Apply the steps described to create your assessment of the local company operational risks within the firm and the risks associated with suppliers and the risks associated with demand risks.

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Operational risks within the local company should be assessed thoroughly in order to identify potential issues and take corrective measures. The first step would be to conduct a review of operational processes, including such things as ordering, inventorying, shipping and customer service procedures. This can help identify where there may be gaps that could lead to operational losses or disruptions. Additionally, it is important to evaluate the company’s internal controls such as IT security, HR policies and financial controls. Weaknesses in these areas can create vulnerabilities which could result in significant financial losses or disruption of operations.

The second step is assessing suppliers by reviewing their reliability and quality of products they supply, along with evaluating their payment terms and delivery schedules. This will enable the firm to get an overall picture of how reliable suppliers are, allowing them to make more informed decisions when considering using a supplier’s services.

Finally, demand risk evaluation should also be conducted for items that have unpredictable consumer preferences or subject to rapid changes in trends – such as fashion items – so that appropriate steps can be taken if needed for managing inventory levels effectively against unexpected changes in demand patterns. With this information at hand, companies will better prepare themselves for any situation related to rising/falling demand levels from customers in order mitigate risks associated with both production planning and inventory management.