Free Business Dissertations - 4.0: Risks In The Brand Plc Business The Potential Risks Identified In The
4.0: Risks in the Brand Plc business
The potential risks identified in the business are listed below
External
Drivers with bad history
Lack of comprehensive checking and verification of the customer’s credit history
Competition and the risk of loosing potential customers due to poor quality of service
Internal:
Inconsistent information that hinders decision making both at tactical and managerial level.
Operational issues leading to low staff turnover eventually hindering the company performance and targets
Risk of improper or inefficient deployment of the workforce within the company.
4.1: Role of Risk Management in Brand Plc
Risk management is the process of identifying, analysing and the economic control of the risks that threaten the assets as well as the entire business of the organization. In the light of the above statement, risk management can achieve the following:
Screening of the Drivers
Through conducting extensive and quick checks of the driver history to judge his/her efficiency in driving the automobile rented without causing damage will not only eliminate the risk of renting the cars to drivers with bad driving history but will mainly reduce the operating costs of the business by reducing the expenses on repair and maintenance of the vehicles. Also the efficient management of this risk will ensure the availability of the automobiles to genuine customers thus increasing the revenue.
Credit Check of the customers
Through the efficient credit check process and screening of the customers based on the credit history, it is not only possible to eliminate the customers with bad credit history but can provide effective service to customers who meet the requirements. This will eventually increase the customer response and the return of the cars with proper payment and low damage apparently increasing the service level to the customers as well as increasing the number of customers served. This proves that the monitoring of the risk of bad credit history of the customers will increase the sales as well as customer satisfaction
Monitoring Competition
Competition is a critical risk for the company since the emergence of a new competitor is mainly with respect to demand created in the target market that was not efficiently addressed by the existing competitors. The risk of poor market awareness once managed effectively through comprehensive market management will apparently increase the company’s ability to respond to competition in the market from both the local vendors as well as the global competitors.
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