Risk management of MacVille Coffee company †MyAssignmenthelp.com

Question: Discuss about the Risk management of an Australian Coffee company MacVille. Answer: Introduction Risk management is the procedure for identifying, prioritizing and assessing the risks that are followed by relevant resources for the minimization, monitoring and management of the probable risks (McNeil, Frey and Embrechts 2015). This is mainly done for avoiding the harmful consequences in any organization. The following report describes about the case study of an Australian coffee company, MacVille. The report covers the review and the monitoring of the risks that are common in MacVille. The report also discusses about the risk treatment, risk controls, the targets, the measures and the results of those risks (Sadgrove 2016). Relevant recommendations are also given in the report. Discussion MacVille is a coffee supplier company in Australia. The main business of this company is to import coffee and supply several restaurants and cafes with high quality coffee (Hull 2012). The entire risk management process for MacVille is given below. Risks Identification The risks that are common in the MacVille Company are as follows: Strategic Risks Operational Risks Financial Risk Compliance Risks This report focuses on the strategic risks of MacVille. The strategic risks of the company are as follows: Strategy Execution Risks: This type of risks occurs when there is a high chance the strategy of a business may fail (Rothaermel 2015). There is a high chance that the strategies undertaken by the company, MacVille can fail during the execution. Strategy Forecast Risks: This type of risks occurs when the strategy of a business is off the mark. The sales forecast that is invalid is an effective example of strategy forecast risk. iii) Technology Strategy Risks: This type of risks occurs when the technology strategy of an organization has a high chance to fail (Sadgrove 2016). The technology risks of any company are extremely common for MacVille. Risk Treatment The risk treatment is the procedure for selection and implementation of several measures for modification of risks. The approaches that are utilized for risk treatment process normally include avoidance, optimization and transfer of risks. MacVille can manage their risks with the process of risk treatment (Hull 2012). The monitoring and the review are the two main processes for the treatment of risks. Risk Control and Measures The various strategic risks of MacVille can be controlled by applying several measures. They are as follows: i) Risk Awareness: MacVille should conduct risk awareness programs in their business for reducing the strategic risks. ii) Skilled Employees: They should hire skilled employees, right from their top management (McNeil, Frey and Embrechts 2015). This will in case reduce or rather eradicate the strategic risks of the business. Results The above mentioned risk control and measures will reduce the strategic risks of the business (Sadgrove 2016). Moreover, it will increase the workforce and the total revenue of the company. Recommendations The recommendations for MacVille are as follows: i) Self Awareness Programs ii) Hiring Skilled Employees Conclusion Therefore, from the above discussion it can be concluded that, MacVille can have several strategic risks. For the achievement of the companys goals and objectives, the strategies undertaken by the company are the engagement of the clients with great service, reduction of expenditure and achievement of financial control, and monitoring the quality of the supplier. The above report describes about the risk management process, which includes the identification of risks, treatment and control of risks with proper measures, the results from those risks and significant recommendations for the case study. References Hull, J., 2012.Risk management and financial institutions,+ Web Site(Vol. 733). John Wiley Sons. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press. Rothaermel, F.T., 2015.Strategic management. McGraw-Hill Education. Sadgrove, K., 2016.The complete guide to business risk management. Routledge.