Business Risk management
Developing and focusing on your vendors. Reduction of cost and supply time, improved quality of products, better supplier relationship and risk management.
A. Why focus on your vendors?
- Vendors are integral part of your business. The material they supply, integrates into your product /services too. Hence the delivery of your product/service also depends on your vendors’ success.
- Vendor development must be a part of your growth strategy
B. What benefits, will a company derive by focusing on vendor development?
- Reduced SUPPLY TIME of critical parts
- COST REDUCTION of spares/critical parts
- IMPROVED QUALITY of products supplied through vendors
- RISK management
- Better SUPPLIER RELATIONS management
C. How to start?
- Conduct a Gap Audit onsite
- Identify key implementation areas and scope
- Make a key implementation programme (KIP)
- Approval of the KIP by top management
- Vendor Meet
- Vendor Training and implementation
- Vendor Audit and reporting
- Review and continually improve the vendors
- Close the assignment
D. Are results measurable?
- Yes the results are measurable as performance of each vendor can be monitored as per QMS (Quality Management System) norms or the management system of the organization.
- The base line can also be set at the start of the assignment.
Risk Audits Management Audits Office Audits
Vendor Audits Warehouse Audits Checklist Audits
QMS/EMS/OHSAS Audits Food Safety Audits Vendor Competence Audit.
Insurance Risk management
What is Insurance Risk Management?
Insurance Risk management is defined as identification, assessment and economic control of those risks that endanger the assets and earning capacity of a business.
Insurance Risk can be eliminated or reduced by:
- Changes in the processes
- Transferring all or part of the risk
Each company’s Risk Management System is different because:
- Their risks are different
- Their operations and organizations are unique
- Their corporate culture is unique
Basic activities in any risk management system are:
- Risk Identification
- Risk Assessment
- Risk Control
Risk Management is a process through which the companies control their level of risk and the key elements of an effective risk management programme are: policy, procedures and standards:
- Policy describes the objectives of the Risk Management programme
- Procedures determine how the policy will be implemented
- Standards provide guidance on particular issues
Why Insurance Risk Management necessary?
- Insurance is no longer the cheap option
- Open ended insurance cover is no longer widely available
- Insurance companies prefer their clients to actively manage their risks
- Insurance does not compensate the full loss
- Insurance pay outs may be delayed
What is our Role as Risk Management Consultant?
We undertake a project of Risk Management consultancy wherein we study the manufacturing process, the properties of raw material, SIP and the finish goods and its storage pattern at different manufacturing stages, the environmental effect, the plant & machinery installed, the skill set of employees/workers deployed at the manufacturing line, probable financial impact on the profitability due to various reasons viz. machinery breakdown, damage due to fire incidents and Act of God perils, breach of contract agreement by supplier or out sourced contractor, workers strike, employees infidelity etc.
In order to overcome such issues in a business/trade or an industry, we devise a proven mechanism to identify, assess and control various types of risks based on our study of a particular industrial unit.