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.

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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?

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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?

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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

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