Comprehensive Risk and Technology Management Report: FISH Company

This report provides a comprehensive analysis of risk and technology management for the FISH Company, focusing on the identification, assessment, and mitigation of various risk factors. It begins by critically evaluating five risk identification techniques, ultimately recommending the risk register and assessment method. The report then identifies and analyzes specific risk factors impacting the management of the FISH Company, including preservation systems, automated processes, transportation facilities, and safety and quality concerns. Furthermore, it addresses business risks associated with corporate failure and the limitations of senior management, proposing effective measures such as risk avoidance and mitigation plans, performance and reward systems, and corporate governance. The report also suggests a detailed risk management plan, outlines processes for determining risk appetite and tolerance, and offers recommendations for executing a risk budget, concluding with a summary of the key findings and recommendations.

Risk & Technology
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Critically evaluate the 5 techniques for identifying risk and select most appropriate method
.....................................................................................................................................................1
2. Identify, assess and analyse, using the appropriate techniques, risk factors which impact on
management of FISH company...................................................................................................3
3. Recognise business risk associated with corporate failure and inability of seniors and
introduce effective measures.......................................................................................................4
4. Propose a Risk Management plan for identifying various factors..........................................5
5. Suggest the process which are follow by an organisation to get key factors as Risk Appetite
and Tolerance..............................................................................................................................9
6. Recommendations for executing Risk Budget........................................................................9
CONCLUSION..............................................................................................................................10

INTRODUCTION
In modern time period, the technology play an important role in bearing with major risk
factors. Technology has been changing the way that need to be done effective business. Risk is
the identification, evaluation and management of effective risks which has been followed by
economical and coordination of application for resources to maximising, monitoring and
controlling the probability and this will directly impact on events to increasing the income and
profitability in better manner (Haimes, 2015). This report is based on Grocery co. which
acquired FISH company that is gathering and distributing fish. In this report, the company need
to evaluate five major techniques which help in analysing actual position of business at the large
market place. Also they required to determine main factors of business concerns which reducing
the failure elements and components.
1. Critically evaluate the 5 techniques for identifying risk and select most appropriate method
In modern time period, the technology play an important role in bearing with major risk
factors. Technology has been changing the way that need to be done effective business. For
ensuring the adequate and timely risk need to be identification is perform is the main
responsibility of business owner, so the business owner is the first member participant in the
company project. There are various techniques and method which are used for analysing the
major risk factor and this will directly effect on FISH company management system. It is
necessary for company is to identifying the risk factors which are related with corporate failures
and this will lead towards losses to the company. In addition to this, the common method and
technique is using existing technologies for adopting new techniques which show the better
performance and lower costs (Ling And et. al. 2011). The procedures which assist in recognising
the risks, assessing the risks and also developing schemes for managing risks that are known as
risk management. For FISH co. they require to evaluate five major techniques which identifying
risk in easy manner, these are described as under:
Five Whys – Five ways is an interactive interrogative method which can be used to
explore the effect and measure of relationship of a specific issue and problem. The major goal of
this technique is to considering the cause by which issues has been created by repeating the
questions. According to the case stud, Grocery co. has developing effective strategies and
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practices which are continuously adopting major changes that will increasing the competitive
area in the international environment.
Fish bone analysis – This analysis is also known as major reason and effect which is
visual image method and technique for categorize the desired causes of specific issues and
problems for distinguishing or recognising their root grounds. The fish bone analysis help their
employees for confronting the resolution which mainly highlights the signs and symbols of
greater issue (Martins, Oliveira and Popovič, 2014). Along with this, it is also useful in group
action sessions to concentrate on interactions with each other. After that the group has
understanding whole session so all the major required causes for particular problems and the
provider assist the group to give them rate regarding possible reason as per the level of
implication and hierarchy in diagram.
Pareto chart – This is that type of chart which consist both line graphs and line in which
a person values can be represented in decreasing order by bars, on the other hand cumulative
total is presented by the line. This will also help in determining the actual cost of company
products which need to be represented in better manner. The lengths of the specific bars
represents the cost and this will arranging the longest bars and on the left towards the right
manner.
Fault tree – The fault tree analysis was introduced by Bell Laboratories and it is one of
the most useful technique and method in the system dependability, safety, maintainability
analysis within an organisation. This is deductive process which can be used for determining the
different integration of hardware and software failures that can understanding the major cause of
events.
Risk registration and assessment – Risk register is the representation which contains
huge list of all the major risks aspects that will identified by the firm and give priority among all
(Arena, Arnaboldi and Azzone, 2010). On the other hand, risk assessment is that procedures
which help in identifying risk, evaluate and analyse the risk factors that includes risk action
plans, control activities, risk maps and communication rule.
As per the case analysis, the company will select risk register and assessment method
because by this tool, the company can develop register in which all the major risk factors list are
recorded, then they evaluate all the identified risks which occurs within an organisation and
create various issues and problems in effective manner.
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2. Identify, assess and analyse, using the appropriate techniques, risk factors which impact on
management of FISH company
In modern time period, the technology play an important role in bearing with major risk
factors. Technology has been changing the way that need to be done effective business. The
procedures which assist in recognising the risks, assessing the risks and also developing schemes
for managing risks that are known as risk management (Lehmann and Joseph, 2015). According
to the case study, the company need to maintain their business operations and its functions which
help in gaining profit and also manage the customer base in proper manner. The Grocery and fish
co. select risk register and assessment method for recording all occurring risk factors which
occurs within an organisation.
Preservation system - In this case, the fish co. mainly concentrate on preservation
system which can be used to protect fish spoilage and long shelf life. Along with this, they are
making and designing inhibit activity of spoilage bacteria and the changes in metabolic which
result in the loss of fish quality. For keeping safe and secure of their specific products, they
required to maintain the temperature of the freeze where they store the fishes which should be
decreased and the activity of metabolic in the fish is continuously reduces. For getting over with
this risk factor, they require to preserve their fish in the temperature of dropped down with about
0 degree Celsius. If fish co. does not combine their all fishing procedures, then they will face
various issues and problems in badly manner. Such method or technique are specifically
integrating for rising preservation and declining the discarded effects such as denaturation of
nutritive by providing various heat attention (De Bakker, Boonstra and Wortmann, 2010).
Automated process – This is another factor which directly impact on fish co.
management and administration system so company need to searching the higher productivity
and also increasing the cost of labours which has been driven towards computer development
and improvement technology scales and automatic skinning for getting huge profit and income.
Transportation facilities or services – This is the one of the most challenging factor of
fish transportation through road which help in providing maintenance of the cold chain, for
frozen goods or items, fresh packaging of fish products and stowage density. For maintaining the
cold chain, they need to adopt cold chain which has been used for separate containers or comfort
vehicle which transfer products from one place to another. Along with this, the fish co. required
to do all these things which help them in eliminating such things in proper manner. Also they
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require to developing their food packaging and handling to allow faster and rapid loading of
items of fish.
Safety and quality – This is another major risk factor which directly impact on
management of fish company so require to do various actions for eliminating such aspects.
Firstly fish co. need to take permit from The International Organisation For Standardisation ISO
to sell fishes in the market which is worldwide federation of national standard authorities ( Luo,
Zhang and Shim, 2010). Along with this, it can be define as the integrity of characteristics and
attributes of specific goods and services which can help in supporting its ability to satisfy
customers all requirements and needs.
3. Recognise business risk associated with corporate failure and inability of seniors and introduce
effective measures
In modern time period, the technology play an important role in bearing with major risk
factors. Technology has been changing the way that need to be done effective business. The
procedures which assist in recognising the risks, assessing the risks and also developing schemes
for managing risks that are known as risk management. In an organisation, managers have
certain ability and capability which help them in recognise the risk factors that will occurs and
create major issues or problems in badly manner. According to the case study, the fishing sector
ensure that their fish handling, processing and transportation services meet with their standards.
The appropriate training should be provided to control government employees which are
providing with the help of institutions and its channels can be established in better manner. They
required to ensure their high standards for safety and quality of fish products which assist in
reducing the losses which outcome can be seen as customers illness and spoilage damage while
trading (Wu, Chen and Olson, 2014). There are various effective measures which are analysed as
under:
a. Usefulness of risk avoidance and mitigation plans for identified risks
This involves developing the option of strategy which has acquire higher measures for
gaining success and growth but generally high value cost can be associated with achieving
specific task or project. In modern time period, the technology play an important role in bearing
with major risk factors. Technology has been changing the way that need to be done effective
business. The procedures which assist in recognising the risks, assessing the risks and also
developing schemes for managing risks that are known as risk management. The project team
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can select the vendor with the proved path and it will recording the new vendor that help in
providing important rate for avoiding specific risk of working (Taylor, Artman and Woelfer,
2012). Mitigation plan is that procedures which help in developing and formulating alternatives
and also take actions for increasing opportunities and eliminating the threats to identifying major
projects. This will help in recognising major risk factors which occurs within an organisation.
b. Role of performance and reward systems
It is necessary for fish co. is to evaluate and measure their employees performance which
help them in gaining high amount of profit and income in proper manner. The role of employees
performance require to analyse and determine the major factors that will assist in enhancing the
values of company. The reward system may be in positive and negative manner as per the
outcome of an employee performance. Such reward are aligned with goals and targets of
company in better manner (Zavadskas, Turskis and Tamošaitiene, 2010). An employees assist in
achieving desired goals and objectives, rewards can be followed.
c. Effectiveness of self-regulation and corporate governance
In an organisation, it is necessary for company manager is to regulated and operated
business operations in better manner. In the simple terms, corporate governance is framed as self
regulation and this is the major system of company that are adopting ethical rules and regulations
in which they are are submit in the practices of business operations and activities. In current time
period, it has gain capability for various grounds which one of the complex procedures that has
been regulating such issues and problems for promoting self regulating process.
4. Propose a Risk Management plan for identifying various factors
In modern time period, the technology play an important role in bearing with major risk
factors. Technology has been changing the way that need to be done effective business. The
procedures which assist in recognising the risks, assessing the risks and also developing schemes
for managing risks that are known as risk management (Olson and Wu, 2011). A risk
management plan is the important part of the every business plan and it will evaluating and
understanding the desired risks for identifying various ways to reducing their risk impacts that
will assist business for recovering in faster manner. For making risk management plan because
by this they can easily identifying risk factors in effectively.
a. Organisation involvement and required documentation
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Grocery co. merge with fish co. for gaining high amount of profitability and income in
better manner (Giannakis and Louis, 2011). The position of grocery co. is the leading local brand
which is stated by expansion of business operation in the 12 councils. In the five years, the fish
co. started the transportation of fish which help local fishermen.
Risk Management Plan:
S. No. Risk name Risk description Who identified
risk
Impacts
1 Lack of preservation When fish co. does not
preserve their fish items
in the cold place so this
will spoil the fishes
which create issues and
problem
Manager If fish co. can not
able to store their
fishes in the cold
temperature,
combining
processing and
also control the
oxygen reduction
potentials.
2 Safety and quality At sometime, company
does not prevent or
protect their fisher from
harm and danger.
Employees If
company does not
provide quality
based based
products and
services to their
customers then
this will create
loss and harm to
the fish co. and
this risk factor
directly affect on
business
operations and its
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production
functions.
3 Lack of
transportation
It is that risk factor
where fish co. require to
deliver their fish item
from place to another and
focus on their packaging,
processing and loading
system.
Managers If firm
provide best
quality best
products to their
customers so they
need to maintain
their
transportation
services or
facilities by
which they can
easily deliver
their packages of
fishes to the end
users from one
place to another.
b. Proposed Risk Register, Risk Interface Register and working cycle
For making successful marketing plan, it is necessary for company is to make and
develop effective risk register which identifying the performance of employees and determining
the major risk factors which create issues and barriers within an organisation (Free and et. al.,
2013). Fish co. need to prepare risk register, risk interface and working cycle for analysing
various risk factors.
Risk Register:
Risk reference code What is kind of risk What can happen Current control
strategies
11220 Transportation is the
major risk where
It can affect on
delivering services and
They need to
developing and
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company have lack of
vehicles and facilities.
facilities to their
customers.
making effective
marketing strategies
and policies for
maintaining the
servicing process.
11230 Safety and quality is
the another main
factor of risk by which
customers are ill and
sick from spoil fishes.
If fish seller sell their
fish item among
customers so this will
create harm to
customers.
Fish co. need to focus
on effective quality
and safety services and
also adopt latest
techniques or methods
for making income
and revenue.
11240 Preservation is that
techniques which can
be used for protecting
fish spoilage and long
shelf life.
This will directly
impact on temperature
services and cooling
facilities which make
fishes cool in huge
freezer.
They require to
develop and make
appropriate strategies
which help in
protecting fish item
from damage and
spoilage.
Risk Interface Register:
Fish co. need to manage risk which occurs at the time of identifying various issues and
problems in better. The risk register is that document which containing the results of the
qualitative risk analysis, risk response planning in proper manner.
Working Cycle:
The working cycle of fish co. is to regulating and operating their services and facilities
which run the business operations and its functions in better manner (Holzmann and Spiegler,
2011). As per the case study, firstly they are catching the fish which they sell in the large market
place. They are store their fishes that will directly affect on business operations and its functions
in better manner. After that they are handling fish to their customers and last step is processing
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the function which help in maintaining and managing all functions and activities in better
manner.
c. Implementation Process and key roles to ensure full compliance
The process of implementation should be adopted by fish co. so by this they can easily
getting higher income and revenue which help them in taking high position at the large market
place. Also they require to adopt advanced technology and methods which are used for analysing
desired customers and buyers in better manner. Effective implementation process and roles to
ensure the full compliance so this will assist in integrating the services and facilities which are
provided to their customers (Earle, Siegrist and Gutscher, 2010).
5. Suggest the process which are follow by an organisation to get key factors as Risk Appetite
and Tolerance
There is no one firm can gain profit and income without taking risk in their functions or
activities. But still most of the company are taking risk without making any consciously
managing all such risks which can lead towards the organisation operations and its functions. In
this, risk Appetite refers to the mount and risk type which an enterprise need to take for reaching
with desired strategic goals and objectives in proper manner. An organisation have various risk
appetites that are totally depend on this sector, objectives and culture of the company. Along
with this, the range of appetite which are presented for various risk factors and such many be
change as per the time.
On the other hand, Risk Appetite and Tolerance required to be increasing the profit
agenda and it can be consider that an organisation need to manage and maintain all risk factors in
management approach effectively (Earle, Siegrist and Gutscher, 2010). As per the case study,
fish co. have effective catching process operation which are manually done by collected by
vehicles and automated from this points. The procedures and techniques in advanced industry
fisheries which are designed to reducing the rough handling of fishes processing, heavy manual
lifting and inappropriate position of working that giving effective outcome or result.
6. Recommendations for executing Risk Budget
FINANCIAL INFORMATION FOR FISH CO. 2014-2016
Year 2014 2015 2016
Turnover market sector 200 198 190
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Turnover fish co. 24 23.5 21.5
Gross profit 1.2 1.1 1.05
It can be analysed that the turnover of market sector is increasing in the year of 2014,
lower in the 2016 year. This can be stated that the total gross profit in the year of 2014 is high
and continuously lower the profit ratio of fish co. in the year of 2016.
CONCLUSION
From the above mentioned report it can be analysed that In modern time period, the
technology play an important role in bearing with major risk factors. Technology has been
changing the way that need to be done effective business. For ensuring the adequate and timely
risk need to be identification is perform is the main responsibility of business owner, so the
business owner is the first member participant in the company project. There are various
techniques and method which are used for analysing the major risk factor and this will directly
effect on FISH company management system.
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