Proper risk management helps a business to reduce and control the impact from risk in the operation processes, it helps managing the uncertainty and unforeseeable situations and maintaining a steady stable business operation.
Assess risk involved and analyze the nature or type of risk, potential impact and possible cause or prevention.
Based on the assessment and the acceptable level of risk that the company can accept, set up a business risk plan for key processes to manage and lower the risk level.
Regularly review and measure control results to adjust the approach and ensure its effectiveness.
Retailers sourcing their products around the world, and to mitigate risks, they can establish an optimal supplier risk management through a cross-country supplier network. The following are methods by international retailers:
To strengthen the management and risk monitoring and assessment, the center will compose different expertise that keep close review of the operation risk, local legal and market situation to take appropriate action to mitigate the potential risk incurred.
With automation and advanced technology innovation on data management AI etc to automate the management and risk alert in the supplier processes to increase the effectiveness of operation management.
Risk management is a long-term continuous support to corporate to help businesses to prevent and minimize risk and impact caused by uncertainty situations and changes, it helps to achieve balanced growth in a dynamic market environment.
