MEDIUM RISKS

 Contractor and Supplier Risks

To mitigate supplier risk, the Company must include identify the potential risks
and evaluate the risks. They need to evaluate which supplier risks need to be
addressed, how likely the risks are, and how much damage they could cause. After
evaluating the risk, the Company must create a plan to minimize damage when these
events occur. They can also consider building a contingency plan, also known as
plan B, where the Company will make an alternative solution for an adverse event to
take action.

 Risk of Being Marginalized by Competitors

The Company must interact with customers to control this kind of risk. One of
the best ways to maintain the company's positive reputation is to continue this level
of customer engagement. Instead of hearing about your company from competitors,
buyers may now have an idea of how your company operates. Utilizing technology
is another strategy for risk management in this situation. We are all aware of how
quickly technology is altering how businesses operate across all sectors, so it's
critical to keep an eye on the most recent developments. In doing so, the company
may be able to maintain its competitive advantages and better serve its customers.

 Company Fraud Risk

The Company recognizes that opportunities for committing fraud exist because
of extensive dealings with vendors and contractors and because the industry is
generally prone to this type of risk. A fraud risk assessment is aimed at proactively
addressing a business’s vulnerabilities to internal and external fraud. This also can
help management formulate a mature risk management plan that can reduce the risk
impact.

 Organizational Risk
To avoid organizational risk, the Company must continue to tap various sources
to ensure that there are adequate and quality personnel to meet the demands of the
business, as well as to ensure that employees are valued for their contribution to the
 Company and are continuously empowered through professional development
opportunities.

Reference

Anonymous., 2021. What is Fraud Risk Assessment? And Why Do I Need One?.

AUDITBOARD. https://www.auditboard.com/blog/what-is-fraud-risk-assessment/

Reciprocity (2021, July 21). What Is Supplier Risk Management? Reciprocity [official

website]. https://reciprocity.com/resources/what-is-supplier-risk-management/

Bryce, I. (2021, December 18). How to manage supplier risk. Gatekeeper [official website].

https://www.gatekeeperhq.com/blog/how-to-manage-supplier-risk