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 Identify key suppliers or goods and servicesIdentify key marketsInvestigate alternative suppliers and Marketsassess the vulnerability of the supplier and Market to loss of assetsAssess the ability of the key supplier and market to recover from loss of damage to their assets. Q.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 costs3. Apply the fundamental concepts included in the definition of enterprise risk management (ERM) to a business of your choosing

Risk Management is the part of management that deals with controlling the risks and threats to the…

Answered: Q. 1 What risk can a business face due…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

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

Identify key suppliers or goods and services
Identify key markets
Investigate alternative suppliers and Markets
assess the vulnerability of the supplier and Market to loss of assets
Assess the ability of the key supplier and market to recover from loss of damage to their assets.

Q.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

Expert Solution