CASE STUDY: RISK MANAGEMENT

By: Alyssa I. Casimiro

TeraLink Company specializes in the production of a wide variety of consumer and
industry electronics, including appliances, digital media devices, semiconductors,
memory chips, and integrated systems. From its early days of repositioning the brand
from a cheap manufacturer to a brand of class and quality, TeraLink has had a consistent
policy of basing all activities in line with its brand strategy. TeraLink is planning on
launching a new upgrade high technology television. The features are unique and it could
literally beat every single television brands in the Philippines. But when they are about to
launch their new product, the pandemic hits in. That is why the company is contemplating
if they will launch the television or wait until the pandemic is done.
Statement of the Problem
When TeraLink was about to launch their new product, the pandemic hits in. That
is such a high risk because there are a lot of people affected in pandemic. Also, the
economy is crashing down because of the lockdowns. That is why the company is
contemplating if they will launch the television or wait until the pandemic is done.
Course of Action
Facing dynamic circumstances like those caused by Covid-19, TeraLink have to
stay agile in order to bring a new product to market successfully. Reaching out to
customers to stay up-to-date with their needs, zeroing in on their key priorities and using
creativity to find opportunities despite constrained resources combine to form a potent
strategy that empowers entrepreneurial companies to launch new products even during
a pandemic.
Solution and Recommendation
The COVID-19 pandemic led to a world in a permanent state of change. Thus Risk
Management also needs to continuously assess the recovery strategy. Additionally,
recovery also presents an opportunity to promote improved preparedness and assess the
organization’s risk and control environment. Risk Management will be required to ensure
appropriate actions are taken to mitigate the impact of disruptions by developing and
implementing enhanced risk management practices. TeraLink must put people first. The
coronavirus pandemic has forced many office workers to set up their laptops in kitchens,
dining rooms, or home offices, where they attend virtual meetings and complete tasks
online. Weeks and months of working remotely have highlighted the challenges of turning
a home into an office, particularly in families with children in which both parents work from
home. Also, Teralink needs to identify the “main thing” because it’s more important than
ever for businesses to narrow their focus to what he calls the “main thing”, whether it’s
selling or making a product or offering a service essential to the business. Anything
nonessential could be sacrificed to cut costs. Another one is the company should identify
risks. Dealing with the health and economic impacts of the pandemic is creating new risks.
Business leaders must identify and prioritize them. The company must also respond to
risks. Once risks are identified and prioritized, leaders need a plan of action. They should
be realistic, especially in situations such as a global pandemic. Planning ahead can be
the key to responding effectively. Some business leaders used to be hesitant to plan for
worst-case scenarios, but the pandemic is changing that. Lastly is they must monitor and
communicate. Risk strategies might need adjustments at times, cautioning against
making plans for years ahead. Some things may change once the pandemic is over.
Strategic planning sessions, for example, are better in person than online. TeraLink may
also keep new practices that customers have embraced during the pandemic. I also
recommend to TeraLink to focus on the things that is essential in this pandemic especially
since all of the schools are following online classes, I would suggest that they should
focus on launching affordable but quality laptops or cellphones for the students who
needs it for online classes.