Response to the following with ,200 words APA style
Risk register for a food manufacturing company
|
Risk Index |
Risk Description |
Current Level |
Control measures in place |
Action to be taken |
|||
|
Likelihood |
Magnitude |
Overall Rating |
|||||
|
1. |
Delay in delivery of raw materials thus disrupting production process which could adversely affect sales and company reputation. |
High |
High |
High |
Keeping buffer stock of raw materials for use in case of delays. |
Make use of alternative suppliers while clearing up the delay. |
|
|
2. |
Work stoppage or delay due to employee turnover. |
Medium |
Medium |
Medium |
Proper training of all employees to handle tasks |
Outsourcing expertise when necessary. |
|
The above is a sample risk register for a food manufacturing company. It records two risks that have been identified during risk assessment. The risk index numbers the risks as they are listed. The second part is the risk description which details the actual event that causes risk for the company. The next three columns cover the assessment of the risk level for the company detailing the chance of occurrence, the extent or magnitude of the risk and its overall rating. (Hopkin, 2017)
Risk management includes putting in place controls to prevent or mitigate the identified risk. It also records specific additional actions to be carried out in control of the risk. (Hopkin, 2017)
For the Small food manufacturing company above, the risks cited are delay in supply chain of raw materials. A report by professional services firm BDO on risks in the manufacturing sector found supply chain risks as the most cited risk by manufacturers. This can be attributed to the globalization of manufacturing and the complex supply chains involved today. (BDO LLP, 2017)
The second risk is disruption or delay of production cycle due to changes in the employee structure due to high turnover of staff. The BDO Report also cited attracting and maintaining talent in manufacturing as a risk (BDO LLP, 2017)
Reference
BDO LLP. (2017). BDO 2017 Manufactruring Risk factor Report.BDO LLP.
Hopkin, P. (2017). Fundamentals of Risk Management.Philadelphia: Kogan Page.
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