Risk Register for Andromeda Global Fashions Ltd. Contents Contents 2 Introduction 3 The Company 3 Eight Different Risks emanating from the Global Workplace 3 The Risk Register 4 Elucidation of the Emergence of one of the Risks relating to the Company 4 The Sources for the Different Risks 4 Evaluation of the Risk Level of the Different Risks 5 Severity of the Impact 5 Likelihood of Occurrence 6 Likelihood of Controlling Such 6 Strategies to Combat the Different Risks 7 References 11 Contents 13 Introduction 14 Effective Strategic Changes 15 Ethical Use and Protection of Sensitive Data 16 Communication Strategies during the Disruption Process 17 Restoration Strategies after the event of Disrupt…
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The global fashion house earns popularity through sales and marketing of designer garments of both sexes and also specialises on the sales of children wear. Eight Different Risks emanating from the Global Workplace The fashion retail company operating on a global scale is found to combat different types of risks. Firstly the company earns the risk in getting a favourable location for the effective running of its business operation in the foreign market. Secondly the company also faces the risks of not being able to effectively engage in joint venture or partnership ventures in foreign markets. Thirdly the retail company also faces the threat of getting the right supplier to help the retail company meet business needs. Fourthly the retail company also faces difficulty in rightly promoting its products owing to several cultural and political constraints. Fifthly the retail company is also threatened by the rise in counterfeit market in the global regions. Sixthly the company also may face severe restrictions pertaining to customs and other security sectors for which trade in foreign countries gets hampered. Seventhly the company may face growing trouble in regards to acquisition of existing firms to expand its business operations. Finally the staffs of the company operating in global markets owing to lack of control may go for accepting bribes which in turn hampers the business legacy. Above are underlined eight possible risks that a retail company operating in the global sphere may face (Taylor, Sibery and Loughman, 2011, p.361-362). The Risk Register The risks of the company being underlined the managers can well design a risk log or register to note the different risks in a sequential manner. Separate log numbers can be rendered for the different risks listed. Further separate columns need be created for noting down the different type of actions taken by the managers in such respect and the name of the action holders (Lock, 2007, p.104-105). Elucidation of the Emergence of one of the Risks relating to the Company One of the severe business risks run by the retail companies while operating in the foreign markets is running the threat of availability of large scale substitute products. These products are manufactured by local companies and are advertised through the help of television and internet to catch the attention of local people. Large scale availability of such substitutes happens to eat the market for the products and also to render harmful effects like brand dilution. Small local retailers tend to use the same brand logo used by Andromeda Global Fashions on their produces to make them look the same. These products being sold at low prices prove to be a cost effective option for the consumers thus contributing to the formation of substitute products (British Retail Consortium, 2006, p.114). The Sources for the Different Risks The risks pertaining to the lack of availability of specific zones for carrying out its retail operations emerges from the large scale occupancy of available land for residential and other purposes. Moreover in
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