Risks Associated With An Individual Perspective Of A Risk...

*In a manufacturing company process consideration is needed to be given to the potential risks associated with ongoing day to day activities. Risks can arise due to the nature of the materials in used, the equipment, the people, and so forth. However, it is important that a program is put into place which identifies the various risks that can occur, to understand the probability of the risks occurring and the potential impact on the business, the staff, the shareholders, customers, suppliers and the community, were a risk can be identified. *Nonetheless, in order to provide a structure for risk analysis, and to help with the allocation of the responsibility for managing the different types of risk, risks need to be categorized properly. In a manufacturing company the individual perspective of a risk management program would be to minimize injury to staff, to customers, or the local community. Otherwise, the focus may be on the financial risks, which is an important part of the busin ess or the impact on shareholder financial returns. Many manufacturing businesses are motivated on keeping a good reputation, and any potential damage to the business reputation could have a long term effects, therefore, the risks could impact on the reputation of the organization which will need to be identified and controls implemented to reduce the potential risks. When a manufacturing business wants to understand and control their risks, every manufacturing process there will be a need for aShow MoreRelatedComparison Paper1140 Words   |  5 Pagespublic programs like Medicaid and Medicare strains state and federal budgets. 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