Report on Operational Risks

Added on - 21 Apr 2020

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Running head: RISK MANAGEMENTRisk ManagementName of the StudentName of the UniversityAuthor note
1RISK MANAGEMENT1. IntroductionThe report helps in understanding about the different kinds of operational risks that areinvolved in a company. The company that has been taken in this particular report is HG MetalManufacturing Company that is situated in Singapore. An operations manager is appointed in therespective company as to properly assess the risk and suggest as well as implement differentmeasures to reduce such operational risks from the company. The risk management approachesand framework of HG Metal Manufacturing Company has to be properly analyzed as well.The main aim of the report is to understand as well as analyze the different incidents inthe past that has occurred as the operational risks in the respective company as well as theindustry. The main purpose of the report is to analyze the good practices of the safetytechnologies with proper tools and techniques as well. The impact of the hazardous substancestreatment has to be implemented as this will help in treating the risk.The structure of the report will include the proper process of treatment of the differentkinds of risk and this will help in reviewing the good practices that will help in reducing suchoperational risks from the respective company. The impact has to be properly discussed that willaffect the company and recommendation has to be properly implemented by the OperationsManager as this will help in assessing the risk that can be a danger to the entire company.2. Overview of Company and Nature of BusinessHG Metal Manufacturing Limitedis a metal company that was founded in the year 1971that is the retailer of steel as well as metal products. The respective company provides end to endsolution to the customers that range from services relates to distribution to the downstream alongwith the value added services. The HG Metal Manufacturing LimitedCompany is properly
2RISK MANAGEMENTequipped with different kinds of sourcing capability that is strong in nature and they have a hugenetwork of suppliers from different countries namely Japan, Russia, Tokyo along with otherEuropean countries. The nature of the business is that the company has also offered steel andmetal solutions that are customized in nature for different industries namely transportation,energy as well as electronics.2.1 Structure of the risk management teamThe main duty of the risk managers is to analyze the safety of the supervision along withproper handling of different claims. The operations manager has to report to the higher officialsin the management regarding any kind of losses, other programs related to prevention of loss ofthe company as well as results of the insurance marketing. Proper identification of the exposuresrelated to exposure has to be ascertained as this will help them in identification of the solutionsof the insurance related products. The entire team will work effectively to minimize the paymentof the loss for litigation as well as claims.The operational management of risk has focused previously on the mitigation of the risksfrom the internal processes that are internal in nature but due to the increase in the regulatoryrequirements along with the requirement of the improvement in the performance of the businessthe scope of Operations Risk Management has been expanded. The ORM program of the
3RISK MANAGEMENTrespective company is based on framework of the sponsoring company and this will help theirclients in reimagining the different risks as well as compliance process with internal control thatwill offer:Reliable reporting that is financial in natureProper safeguarding of assets(Armstrong and Taylor 2014)Efficient and effective programsProper compliance with regulations and law2.2 Risk Management TeamFigure 1: Risk management Team(Source: Created by author)3. Description of the process of work and Activity of Operations managerChiefExecutiveOfficerCorporateprocess ofinsuranceSafetyFunctionClaimfunctionBenefitfunctionRiskManagerERMprocessSecurityfunctioncontinuityofbusiness
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