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Business Continuity Issues Faced by LomaxLenses - Research Paper Example

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The author of this research paper "Business Continuity Issues Faced by LomaxLenses" highlights that there is no internationally recognised and established agreed definition of risk. Traditionally, risk has been defined as the likelihood of an event taking place along with the unfavourable consequences…
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Business Continuity Issues Faced by LomaxLenses
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Download file to see previous pages In the inventory management, the risks comprise of the absence of inventory management system, inventory theft and unauthorised dispatch. In the purchasing, the risks include unbudgeted purchases and unauthorised purchases.
Verification has been defined as confirmation of the system along with the data accuracy (Matthews and Shilling, 2008, p. 12). Numerous organizations prefer to put in place a strong sales verification process. In which, the sale is cross-checked and verified by someone other than the salesperson. Verifying and inspecting sales on a routine basis ensures that sales are appropriately recorded and is properly reflected by the accounts. However, LomaxLenses has not put in place this very important sales verification process. The company has been performing well and healthy sales forecast has been made but in the absence of any strong checks on the sales, the company faces strong sales risks and may be experiencing unhealthy business continuity.
Actual monthly and annual sale information will not be available. In which, it would be considerably difficult to ascertain a number of units sold during a particular month or year. Subsequently, this would create a situation in which annual financial statements would not be correctly developed and announced. Even if, the financial statements are prepared, the auditing firm may raise many questions about the accuracy of the sales figures and the number of units sold in a particular period of time. Hence, the company would be heavily affected by the severe effects of the absence of sales verification process.
The risk score of the absence of verification is eight out of ten, which is eighty per cent. The rationale behind suggesting the risk score is that the company has not put in place the sales verification process in the company. Although it is using e-business structure, the chances of accurate and representative data remain marginal. ...Download file to see next pagesRead More
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