– What risk management issues would you confront in a retail organization? Explain your answer.

Instructions: After reading the weeks material, address the following:

– What risk management issues would you confront in a retail organization? Explain your answer.

MODEL ANSWER

A retail enterprise just like any form of business is prone to many risk management issues which if not well taken care of can lead to their collapse. The risks emanate from either the management, employees, products being sold as well as the management structure. The first risk management xxx that a retailer can encounter is lack of risk decision making structure as well as lack of a proper decision making process . In most cases, the management fails to make xxx decisions for fear of having negative xxx. For instance, a retailer may fail to employ more staff for fear of a decline in profits. However, such a risk management decision can be the source of improved productivity. It is therefore important that retail organizations learn to strike a balance. Moreover, retail organizations may not have proper structures that can xxx very critical risk based …

A retailer may also not have meaningful risk assessment processes yet it is very important for any business venture. Such assessments make it easy for a retail organization to be xxx for any eventuality. Other retailers may not have enough expertise to undertake a clear compliance risk assessment and ensure the business is well …

A retail organization xxx also run the risk of lack of open and risk-ware culture. As a way of encouraging employees and retail managers as well as their customers to relate xxx, there has to be a culture of xxx and accountability. However, such organizations run the risk of not having an open minded system that can allow free contribution on matters business management. Independent decision making processes by managers in such organizations…