Business Operations and Services: Risk Management and Improvement Strategies

INTRODUCTION TO
BUSINESS OPERATIONS
AND SERVICES

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Advising the Toyota company with regards the implementation of the risk management
strategies that can help the firm in withstand the shocks:............................................................3
Explanation of the company wide operations' improvement strategy by including the tools and
techniques:...................................................................................................................................5
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
Business operations are the activities in which the business engages and this help the businesses
to grow their value and earn a good amount of profit. Activities related to the business operations
are taken over by an enterprise on the daily basis to take up the business operations in the smooth
way (Chahal, and et.al., 2020). The activities included in the business operations are taken in the
way under which those all can be optimized and helps the business to earn up the revenues and
cover the expenses by generating the profits for the business. The report based on the TOYOTA
COMPANY a Japanese automotive manufacturer, founded in the 1937 on august 28. The report
will be covering about the risk management strategies for the firm that helps in minimizing the
risk of the natural disasters faced by the firm. The report will also be covering about the
company wide operation strategies of the firm including the tools and techniques learned in the
module.
MAIN BODY
Advising the Toyota company with regards the implementation of the risk management
strategies that can help the firm in withstand the shocks:
The risk management strategy is the structured approach that helps in addressing the risks
occurred, in front of an organization (Dave, 2020). The process of risk management is
undertaken in the cyclical ways for the different types of risks that can be identified, assessed,
can be managed and monitored in the business organization. Risk management strategies for the
company that can help in managing such of the risk and shock waves are stated as under:
The company can imply the processes related to the management of risks like:
 Identifying the risk and accepting: risk identification can help in passively solving and
getting the solution of the risk that is faced by the companies. The company can use the
tools and control the process as per the requirements to overcome the risks that have been
faced by the firm in the potential manner (Bondarenko, and et.al., 2020). The company
can over come the risks by working in the proactive manner rather than in the reactive
manner. This will be the best way or the best approach to overcome the risk and manage
the things with in the firm.

 Assessing the risk: after the company identify the main cause of the risk and the proper
risk faced in the work place. The assessment of the risks and the impact that the natural
disasters and such shock waves have done to the company can prepare the audit teams to
to look about every risk and mitigate them in a way leading towards the betterment of the
firm and in the way helping the firm to regain its profitability in the market after
surpassing the competitors. The risk assessment can be done in the pre sized way as per
the huge business size of the company.
 Responding to the risk: after the assessment of the risk now the firm must take the
initiative of implementing the controls and the treatments to address the effect that the
disasters have caused to the company. This will also help in regaining the image and the
market share of the company in to markets and regain the name of the firm. By applying
the most beneficial solutions to mitigate the impact of risks in the firm will help the firm
in dealing with it in effective manner (Vekasi, 2019).
 Monitoring the risks: risk monitoring will help the firm in monitoring the future risks
that might occur and impact the business of the company. This process will help the
organization in by creating the different types of methods to assess the risk and manage
the things accordingly to overcome the further risks that might impact the company. The
company can use different type of risk monitoring tools like risk register, root cause
analysis, swot analysis, probability and impact matrix risk data quality assessment, etc.
To overcome the risks in the workplace and lower down the risks in the firm.
The firm can also use these strategies to over come the impacts:
Avoidance: this strategy can help the business to removing the impact of risk by not performing
the activities that might includes the sickness, injury and death of someone in the industry. The
company can use the insurance money to over come the damages of the calamities in the
company. This strategy will provide help to the firm by preventing some losses to occur in the
work place in the near future (Saglam, Çankaya, and Sezen, 2020).
Retention: this term is taken as acceptance of the risk occurred. The acceptance of the risk in the
process of retention can help the firm to lower down the risk of something that might occur in the
future. Under this, if the issue becomes more serious than the firm can receive the benefits of
mitigating the larger risks in with its accordance. This strategy will provide the company to have