Risk Management

Oct 23, 2017 | Quality

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.

post risk management 01
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?

post risk management 02

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?

post risk management 03

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:

  1. http://www.brokerlink.ca/blog/risk-management/
  2. http://www.careersinaudit.com
  3. http://www.lrqa.com

Our Services

education icon 09

Consultancy

general icon 42

Training

ecology icon 12

ESG

devices icon 01

Business Digitalization

Podcast

Tune In, Get Inspired.

Webinar

Connect & Learn.

w

Get In Touch

Damansara Intan e-Business Park, Unit C-02-08 (lobby 4) Block C, No 1, Jalan SS20/27, 47400 Petaling Jaya, Selangor, Malaysia.

T: +603 – 7728 1637 /
T: +603 – 7728 1590

W: +6013 – 294 3885

E: info@nexustac.com

Seamless process and the consultant is able to work directly with the MR & farm's management to get the things done.
QL Resources Berhad
Seamless process and the consultant is able to work directly with the MR & farm's management to get the things done.
QL Resources Berhad
The trainer was able to provide us with practical tips and tools that we could easily implement in our work life. Their teaching style was engaging and effective, and I felt confident that I would be able to apply what ...
Read More
Eastern Pretech (Malaysia) Sdn Bhd
The trainer was able to provide us with practical tips and tools that we could easily implement in our work life. Their teaching style was engaging and effective, and I felt confident that I would be able to apply what I learned in the session to my day-to-day work. Overall, I found the training to be very helpful.
Eastern Pretech (Malaysia) Sdn Bhd
Presentation and training were clear, concise, and interesting. They gave examples throughout the session, which helped me and my colleagues to understand the material better. Overall, we found the training to be excellent, and I would highly recommend!
CCS Corporation
Presentation and training were clear, concise, and interesting. They gave examples throughout the session, which helped me and my colleagues to understand the material better. Overall, we found the training to be excellent, and I would highly recommend!
CCS Corporation
The trainer has a very good foundation in the subject matter and communicated clearly and effectively throughout the training, using language that was easy to understand and explaining complex concepts in a way that was accessible to everyone in the ...
Read More
Brahims Food Services Sdn Bhd
The trainer has a very good foundation in the subject matter and communicated clearly and effectively throughout the training, using language that was easy to understand and explaining complex concepts in a way that was accessible to everyone in the audience. They also took a personalized approach to the training, taking the time to understand the unique needs and learning styles of each participant, and tailoring the training to the specific needs of our organization.
Brahims Food Services Sdn Bhd
One of the best trainers we ever engaged with. Thumbs up! The trainer’s expertise and knowledge in the subject matter were exceptional, and their insights and advice were invaluable. They made the training interactive and engaging.
DXN Industries (M) Sdn Bhd
One of the best trainers we ever engaged with. Thumbs up! The trainer’s expertise and knowledge in the subject matter were exceptional, and their insights and advice were invaluable. They made the training interactive and engaging.
DXN Industries (M) Sdn Bhd
Great training! They went above and beyond to make the subject interesting. The trainer did an excellent job of engaging the audience and bringing the material to life. The teaching style was energetic and enthusiastic, and trainer clearly put in ...
Read More
Hap Seng Trucks Distribution Sdn Bhd
Great training! They went above and beyond to make the subject interesting. The trainer did an excellent job of engaging the audience and bringing the material to life. The teaching style was energetic and enthusiastic, and trainer clearly put in a lot of effort to ensure that everyone was able to follow along and understand the material. I found the training to be both informative and enjoyable! Highly recommended!
Hap Seng Trucks Distribution Sdn Bhd
The trainer highlighted important keywords throughout the session, which made it easy to understand and remember the most important concepts. They were able to explain complex ideas in a way that was accessible to everyone in the audience.
Hitachi Elevator Engineering
The trainer highlighted important keywords throughout the session, which made it easy to understand and remember the most important concepts. They were able to explain complex ideas in a way that was accessible to everyone in the audience.
Hitachi Elevator Engineering
It was one of the best training experiences I have had. The trainer was engaging and supportive throughout the session, and they demonstrated excellent teaching skills. They took the time to interact with each participant, and their sincerity to teach ...
Read More
Sime Darby Industrial
It was one of the best training experiences I have had. The trainer was engaging and supportive throughout the session, and they demonstrated excellent teaching skills. They took the time to interact with each participant, and their sincerity to teach was evident in the way they delivered the training. I felt encouraged and motivated to learn!
Sime Darby Industrial
Very helpful consultant and the service provided is good.
HK3 Marketing
Very helpful consultant and the service provided is good.
HK3 Marketing
Despite some delay to postponed the plan our request, the overall ISO45001 migration was done perfectly ontime and able achieve ultimate goal to have a successful audit for ISO 45001 certification. Nexus provided us a good experience through this challenging moment ...
Read More
Endress + Hauser (M) Sdn Bhd
Despite some delay to postponed the plan our request, the overall ISO45001 migration was done perfectly ontime and able achieve ultimate goal to have a successful audit for ISO 45001 certification. Nexus provided us a good experience through this challenging moment during the COVID pandemic. Consistently supporting us along with guidance provided that made us successful sailed through with this tough period.
Endress + Hauser (M) Sdn Bhd

Contact Us

Share your contact details through the form below or reach out to us using the contact information provided.

Let’s have a conversation that can truly make a difference for your business.

Contact Form
Target date to start project / training.
How can we help you? The more details, the better!

Get ISO Tips & News From Nexus Consultancy

Sign up to Nexus Consultancy emails and stay up to date with useful ISO tips, news, special offers and more.

Related Articles

OSHA (Amendment) Act 2022 Coming into Effect 1 June 2024

OSHA (Amendment) Act 2022 Coming into Effect 1 June 2024

Unlocking Success: Overcoming 5 Common Challenges in Management System Risk and Opportunity Assessment

Unlocking Success: Overcoming 5 Common Challenges in Management System Risk and Opportunity Assessment

Understanding ISO Risk and Opportunity Assessment: Strengthening Business Resilience

Understanding ISO Risk and Opportunity Assessment: Strengthening Business Resilience

10 Things You Need to Know Before Implementing an ISO 9001 Quality Management System

10 Things You Need to Know Before Implementing an ISO 9001 Quality Management System

Good Distribution Practice for Medical Devices (GDPMD)

Good Distribution Practice for Medical Devices (GDPMD)

GMP TMHS & Cosmetics

GMP TMHS & Cosmetics