Answer the following question Q. 1 What risk can a business face due to a supplier and what are the risk control steps that a business can put in place regarding its suppliers? Provide examples to illustrate your answer further. Risk control steps 1.Existing Quality Assurance or control programmes 2. Product liability program and quality Assurance codes of practice 3. Elements of quality assurance -Management responsibility -The quality system - Contract review - Docu,ent control 2. Cost-of-risk is the sum of insurance costs; unreimbursed losses; risk control and loss prevention expenses; and administrative costs. Discuss administrative costs. Provide a practical example to explain administrative costs 3. Apply the fundamental concepts included in the definition of enterprise risk management (ERM) to a business of your choosing
Answer the following question
Q. 1 What risk can a business face due to a supplier and what are the risk control steps that a business can put in place regarding its suppliers? Provide examples to illustrate your answer further.
Risk control steps
1.Existing Quality Assurance or control programmes
2. Product liability program and quality Assurance codes of practice
3. Elements of quality assurance
-Management responsibility
-The quality system
- Contract review
- Docu,ent control
2. Cost-of-risk is the sum of insurance costs; unreimbursed losses; risk control and loss prevention expenses; and administrative costs. Discuss administrative costs. Provide a practical example to explain administrative costs
3. Apply the fundamental concepts included in the definition of enterprise risk management (ERM) to a business of your choosing
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