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Assignment (Asgmt) Declaration Form

Semester/Year MAY 2021
Student’s Name SANJEVAAN RHAAJ NAIDU
Student’s ID No: 071190210
Course Code TMM 501/03
Course Title RISK AND CRISIS MANAGEMENT
Class Code 7RCM1
Assignment No: TMA 2
No. of pages of this 11 PAGES
Assignment
(including this page)

Tutor ONG CHENG THIN

Course Coordinator TEOH PING CHOW
 T-DF Assignment Declaration Form (1/2020 version #003)
QUESTION 1
A. The most critical risk that the company must address to survive in such global events are
as follows:
1. On the political front the company needs to keep an eye on changes in domestic
policies that focus on self-sufficiency and national security which would further
hamper the foreign investment and mergers and acquisition opportunities.
2. There has been a rapid digitalization which has transformed social and work
interactions. The risk association with such a rapid digitalization are cybercrime
which are making the secure working environment.
3. Business is leading themselves to unforeseen financial and ethical risk in reducing
on site labor and need for efficiency.
4. Business is facing more social scrutiny in terms of environmental, and
governmental aspects of business performance.
5. Company needs to manage workplace safety and security more carefully and may
suffer from more productivity losses due to remote working.

B. Utilizing the three risk management styles are described as follows:

1. Hazard risk is associated with occupational safe safety and health where priority
must be to take the preventive measures to mitigate the risk. Here changes in
work arrangements are the major steps needs to be taken by investing more on
remote working environment and motivating employees to collaborate well to
increase productivity.
2. Control risk arises because a company do not have internal controls in place to
prevent those uncertainties. The company can secure employee data using various
software’s so that it may mitigate the risk of cybercrimes.
3. Opportunity risk is associated with taking advantage of such uncertainty and treat
it as an opportunity to unlock untouched ventures and segments of society such as
 going e-commerce apart from typical brick and mortar store. There are numerous
opportunities today in e-commerce industry.
4. Opportunity Risk Management is a method in which the advantages are tangible.
The answer is to guarantee that risk management is not prepared in isolation but
is involved in each process within the company. The benefits of this notion:
 Practical and directed management of enterprise resources
 A methodology for the whole team
 Extended trustworthiness of the customer and effectiveness of business
processes
 Recognizing likely results that can be used to maximize business goals.

5. STRATEGIES FOR IDENTIFYING OPPORTUNITIES

Plenty of approaches exist to improve recognize new possibilities and

provide consideration to those that have been overlooked because of
recognized, but unexamined, risk. Some of these strategies include:

 Learning from the past.

 Customer sensitivity.

 Scanning.

 Scenario planning.

 Idealized design and competing in advance.

 Market sensitivity.
 6. MANAGING OPPORTUNITIES
- Assessing, and potentially altering, the organization’s risk appetite is the first
step in managing opportunities related to risk. A business's risk appetite is
profoundly affected by its practice and modifications over time. Risk appetite
should be determined and accepted upon at least yearly, and foremost of
evaluating individual prospects and possibilities. Managing opportunity risk
would not only mitigate business risk but also help in understanding its customer
bases and cultures.

QUESTION 2

1. During this pandemic outbreak companies SWOT analysis plays a crucial role to
deal with this phase when we every company is looking for finding a way to come
out from this disastrous situation for the company. This analysis helps the
companies to assess their strong areas to deal with these situations in the market.
I am fortunate to work with Label Manufacturing company as this is the only
industry which registered a profit figure for this pandemic situation in the market.

- Strength:
 Strengths are things that your organization does particularly
well, or in a way that distinguishes you from your competitors.
Think about the advantages your organization has over other
organizations. These might be the motivation of your staff,
access to certain materials, or a strong set of manufacturing
processes.
 any aspect of your organization is only a strength if it brings
you a clear advantage. For example, if all your competitors
 provide high-quality products, then a high-quality production
process is not a strength in your market: it's a necessity.
- Weakness:
 Weaknesses, like strengths, are inherent features of your
organization, so focus on your people, resources, systems, and
procedures. Think about what you could improve, and the sorts
of practices you should avoid.
 Once again, imagine (or find out) how other people in your
market see you. Do they notice weaknesses that you tend to be
blind to? Take time to examine how and why your competitors
are doing better than you.

- Opportunity:
 They usually arise from situations outside your organization and
require an eye to what might happen in the future. They might
arise as developments in the market you serve, or in the
technology you use. Being able to spot and exploit opportunities
can make a huge difference to your organization's ability to
compete and take the lead in your market.
 Think about good opportunities you can spot immediately. These
don't need to be game changers: even small advantages can
increase your organization's competitiveness. 

- Threats:
 Threats include anything that can negatively affect your business
from the outside, such as supply chain problems, shifts in market
requirements, or a shortage of recruits. It's vital to anticipate
threats and to act against them before you become a victim of
them and your growth stalls.
  Always consider what your competitors are doing, and whether
you should be changing your organization's emphasis to meet the
challenge. But remember that what they're doing might not be
the right thing for you to do and avoid copying them without
knowing how it will improve your position.

2. Generic Business Level Competitive Strategies

- When discussing business strategy, a business is a firm or a unit of a firm that
centers its activities around one primary type of product or service line.
Business-level strategy is the general way that a business organizes its activities
to compete against rivals in its product’s industry. Michael Porter defined three
generic business-level strategies that outline the basic methods of organizing to
compete in a product market. He called the strategies “generic” because these
ways of organizing can be used by any firm in any industry.

- Cost Leadership
 When pursuing a cost-leadership strategy, OmniStrat offers customers its
product or service at a lower price than its rivals can. To achieve a competitive
advantage over rivals in the industry, the successful cost leader tightly
controls costs throughout its value chain activities. Supplier relationships are
managed to guarantee the lowest prices for parts, manufacturing is
conducted in the least expensive labor markets, and operations may be
automated for maximum efficiency. As a cost leader, OmniStrat must spend as
little as possible producing a product or providing a service so that it will still
be profitable when selling that product or service at the lowest price. Walmart
is the master of cost leadership, offering a wide variety of products at lower
prices than competitors because it does not spend money on fancy stores, it
 extracts low prices from its suppliers, and it pays its employees relatively low
wages.

- Differentiation
 Not all products or services in the marketplace are offered at low prices, of
course. A differentiation strategy is exactly the opposite of a cost-leadership
strategy. While firms do not look to spend as much as possible to produce
their output, firms that differentiate try to add value to their products and
services so they can attract customers who are willing to pay a higher price. At
each step in the value chain, the differentiator increases the quality, features,
and overall attractiveness of its products or services. Research and
development efforts focus on innovation, customer service is excellent, and
marketing bolsters the value of the firm brand. These efforts guarantee that
the successful differentiator can still profit even though its production costs
are higher than a cost leader’s. Starbucks is a good example of a
differentiator: it makes coffee, but its customers are willing to pay premium
prices for a cup of Starbucks coffee because they value the restaurant
atmosphere, customer service, product quality, and brand.

- Focus
 A firm that focuses still must choose one of the other strategies to organize its
activities. It will still strive to lower costs or add value. The difference here is
that a firm choosing to implement a focused strategy will concentrate its
marketing and selling efforts on a smaller market than a broad cost leader or
differentiator. A firm following a focus-differentiation strategy, for example,
will add value to its product or service that a few customers will value highly,
either because the product is specifically suited to a particular use or because
it is a luxury product that few can afford. Flux is a company that offers
custom-made bindings for your snowboard. Flux is a focus differentiator
 because it makes a specialized product that is valued by a small market of
customers who are willing to pay premium prices for high-quality, customized
snowboarding equipment.

QUESTION 3

Internal risks are looked by a company from inside its organization and emerge during the
normal activities of the company. These risks can be forecasted with some dependability, and
therefore, a company has a decent shot at lessening internal business risk. The three kinds of
internal risk factors are human factors, technological factors, and physical factors.

1. Human-factor Risk
- Work force issues may present functional difficulties. Staff who become
sick or harmed and, subsequently, can't work can diminish production.
- Human-factor risk can include:
 Association strikes
 Untruthfulness by employees
 Incapable administration or authority
 Disappointment with respect to outside makers or
suppliers
 Misconduct or by and large inability to pay with respect to
customers and clients
- A company may have to recruit or supplant staff key to the company's
prosperity. Strikes can force a business to close for the short-term,
prompting a misfortune in sales and revenue.
- Further developing faculty, the board can assist with decreasing internal
risks by boosting representative morale through successful remuneration
and strengthening. An inspired and glad representative will in general be
more productive.

2. Technological Risk
 - Technological risk remembers unforeseen changes for the assembling,
conveyance, or dispersion of a company's product or service.
- For example, a technological risk that a business may confront
incorporates obsolete working frameworks that decline production
capacity or disturbances in provisions or inventory. Likewise, a
technological risk could remember not contributing for an IT staff to
support the company frameworks. Worker and programming issues that
lead to hardware personal time can build the risk of production shortfalls
and monetary costs because of less revenue and inactive workers.
- Innovative work is frequently a part of lessening internal risks since it
implies keeping current with new advances. By putting resources into
long haul resources, like innovation, organizations can diminish the risk
of falling behind the opposition and losing market share.

3. Physical Risk
- Physical risk is the deficiency of or harm to the resources of a company.
A company can diminish internal risks by supporting the openness to
these three risk types.
- For example, organizations can get credit protection for their records
receivable through business back up plans, giving insurance against
clients not taking care of their bills. Credit protection is normally
extremely complete and gives assurance against obligation default to a
wide scope of reasons, covering essentially every possible business or
political justification non-payment.
4. Innovation
- Innovation – regardless of whether it identifies with product
advancement, marketing and promotion or staff government assistance,
innovation is the thing that keeps a business one stride in front of its
adversaries. An absence of innovation, therefore, can represent a risk to
 business accomplishment as a company becomes sullen, stale, and
superfluous in an evolving marketplace.

5. Incentives
- Incentives – Did you realize that boosting employees could end up being
a business risk, in case it's not done correctly, decently, and properly?
Ensure that you explore the right impetus and prize plans for your
business – for example, will gathering or individual performance
rewards, production rewards or non-money related prizes accomplish
the best outcomes by reinforcing the behavior you wish to find in your
staff?

QUESTION 4
a) If I were one of the leaders related to the Light Rail Transit (LRT) company, I would first
hold an internal meeting with the management and let them know that I will be holding
a press conference to express condolences to the victims and the people who have
suffered from minor and serious injuries. I would check if LRT had any plans of
compensating the victims or any other plans that I can communicate to the people
through media in the press conference.

Accordingly, I will hold the press conference, explain the causes of the accident, send
condolences to all the victims who have lost lives in the accident and those who suffered
the injuries. I will also express the management's decision about the compensation, or
any assistance provided by LRT. I would ask the media and the people to stay calm, not
panic, and coordinate with LRT in this situation to find the best possible solution for the
losses that occurred.

b) The following are the considerations that are required in the Disaster Recovery Plan
(DRP) in the context of the LRT system:

 Identifying the root causes for the accident, a check on internal IT

systems and networks for finding why they failed in detecting the
accident
  Prioritizing the recovery time objective and defining the steps to restart,
reconfigure, update, and recover the damaged systems and networks
 Creating a disaster recovery team with accurate planning, by identifying
and assessing disaster risks
 Determining critical applications, documents, and resources and specify
backup plans.

REFERENCE
 https://www.ilo.org/global/topics/labour-administration-inspection/resources-
library/publications/guide-for-labour-inspectors/how-can-osh-be-managed/lang--
en/index.htm
 https://www.sciencedirect.com/topics/computer-science/security-risk-management
 https://www.infoentrepreneurs.org/en/guides/review-your-business-performance/
 https://www.oecd.org/daf/ca/risk-management-corporate-governance.pdf
 https://www.nap.edu/read/11183/chapter/6
 https://onstrategyhq.com/resources/internal-and-external-analysis/
 https://www.clearrisk.com/risk-management-blog/8-ways-to-identify-risk-0-0
 https://projectriskcoach.com/7-ways-to-identify-risks/
 https://safetymanagement.eku.edu/blog/risk-identification/
 https://corporatefinanceinstitute.com/resources/knowledge/strategy/risk-
management/