Assignment sample BN4206 Risk and Value Management
Introduction
Sanborn Ltd. is a very growing company that makes products for floor cleaning. This company has come under the eminent company of the UK, which has served its products throughout the UK as well as Europe. The company is situated near the industrial park in the town. There is also a small village near the factory where three types of housing are present. The habitat of people living near this company is estimated at 3000. Besides the factory, there is a river named “Sleez” that is full of fish, and various small-scale industries related to fishing have also thrived in those local places (Siriwardana, Jayasiri, and Hettiarachchi, 2018).http://BN4206 Risk and Value Management, However, due to the huge amount of chemicals that Stanbor Ltd. company produces every day, all of these chemicals are also accumulated in the water, which has affected the local people as well as the fish as well.
This discussion will be based on the various approaches that can help the company as well as the environment sustainably and increase the risk management skills of this company.
Task 1
Identification and brief profiles of appropriate project risk
Companies are struggling to meet the high demand that has come from various European countries. The countries’ stakeholders have agreed to expand this business to make it more in demand. To fulfill its demand, it is very important for the company to improve its section as well as install various equipment (Chatterjee, Gerdes, and Martinez, 2020).http://BN4206 Risk and Value Management However, it is also stated that the implementation of all these technical tools can create an adverse situation for the local people. In such situations as,
- If it takes the initiative for the company, it can damage the water’s inheritance and the variety of aquatic organisms in the river. Due to organic matter as well as nutrient causes, the aerobics that produce it decrease the oxygen volume in the water. And this is the reason that the fish in this pond feel suffocation, which can cause death of the fish.
- Heavy arsenic in the water, can cause the mortality of fish, as well as other inhabitants that have lived in the river (Shad et al. 2019).http://BN4206 Risk and Value Management
- Besides the company, the reason is that there is a village where 3000 people live. Villagers are generally used to taking the water by using it for household chores like cleaning clothes, washing their utensils, and taking baths. Applying all this river water can cause various diseases in these villages, such as skin allergies and different kinds of skin diseases as well, which are very dangerous for the human body.
- Water pollution can cause various kinds of bone-related diseases in the villagers. It can also cause the loss of vision. It can also have importance among males as well as females. It can also cause tuberculosis and different kinds of diseases that can make people die (Hopkin, 2018).http://BN4206 Risk and Value Management
Quantitative risk analysis with appropriate responses using an appropriate risk register
Because checking that the company’s expansion venture can bring various types of risk analysis, such a risk is due to the water pollution that has caused a huge amount of chemicals in the river. It can be a barrier to the development of urban areas. The company will take the initiative to encode various tools which can affect the river as well as the villagers, such as the disposal of sewage. On the other hand, it is also stated that the initiative can cause the runoff of the fertilizer as well as the oil into the water, which is very dangerous for the fish and other animals living under the river (Catanzaro and Teyssier 2021). http://BN4206 Risk and Value ManagementBecause of the initiative, it can also harm various insects besides the river due to the chemical. Because the water can cause dangerous signs of disease to the villagers, it can cause various kinds of heart-related diseases, bone diseases, and skin diseases as well.
| Risk register |
| Risk | Description of the risk | Solution for the risk | Resource | Time |
| Influence on human health |
Due to the huge amounts of chemicals that have been drastically mixed with the water, it can cause various human diseases such as cancer, various skin diseases, and even tuberculosis if the water is taken by the villagers (Ozdemir, 2018).http://BN4206 Risk and Value Management
|
The company should use that kind of chemical that is not too harmful to the water. It can also help or remove it by the implementation of some chemical that can keep the water pure. People can use it.
|
Information has been gathered from secondary sources such as journals and articles. | 1 month |
| The quality of the drinking water is affected. | contamination caused by water The use of numerous types of harmful chemicals in the factory’s water can result in a significant reduction in the quality of potable water. Dangerous chemicals can cause a variety of ailments if the water is tested as drinking water. | It is feasible to give the villagers preventive steps to aid with the drinking water by doing various tests. | Secondary sources | 2-3 weeks |
| affect the organisms of the water | Due to water pollution, there are a huge number of heavy organisms that live in the water, such as fish and various kinds of animals. It is very dangerous for them. Due to the incrementation in arsenic and various kinds of dangerous diseases, the lifetime risk of those animals can increase. | The appropriate solution for the situation is to use appropriate things that do not harm the environment, as various implementations of various advanced technologies can help to reduce the chemical from the water. | Information has been gathered from the internet. | 2- 4 weeks |
Task 2
Clear identification of a business-specific value chain (not a generic value chain) for your company
The value chain stands for various business-related activities as well as the involvement of the process in creating the product and the performance of the services. Value chains help a product get the appropriate service from the life cycle as well as the development, including with their research regarding the service and everything in between the product (Gritzalis et al. 2018).http://BN4206 Risk and Value Management
Figure 1: Technology Integration importance chain
(Source: Gritzalis et al. 2018)
In this context, supply chain management is very appropriate for a business like Stanbor Ltd., In this context, the Stanbor Ltd. company needs to implement the technology as well as plan the integration value chain. The implementation of this solution can help Stanbor Ltd. resolve the existing problems as well as the new problems associated with giving various kinds of tests. It can also help the company to increase its chain visibility appropriately. So, before implementing any IT technology, companies can understand its effectiveness (Andiyappillai and Prakash 2020). http://BN4206 Risk and Value ManagementThis chain is ideal for this company because it can reduce costs by streaming data capture and understanding various errors that can occur in the manual process. It is also helpful to understand the estimation of the real fact as well as its significance across the entire supply chain, which can help the company that is doing well as well as the expectations of the business that can be improved by the implementation of this chain management in Stanbor Ltd.
Identification of achievable non–value-adding workouts and glimmers of appropriate value-adding modifications
A non-value-added strategy helps the company improve the performance of the goods or services supplied to the consumer. A systems integration investigation searches for all of these tasks and attempts to remove them for Stanbor Ltd. It can also cut expenditures while also enhancing the timeliness of its procedures if it does it this way. It is because of the various adding activities that can help the company find various pieces of information, such as various errors that were identified while dealing with all the processes of the company. This technique is also very essential for processing mistakes (Aryal et al. 2018). http://BN4206 Risk and Value Management If the company is facing any kind of mistake, this technique enables the company to take the appropriate steps.
Figure 2: Activities of non-value-adding activity
( Source: Aryal et al. 2018)
This technique assists the company’s machinery in understanding various positive and negative aspects of its machinery, which can have an impact on the environment in both positive and negative ways. All of these activities can be considered value-added for the Stanbor Ltd. company. The implementation of queue things can add value to a business in many ways, such as better quality with faster delivery. Offering better quality is always the appropriate way to attract customers. Another example is a product that improves while also adding value to the customer. The convenience of the product is also helpful for the company. Improving customer service is also another important value for the company, which helped it improve.
Task 3
Menace designation and profiling
Through analysis of the problem, it is possible to understand the persistent problem, such as the trigger problem. It is very important to understand the problem for any company to resolve it as soon as possible. After an analysis of the problem, the company needs to act accordingly. It can help to resolve the problem as soon as possible. This involving various employees as well as producing eco-friendly products is very helpful for the environment as well as keeping a very good environment that provides appropriate work. By making an appropriate list of risks, it is also helpful for the company that can take the initiative to remove the days as per the specific conditions for the company. Creating a record of all the risks is also an appropriate strategy for the company because risks are something that can destroy the company (Alicke and Strigel 2020).http://BN4206 Risk and Value Management
Figure 3 : Hazard identification
(Source: Alicke and Strigel 2020)
The company needs to finalize its least to understand the compliance of the list, which helps the company in making a profit strategy. The financial eastern company helps to bring the action of its customers as well as a huge range of customers that can be targeted.
The profiling of the companies is also important to deliver the product with the blueprint of the structure of the organization. In this regard, it is extremely beneficial for corporate factors as well as technology-related information. It is a crucial step for the company to undertake the various appropriate opportunities that can help the company with its improvement. As a result, it is vital to understand both the technological achievements and the negative sides of technology before embarking on the effort (Alicke and Strigel 2020).http://BN4206 Risk and Value Management
Figure 4: Profiling
(Source: Neve et al. 2020)
Contingency plans & response strategy
Figure 5 : Contingency plan for Stanbor Ltd. company
(Source: Shou et al. 2020)
The company’s contingency planning is very much appropriate for the company, which has helped to understand the company’s initiative, whether it will be successful or not, as well as the positive and negative sides of the initiative. It can be stated that the contingency plan for Stanbor Ltd. is a stand-in for plan B, which is what can be used as an alternative to the real plan. The implementation of a contingency plan is very important for this company because it can help with the time as well as money of the organization. This plan also explains how much this initiative can be disastrous for the river animals as well as the human beings who are staying with the company, so it can be stated that this plan is very suitable for life-saving. This strategy is very important because the recovery time is very quick with this plan. This plan is also very helpful for minimizing various damages that may occur due to the various strategies for the company. On the other hand, this planning can be defined as extremely positive as well as a strategy for avoiding unwanted exposure (Neve et al. 2020).http://BN4206 Risk and Value Management
Sanborn Ltd.’s key risk response tactics for threats are to help alleviate, eliminate, delegate, proactively admit, passively recognize, and ratchet up a concern. In principle, a risk action plan and quality contingency planning are the same things.
Conclusion
When it comes to making a business successful in the Run, risk management is crucial. Sanborn Ltd. is dealing with several issues relating to its environmental impact. It is critical to start communicating with management for the organization to succeed. so that an adequate plan may be developed that is beneficial to both the firm and the environment by utilizing numerous strategies such as risk quantitative analysis and the proper risk register, the organization can be rescued from its current predicament. Sanborn Ltd.’s business can also be improved by implementing various business change plans as well as possibly various value-adding activities. In conclusion, it can be claimed that every business has the opportunity to generate adequate profit while also keeping the environment in excellent condition, thus it is this company’s effort to make the ecosystem as well as profitability.
References
Alicke, K. and Strigel, A., 2020. Supply chain risk management is back. McKinsey & Company, pp.1-9.
Andiyappillai, N. and Prakash, T., 2020. Latest developments in logistics and supply chain systems implementations. International Research Journal on Advanced Science Hub, 2(3), pp.12-17.
Aryal, A., Liao, Y., Nattuthurai, P. and Li, B., 2018. The emerging big data analytics and IoT in supply chain management: a systematic review. Supply Chain Management: An International Journal.
Catanzaro, A. and Teyssier, C., 2021. Export promotion programs, export capabilities, and risk management practices of internationalized SMEs. Small Business Economics, 57(3), pp.1479-1503.
Chatterjee, A., Gerdes, M.W. and Martinez, S.G., 2020. Identification of risk factors associated with obesity and overweight—a machine learning overview. Sensors, 20(9), p.2734.
EFSA Panel on Plant Health (PLH), Jeger, M., Bragard, C., Caffier, D., Candresse, T., Chatzivassiliou, E., Dehnen‐Schmutz, K., Grégoire, J.C., Jaques Miret, J.A., MacLeod, A. and Navajas Navarro, M., 2018. Guidance on quantitative pest risk assessment. Efsa Journal, 16(8), p.e05350.
EFSA Scientific Committee, More, S.J., Bampidis, V., Benford, D., Bennekou, S.H., Bragard, C., Halldorsson, T.I., Hernández‐Jerez, A.F., Koutsoumanis, K., Naegeli, H. and Schlatter, J.R., 2019. Guidance on harmonised methodologies for human health, animal health and ecological risk assessment of combined exposure to multiple chemicals. Efsa journal, 17(3), p.e05634.
Gritzalis, D., Iseppi, G., Mylonas, A. and Stavrou, V., 2018. Exiting the risk assessment maze: A meta-survey. ACM Computing Surveys (CSUR), 51(1), pp.1-30.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Neve, H., Wandahl, S., Lindhard, S., Teizer, J. and Lerche, J., 2020. Learning to see value-adding and non-value-adding work time in renovation production systems. Production Planning & Control, pp.1-13.
Ozdemir, B., 2018. Evolution of risk management from risk compliance to strategic risk management: From Basel I to Basel II, III and IFRS 9. Journal of Risk Management in Financial Institutions, 11(1), pp.76-85.
Shad, M.K., Lai, F.W., Fatt, C.L., Klemeš, J.J. and Bokhari, A., 2019. Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, pp.415-425.
Shou, W., Wang, J., Wu, P. and Wang, X., 2020. Value-adding and non-value adding activities in the turnaround maintenance process: classification, validation, and benefits. Production planning & control, 31(1), pp.60-77.
Siriwardana, C.S., Jayasiri, G.P. and Hettiarachchi, S.S.L., 2018. Investigation of efficiency and effectiveness of the existing disaster management frameworks in Sri Lanka. Procedia Engineering, 21
