Management Assignment Risk Management

Added on - 21 Apr 2020

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Running head: MANAGEMENTRisk managementName of the student:Name of the University:Author note:
1MANAGEMENTTable of ContentsIntroduction......................................................................................................................................2Risks involved.................................................................................................................................2Managing risks.................................................................................................................................3Recommendations and conclusions.................................................................................................4References........................................................................................................................................6
2MANAGEMENTIntroductionSuite Success Private Limited is regarded as a company in Canada having itsheadquarters at Winnipeg. SSL constructand designMRI suites but the company consists of ateam of designersand engineers, who would create a functional space where the clients woulddeal with these MRI machines. However, the company is facing certain risks in terms of itsbusiness level operations. Therefore, it is important to identify the risks involved and repair themaccordingly.Risks involvedStrategic Risk: The business in Suite Success Private Limited initially made a businessplan andit did not come to use. It involves Strategic Risk, where the strategy of the company isbecoming less effective as the company depends upon the testimonials from the customers andits cost for designing the MRI suites is high (Pritchardet al2015;Reason 2016). Therefore, thecompany is not following strategic business plan, which might led to its failure in a long run.Compliance risk: The businesses of Suite Success also involved compliance risk such as,the MRIs of the company are sold all over the world, however, the risk involved here is that thecompany has not properly judged the changing rules and regulations of the other countries. Forexample: Europe might have adopted stringent rules, the company did not comply with the rulesof tax and local accounting. This also is anyway increasing the cost for the business.Financial risk: Financial risk is considered one of the important risks in terms of extracosts involved. The state of financial risk is referred particularly to the flow of money out and inbusiness and the sudden possibility of the loss in finance. SSL accordingly, is not having enough
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