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  • Subject Name : risk management

Risk Management Planning - Question 1

The main areas of hazards and risks are as follows, such as,

  • Supply chain risks as most of the supplier country has weak management for supply chain
  • Logistic risks as products could be delivered from the countries with low to medium LSP ratings
  • Products has lower packaging and handling issue
  • The length of lead time is more and transport distance is extra which could damage the products

Force majeure: Force majeure refers to a certain common clause within contracts, which necessarily frees both of the parties from any obligation at the time of occurrence of any extraordinary events as well as circumstance that is fundamentally beyond the controlling level of parties. This uneventful circumstance can be war strike as well as any epidemic. (merriam-webster.com, 2020)

Risk Management Planning - Question 2

The six risk management aspects which are used by RMIT in order to mitigate and manage risks as well as safety issues, could be,

  1. Context establishment
  2. Risks identification

Risks analysis

  1. Responds to the risks
  2. Risks control and monitor
  3. Capturing the risk knowledge (rmit.edu.au, 2020)

Risk Management Planning - Question 3

Political: In context to the political environment factor the major hazard or risk area for XYZ Plumbing could be in terms of trade war tension among the suppliers. It is estimated to cause the loss in product. Along with that the major risk factor of trade war also increases the threat of discontinuation as well as global uncertainty of trade within the organization.

Economical: this has been found out that at present time the demand for local brand and fixtures have been decreased and the demand has shifted towards the imported products from the countries of south-east Asia. For this the damage rate has increased by 3.7% per thousands units which was 1.2% previously. It makes the overall product loss by 5% in this situation.

Social: this company is currently facing some issue regarding the threats of the customers with the imported products as most of them are unhappy with any kind of delays in this situation along with the increasing damage rate of the products.

Legal: In context to legal aspect the major area of hazard or risk could be in terms of violation of contract with “BurnsLloyed Freights Forwarding” under the “statutory regulations of Customs Tariff Act, 1995”. Specifically, legally importation services of container leasing can be the area of risk if the contract in between the companies is not abided by the tariff laws.

Technological: the products from some countries has low LSP ratings and also rough network for road along with the increasing congestion level and accidents and also less IT specialization could cause more issue. On the other side there are some countries that still use slow system which is actually paper based instead of any advance technology. This presents inaccurate and defective process. (rmit.edu.au, 2020)

Environmental: in this situation, the transport ship of this company has lost their two containers due to the sea cyclone and bad weather which was unavoidable for them to manage.

Risk Management Planning - Question 4

Stakeholder 1: Logistic Manager: as there are some logistics and supply chain management related issue, hence it would be appropriate for the James, as a logistic manager to properly identify these risks and handle it with proper knowledge and strategy.

Stakeholder 2: Board of Directors: they will be the responsible for the entire operations of this company therefore from the very beginning to end of the transport and management of supply chain; they will operate in order to mitigate most of the issues

Stakeholder 3: Suppliers: The major concerning aspect for suppliers as stakeholders for identifying the risks within company's logistics could be in terms of LSP ratings as well as through multimodal transportation systems along with lower grade packing and rough networking of road that might slow down the overall logistics of XYZ Plumbing by congested transportation.

Stakeholder 4: Customers: Customers as major stakeholders would be concerned regarding risk identification of logistics in terms of issue facing through their threat of importing own products that might damage the products rate by leading the logistics segment towards risk

Risk Management Planning - Question 5

Based on the case study it can be stated that the key strength of this XYZ plumbing company has its workforce as the logistic manager has lots of knowledge and specialization in this logistic and supply chain area and on the other side the CEO along with the board members have experience and managing skills. But the weakness of this company is their structuring process and strategy as in this situation the company needs to investigate the standards of the packaging, restructure the entire process and identify the issues with the suppliers.

Risk Management Planning - Question 6

  • Recruiting Logistics Manager with having core expertise in the processing and area of logistics and operations
  • Changing and upgrading the overall process on the production with the transitions in the process and operations of globalised systems
  • Adopting IT Systems and Smart technologies within the business
  • Appointing experienced personnel in the Board of Directors

Significantly, in accordance with the stated success factors in the above it can be said that the key business objective is to restructuring the overall process as logistics segment. This might have certain risk factors that would be concerning factors to the stakeholders. Therefore, restructuring the process as a whole would help in maximising the business goal of stakeholder’s value creation for XYZ Plumbing in long run sustainability.

Risk Management Planning - Question 7

The relevant parties who need to analyze and also support the activities for the risks management could be, such as,

  • Logistic manager
  • CEO and Board of Directors
  • Suppliers

Reference List for Risk Management Planning

merriam-webster.com, (2020), force majeure, Retrieved from: https://www.merriam-webster.com/dictionary/force%20majeure [Retrieved on 20.05.2020]

rmit.edu.au, (2020), BUILDING A SUSTAINABLE FUTURE, Retrieved from: ttps://researchbank.rmit.edu.au/view/rmit:19862/n2006020929.pdf [Retrieved on 20.05.2020]

rmit.edu.au, (2020), rmit, Retrieved from: https://www.rmit.edu.au/ [Retrieved on 20.05.2020]

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Risk Management Assignment Help

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