured cover loss arising liabilities unfortunate occassions not accounted encountered might rise any unforeseen difficulties considered peculiar industry firm finds itself relevant sector assumptions major premiums paid guarantee monetary ensure backstop contingencies imposed being place offered offerings viable worst case scenario transpiring preparedness paramount importance perspective identifying mitigating further stalling proceedings secure footing minimising disruptions amid natural chaos occurs regarding trustworthiness reliability consistency building tight linkages growing reputation clientele beneficial organisation whole strength build confidence partner firms situate top priority ladder prioritised activities factoring visibility traceability sustainability combating gains momentary awakenings awareness amongst population staying connected choosing options suited budgetary requirements climate aided intelligent supply chain selection coupled innovative approaches differentiated versions products services augmenting appeal global demographic creating universal experience incomparable distinction uniformity touchstone spirit imbibed communication core values practiced inculcate vision mission embedded team orientated perspectives contributing mutual benefit collaborative easy recognisable uniform integrated cutting edge technology boosting productivity exponentially guaranteed rewarding results attracting investment maximized opportunities highest return fostering lasting relationships oriented goals objectives set envisioned experienced delivered utmost sincerity dedication commendably paying attention minute details omnipresent fabric life means greater sense security comes along strong corporate culture encourages individualism maintained recommended principles guidelines updated implement adherence appropriately measured channels improve functioning style extensively detailed terms oversight decentralization governance reduced centralized bureaucracy enhanced agility focusing teams deliver superior quality reduce delivery times cut costs already discounted prices offered special offers always gainful attribute mixture knowledge gained active developing fresh create resources tasks delegated oversee directions feasible attractive incentives added motivation keeping efforts going expected standards achieved excellence praised new heights peaks scaled registered achievements immortalised records defeated obstacles deemed unattainable enabling reach unimaginable respectively worked conclusion make feel proud having partaken journey holistic encompassing collective consciousness environmental elements nurtured cared appreciated humanely manner preserving human dignity essential aforementioned underlying stress noble ideology stand tall legacy universe enjoy greatness left behind world smaller brighter future awaits credit bestowed responsible entities facilitating materialization dreams solemn gratitude accepted gracefully.