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Risk Management at Toyota | PDF

   

Added on  2020-03-16

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Running head: RISK MANAGEMENTManage RiskName of the Student:Name of the University:Author’s Note:
Risk Management at Toyota | PDF_1

2RISK MANAGEMENTTable of ContentsIntroduction......................................................................................................................................3Context of the risk...........................................................................................................................3Identification and assessing the risks...............................................................................................4Plan for risk management treatment and current control process....................................................4Role of the risk management plan in reducing the risk...................................................................6Strength and weakness of the policies, procedures, and processes regarding the risk management.........................................................................................................................................................7Impact of external factors on risk management approach in context of Toyota.............................8Tools, techniques to identify and measure the risks critical success factors in risk management...9Role of the stakeholders to give shape the risk management plan................................................10Monitoring process of risk management plan...............................................................................10Conclusion.....................................................................................................................................11References......................................................................................................................................12
Risk Management at Toyota | PDF_2

3RISK MANAGEMENTIntroductionRisk management in the workplace is crucial for the business organizations in order toensure safety of their workers1. However, in the automobile industry employees face risk relatedto the hazardous substances during the manufacturing of car. Hence, it is important for suchorganizations to implement risk management plan and to monitor it properly. Development ofthe risk management plan provides safety to the employees by enhancing the awareness amongthe workers in the organization. This current study deals with the reduction of accidents, illness,and incidents associated with the workers of automobile industry like Toyota by developing aproper risk management plan.Context of the risk Workers face risk regarding their health in the automobile industry. However, manychemicals are present in the automobile industry, as a result, the workers are affected by thechemical hazards2. As for example, in Toyota, the workers are often affected by Benzine that ispresent in the automobile industry. This cause leukemia, unconsciousness, and death of theworkers. On the other hand, chemicals for auto-paint, fuel, oil, cleaner and solvent also harm thehealth of the workers in the automobile industry. However, repeated exposure to such solventscauses chemical bronchitis, which can damage the lung of the worker permanently. Based on thiscontext it is necessary for the management of Toyota to provide safety to the employees bymanaging risks.1 M Acharyya & C Brady, "Designing an Enterprise Risk Management Curriculum for Business Studies: InsightsFrom a Pilot Program", inRisk Management and Insurance Review, vol. 17, 2014, 113-136.2 I Lončarski, "Risk Management (2016)", inRisk Management, vol. 18, 2016, 1-3.
Risk Management at Toyota | PDF_3

4RISK MANAGEMENTIdentification and assessing the risksIdentification of the risk is crucial for the automobile industry, as it will enable theauthority to make preliminary protection for the employees3. Chemical hazards are the main riskof the automobile industry that should be identified by the risk management team throughconducting a survey over the harmful chemicals that are present in this organization. In thecontext of Toyota chemical bronchitis often occurs with the worker or mechanic. The reason isidentified of such disease and it has been found that isocyanate and solvents are the main causesof such disease. Apart from benzene is another chemical that exhibits from the automobileindustry and causes leukemia of the workers. On the other hand, injury occurs with the workersin Toyota while manufacturing the cars. However, by using quantitative and qualitative processthe risks are assessed and its impact is addressed4. Plan for risk management treatment and current control processRisk management plan includes identification of risk, analysis of the risk andoptimization of the risk and control of the risk5. Risk identification focuses on the current risks.As for example, in context of Toyota chemical bronchitis, brain damage and leukemia are majorrisks related to the health of workers. This may take 2-3weeks and workforce requires for thisaction. Next, analysis of the risk focuses on the reason for the risk. In the context of Toyotaanalysis of the current risks, highlight that chemicals like benzene, isocyanate and repetitiveexposure to the chemical solvents are the main factors of causing such diseases. Healthprofessionals are involved in this analysis and time required 1 -2 weeks. Financial resources are3 N Sushil, R Garg & S Jain, "Continuity and change forces in Indian automobile industry: a case of tractorcompany", inInternational Journal of Business Continuity and Risk Management, vol. 3, 2012, 99.4 S Kumar Sharma & A Bhat, "Supply chain risk management dimensions in Indian automobile industry",inBenchmarking: An International Journal, vol. 21, 2014, 1023-1040.5 F Chakroun & F Abid, "Capital adequacy and risk management in the banking industry", in Applied StochasticModels in Business and Industry, vol. 32, 2015, 113-132.
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