Sample Essay
Aside from this the company can also improve the identification of risk by integrating risk identification practices into the business process models. This would enable Excel limited to identify the source of the risks that can affect the company adversely and therefore provide a comprehensive picture of the current weaknesses of the company.
The best process for risk identification and management of the company can adopt pertains to the one provided by Haines. Excel limited should identify the risk first then assign a quantitative value to the risk in order to enable measurement of the effects of the risk, then invest time in evaluating the risk and realizing the effects that it can have on the performance as well as the business processes of the company. Lastly the company should determine the contingencies through which the company can avoid the risk or minimize it. The company faces risk in terms of losing out to the competition and being highly liquid with excess money trapped in the inventory. These risks can be managed through the process highlighted above.
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