Risk Management
Author: Nur Dalila Ismail (Management Consultant)
Prices of petrol and diesel had been placed on a managed monthly float system since 1st December 2014, following the removal of fuel subsidies. Not long after that, on 29th March 2017, the weekly fuel pricing mechanism came into effect.
Recent update on 25th October 2017, the fuel prices are going up and up again with a 3 sen increase per litre for RON 95 and 3 sen hike for RON 97 while diesel go up by 2 sen. Fuel prices have been fluctuating. The prices were announced on the domestic trade, cooperatives and consumerism ministry’s Facebook page and Twitter account. The inconsistent prices of fuel may be a risk to businesses as we need logistic services every day to send our products to customers.
What is Risk Management?
Risk is the main cause of uncertainty in any organisation. Risk management is:
- Identify the problem and/or risk question, including pertinent assumptions identifying the potential for risk
- Assemble background information and/or data on the potential risks relevant to the organization
- Identify a leader and critical resources
- Specify a timeline, deliverable, and appropriate level of decision making for the risk management process
How ISO 9001:2015 can help you?
By understanding potential risks to your business and finding ways to minimize their impacts, you will:
- help your business recover quickly if an incident occurs or at least cope with the impact
- identifying, managing, monitoring, and reducing the compliance risks key to your business.
- identify business opportunities that contribute to bottom line improvements and effectively manage your risks.
- save your valuable resources, time, income, assets, people, property and increase the stability of your operations.
To understand more about ISO 9001:2015 Quality Management System, kindly email us at info@nexustac.com.
Source:
Source:
- http://www.brokerlink.ca/blog/risk-management/
- http://www.careersinaudit.com
- http://www.lrqa.com
