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Risk Assessment

Maintaining Supply Chain Efficiency and Tackling Potential Challenges with Risk Assessment Solutions for a Heavy Equipment Manufacturer

The manufacturing industry has witnessed significant transformation in recent years. The advent of the Industrial Internet of Things (IIoT), smart factories, and automation has helped companies improve efficiency, tackle various supply chain challenges, overcome production and development roadblocks, and hire more skilled labor. As the industry continues to grow, many companies are struggling to keep pace with the fast-paced market and conduct a necessary risk assessment, to identify and address obstacles, and challenges.

There has been a significant upsurge of demand in the heavy equipment manufacturing market, and manufacturers need to maintain proper demand management, risk management, and supply chain systems. The first step to maintain visibility, transparency and business continuity in the industry is to leverage risk assessment solutions, mitigate potential challenges, and secure operational efficiency. Infiniti’s market research experts help heavy equipment manufacturers identify, evaluate, and address various market risks with comprehensive risk assessment solutions, actionable insights, and unparalleled strategies.

Struggling to keep pace with the fast-changing manufacturing industry? Request a free proposal to leverage Infiniti’s business solutions and stay a step ahead of the curve.

Client Profile

The client is a renowned heavy equipment manufacturer based in the APAC region. It produces a range of equipment for construction and mining companies in various countries and sought to ensure efficiency by tackling all potential market risks due to the industry’s constant changes.

Business Challenges

The client witnessed numerous significant changes within the industry and wanted to develop efficient management systems to avoid negative business implications on their stable growth. The heavy equipment manufacturing firm had experienced a significant upsurge in demand due to the rise in urbanization, government investment in construction, and infrastructure improvement in developing countries. However, heavy equipment market players struggled to keep pace with changing regulations, employee and labor safety concerns, and shortage of skilled labor. These challenges caused substantial risks such as hampering production due to non-compliance, potential legal issues due to injury, and inability to maintain operational efficiency across the supply chain. Therefore, the client sought to leverage Infiniti’s leverage risk assessment and management solutions.

Although demand has risen significantly, heavy equipment manufacturers face a variety of industry risks and challenges constantly. Request more information to learn how our risk assessment solutions mitigate potential losses, improve efficiency, and maintain a strategic edge.

Our Risk Assessment Engagement Approach

Infiniti’s market research experts developed a detailed risk assessment engagement to help the heavy equipment manufacturer overcome industry challenges and potential risks. The approach included four phases.

Our experts conducted in-depth qualitative and quantitative research to help the client identify industry developments, trends, changing regulations, and growth drivers in the market. Additionally, through comprehensive discussions with industry stakeholders and relevant data from reliable secondary sources, Infiniti’s market research experts provided the clients with clear insights into the impact of various factors on businesses within the APAC heavy equipment manufacturing industry.

In the second phase, Infiniti’s experts conducted an industry best practices assessment to identify industry leaders and competitors’ successful safety and supply chain strategies, help the client address weaknesses within their supply chain, and develop data-driven strategies to mitigate future complexities.

A risk assessment analysis helped the experts identify and highlight the significant risks impacting the heavy equipment manufacturing industry, including constantly changing safety regulations in different countries and import policies. The risk assessment also aimed to identify factors causing raw material price fluctuations and evaluate reasons for the shortage of skilled labor and high employee turnover within the industry.

The last phase included developing risk management systems to help the manufacturing firm tackle various labor, safety, regulatory, and financial challenges. Infiniti’s experts provided data-driven recommendations to enable well-informed business decisions and mitigate risks.

Business Outcomes of the Risk Assessment Solutions

Infiniti’s comprehensive risk assessment engagement helped the client preemptively tackle potential industry challenges, predict and overcome sudden changes, and maintain efficiency along their supply chain. The heavy equipment manufacturer successfully identified, evaluated, and formulated strategies to tackle industry risks with our experts’ insights. With a robust guide to various country policies and a system to track and understand changing regulations, the company avoided sudden production challenges and maintained productivity. Additionally, they developed methods to attract and retain skilled labor, improved employee policy, ensured better employee safety, and mitigated the possibility of injuries. The risk assessment solution also helped the client identify industry best practices, adopt effective strategies to maintain supply chain and operational efficiency, and produce high-quality offerings with improved speed-to-market. The engagement enabled improved productivity, higher profitability, comprehensive risk management systems and helped the client realize significant savings by preparing for price changes and overcoming supply chain shortcomings.

Speak with our industry experts to leverage our risk assessment solutions and develop data-driven systems to mitigate risks, increase profitability, and maintain supply chain efficiency.

Risk Assessment + Ready-to-Eat Food

Addressing and Mitigating Supply Chain Risks in the Ready-to-Eat Food Market with Risk Assessment Solutions

Ready-to-Eat Food Market Overview

The evolving global economy and a steadily increasing need for employment have made convenience the primary focus for consumers. With digitization, travel, accommodation, communication, and leisure have become convenient and easy to access. Additionally, with delivery services and mobile applications, everything from groceries to fully prepared meals from favored restaurants is a single online transaction away. The food and beverage industry has increasingly felt the pressure of consumer needs and demands to create an alternative to microwavable, packaged, ordered food, or more. Therefore, the ready-to-eat food market has grown exponentially in recent years.

However, without a risk assessment, most companies face severe challenges and disruptions.  Although increasing urbanization, rising health consciousness, and the growing working population have led to a surge of growth and profit in this market, the ever-increasing demand has also made it challenging for companies to ensure supply chain efficiency and stay ahead of all market dynamics and risks.

Overcoming challenges in the difficult ready-to-eat food market requires a comprehensive understanding of the potential market and supply chain risks and brilliant risk mitigation strategies. Request a free proposal to learn how Infiniti’s risk assessment solutions can help your business.

Risk Assessment Engagement Overview

Risk assessment solutions aim to help companies gain a comprehensive overview of their market and its challenges. It also provides market players with in-depth insight into current and potential risks in their market and enables efficient risk management strategies. In this engagement, Infiniti’s risk assessment experts helped a ready-to-eat food manufacturer identify market and supply chain risks and develop strategies to overcome them. Our experts leveraged a risk analysis, market trends analysis, and industry best practices assessment to help the supplier.

Client Profile

The client is a renowned ready-to-eat food manufacturer based out of the United States, distributing across North America.

Business Challenges

As the ready-to-eat food market continues to grow at a substantial rate, the manufacturer struggled to address major challenges along the supply chain that caused significant losses. These challenges included issues with supply continuity, contamination risks, and consumers’ changing preferences. Various complexities, including limited suppliers and inventory capacity shortages, were becoming evident along the supply chain and limiting growth for the client. Additionally, without proper storage, the client risked contamination of their products during transit, consequently risking severe backlash from their consumers. In an industry as versatile and consumer-centric, changing consumer preferences may cause further inventory and supply chain challenges. To address these varying issues, the ready-to-eat food market client chose to partner with Infiniti Research and leverage our expertise in offering risk assessment solutions to identify, evaluate, and mitigate all potential risks in the market and supply chain.

Risk Assessment

Consumers’ changing preferences can be the most significant challenge and risks in a consumer-centric market, such as food and beverage. Request more information to learn how businesses can stay a step ahead of consumers and competitors with our solutions.

Our Integrated Risk Assessment Approach

Infiniti’s risk assessment experts worked closely with the manufacturer’s team to identify the industry’s major challenges and develop a comprehensive approach to address all current and potential risks. The four-phased process included the following:

  • A risk analysis was conducted to identify risks along the supply chain for the ready-to-eat food manufacturer. The process aimed to address the dangers of limited suppliers and inventory capacity shortages and offer comprehensive solutions to mitigate the risks.
  • The experts conducted a market trends analysis to identify upcoming trends in the food and beverage industry and identify factors influencing consumers’ changing preferences to help the manufacturer prepare for forthcoming changes and mitigate the risk of sudden changes.
  • To address the risk of contamination, Infiniti’s risk assessment experts utilized an industry best practices assessment to assess competitors’ and industry leaders’ strategies, storage alternatives, and supply chain plans and help the client adapt their approach accordingly.

Business Outcomes

Leveraging Infiniti’s risk assessment solutions helped the ready-to-eat food market client identify and overcome the various challenges within the market and supply chain. The risk analysis helped the manufacturer mitigate the risk of limited suppliers by identifying more partners and local suppliers to prepare for potential challenges, crises, or logistical mishaps. The client also implemented improved inventory management solutions to reduce wastage and increase the functionality of their inventory.

By understanding upcoming market trends and constant factors that influence consumers’ preferences, the manufacturer adapted its offerings as per demand. Additionally, the client was able to keep track of future market trends and changes and ensure that their offerings kept pace with consumers’ changing needs. Further, after conducting the industry best practices assessment, Infiniti’s risk assessment experts recommended investment into temperature-controlled transit vehicles for their products, particularly ready-to-eat food that may spoil. The client invested their resources as per Infiniti’s risk assessment experts’ insights, reduced losses, and costs, increased revenue, established themselves as an industry leader in the United States, and gained significant market share within two years.

Attempting to address the various supply chain risks in the ready-to-eat food market? Speak with our risk assessment experts to learn how our solutions can help you identify, understand, and mitigate risks with in-depth insights and data-driven recommendations.

Marketing Strategy

Food Processing Industry: Mitigating Risks and Surviving the COVID-19 Pandemic

The advent of the food processing industry is commonly credited to the makeover and reshaping that technological advancement brought to the food and beverage industry. While the industry suffered significant losses during the financial crisis of 2007-08, it rapidly recovered in the mid-2010s and continues to grow. However, the challenging aspects of the COVID-19 pandemic led to a substantial reduction in revenue due to reduced disposable incomes, and suffering GDPs across the globe.

As the food processing industry attempts to recover from the aftermath of the pandemic, industry leaders are encouraged to identify, evaluate, and mitigate the risks in the market. Consumers’ changing preferences, supply chain disruptions, current economic conditions, and, most importantly, food safety, are some of the risks of food processing. Consequently, food processing companies are shifting their focus on risk management solutions.

This market is also influenced by various dynamic trends and significant growth drivers. Trends such as the innovation of technologies that reduce the detrimental impact on food, and maintain higher nutritional value, are having a major impact on the market. The demand for ready-to-eat meals, changing lifestyles, and an increasing population of nuclear families is acting as highly impactful market growth drivers. However, due to the risks mentioned above in the food processing industry, companies are finding it challenging to capitalize on these crucial growth drivers efficiently.

Therefore, food processing companies require appropriate risk management solutions to mitigate risk and capitalize on the trends and growth drivers in the market. To help food processing industry players achieve this, Infiniti’s risk management experts discuss the significant risks impacting the food processing industry and detail the benefits of risk management solutions below.

Identifying, understanding, and mitigating risks in the food processing industry is an extremely challenging task. Request a free proposal to gain in-depth insights and guidance from Infiniti’s risk management experts.

Food Processing Industry Risks

Infiniti’s risk management experts identified four significant risks that have impacted the food processing industry for years. However, since the COVID-19 pandemic, the risks have evolved, and companies require a comprehensive understanding of these risks as they currently affect the market. The four most significant risks impacting the food processing industry are as follows:

Food Processing Industry + Risk Management Solutions

Supply Chain Disruptions

Crops, livestock, and other raw materials in the industry are highly prone to exposure, damage, and disruption. Factors such as the weather, rising energy costs, storage constraints, and transportation issues are increasing risks to the supply chain. The disruption caused by these factors can lead to loss of raw material, delays in processing and delivery, and consequentially, substantial monetary losses. Due to COVID-19, energy costs have risen in many geographic locations, while many countries have gone into lockdown, stopping domestic and international transport entirely. These combined factors can make the supply chain processes of food processing industry players highly vulnerable to significant damage.

Potential Safety Hazards

Industrial food processing utilizes heavy machinery, and this often leads to health hazards for employees in food processing companies. Heavy machinery accidents can and do lead to severe injury quite often. To ensure employee safety, food processing companies need to take prior initiatives, provide proper training, and ensure that all appropriate regulations are met. Since the COVID-19 pandemic, this risk has included exposure to the virus. Social distancing and other precautionary measures are and will continue to be extremely crucial for the foreseeable future. The potential spread of the virus within the company can cause significant monetary losses, further spread of the virus, and, more importantly, the possible loss of lives. The inability to safeguard the health and wellness of employees can take a tremendous toll on the entire food process industry and consumers.

Ensuring Food Safety

With the risk of potential supply chain disruptions, ensuring that processed food is not contaminated or damaged in any way can be highly challenging. Additionally, direct human contact, hygiene disparities within the company, machinery issues, and storage challenges substantially increase the risks. With various regulations and rising consumer awareness about health and safety since the start of the COVID-19 pandemic, these risks are being more strictly scrutinized. Direct human contact can cause exposure to the COVID-19 virus and other contagious diseases. Storage issues and hygiene disparities can contaminate or spoil food – particularly meat and crops – in turn, causing a severe backlash from consumers.

Consumers’ Changing Preferences

The changing preferences of consumers are one of the most significant risks in the food and beverage industry. For many segments of the food processing industry, this risk can have a negative impact as well. Currently, consumer preferences and needs are shifting towards healthy, hygienic, and convenient food. This has led to an increased demand for ready-to-eat meals, which is part of the tertiary sector of the food processing industry. With hygiene requirements and expectations increasing due to COVID-19, food processing companies must take an extra step to ensure they meet customer expectations and consequentially increase customer satisfaction. A major consumer-driven trend in the food and beverage industry is the increased awareness about health and wellness. Consumers prefer healthier food products that retain nutritional value and are conveniently available. The secondary and tertiary sectors of the food processing industry must develop strategic processes that enable them to adapt to the dynamic preferences of consumers.

For more detailed insights into the influence of the COVID-19 pandemic on food processing industry risks, request more information.

Risk Management Solutions in the Food Processing Industry  

The risks mentioned above pose significant challenges for food processing industry players. However, there are a plethora of other risks plaguing the industry and companies within it. To efficiently mitigate these risks, companies should be able to identify, understand, and forecast them. Infiniti’s risk management solutions assist companies in achieving this. Our solutions help companies avoid being blindsided by market risks and suffering substantial losses. There are five steps to efficiently implementing risk management solutions. These steps are as follows:

  • Identifying potential and upcoming risks that clients’ business operations are exposed to and informing them of the same.
  • Analyzing the risks to understand other risks and factors within the organization that may be affected by it, as well as the scope and potential impact of the risk.
  • Evaluating and prioritizing the risks according to severity or urgency to ensure major risks are appropriately prioritized and resolved.
  • Eliminating or containing the risk to reduce or stop the potential impact on the clients’ business.
  • Monitoring risks that cannot be eliminated is crucial to ensuring the risk management solution is effective.

Infiniti’s risk management solutions help companies identify potential risks that can be exploited, and mitigate major risks, to help business continuity. Risk management solutions can also help companies reduce annual spending, optimize warehouse management, and identify processes with high risks. During the COVID-19 pandemic, potential risks in the food processing industry have increased exponentially. With Infiniti’s risk management solutions, food processing industries can develop solutions that mitigate supply chain risks, ensure food safety, and stay ahead in this dynamic and highly competitive industry.

Speak to our experts to learn how Infiniti’s risk management solutions can help food processing industry players mitigate market risks and survive the COVID-19 pandemic.

financial risk assessment

Infiniti’s Financial Risk Assessment Solution Helped a Manufacturing Firm Effectively Manage Risks and Enhance their Profit Margin by 22%

Today, manufacturing is no longer simply about making products. The recent technological advancements and the evolving customer demands have made it imperative for companies in the manufacturing industry to explore new ways of capturing market value. With this, companies in the manufacturing industry are under relentless pressure to enhance speed to market and customer engagement.

But, like all other industries, the manufacturing industry is also not free of risks. Some of these risks potentially destroy the business, whereas others cause serious damage that can be costly. In this context, it becomes increasingly important for manufacturing companies to monitor and manage all types of qualitative as well as financial risks in the industry. With over 15 years of expertise, Infiniti Research has helped many companies to identify potential risks in the industry and formulate actionable plans to mitigate them.

Interested to know more about our services portfolio and their advantages for your business? Request a FREE brochure.

Business Challenge

The client is a well-known manufacturing firm based out of Europe. The client was facing challenges in identifying the potential risks impeding their business growth. Some of the factors causing risks were delays from transportation, issues with third-party vendors, tariff wars, security threats, and workforce management challenges. All these risks not only affected the productivity of the company but resulted in financial losses for the client.Subsequently, , the company was not able to achieve their quarterly targets for 2 years consecutively. This affected the company’s gross profit.

Other challenges faced by the client were:

  • The supply chain disruptions were causing major challenges for the client. These delays occurred due to transportation issues and quality control issues with suppliers. Therefore, with Infiniti’s financial risk assessment solution, the client wanted to identify these supply chain risks before they impact the company’s bottom line.
  • As cyber risks posed challenges for major manufacturing companies operating in and around Europe, the client wanted to monitor the security threats and mitigate them.
  • The client also encountered difficulties in staff management and succession planning. As staff management was essential to keep the business running smoothly, the client wanted to evaluate the workforce risks.

With Infiniti’s financial risk assessment solution, the client wanted to identify all the risks affecting the company and make actionable plans to mitigate them.

Solutions Offered and Value Delivered

The experts at Infiniti Research thoroughly analyzed the client’s historical sales data, factors affecting their sales, and major risks facing the company. In the initial phase, the experts analyzed the risks that the business is exposed to in its operational environment. The second phase included analyzing the link between these risks and different factors within the organization. They also carried out a comprehensive analysis of the severity of the risks and how it affected the business functions. The final phase of the financial risk assessment engagement involved prioritizing the risks based on its severity and managing them individually.

With Infiniti’s financial risk assessment solution, the client was able to identify all the risks affecting their organization and prioritize them according to their severity. Infiniti’s financial risk assessment solution also helped the client to understand all the factors affecting their supply chain delays. This helped them undertake the necessary steps to effectively meet the demands of their products. Consequently, they were able to reduce over-stocks and stock-outs. The experts also helped the client to identify all the cybersecurity threats facing their company. Infiniti’s financial risk assessment solution helped them to protect all their critical data. Also, the financial risk assessment engagement helped the client to understand the workforce management challenges and mitigate them.

Furthermore, with Infiniti’s financial risk assessment engagement, the client was able to:

  • Make accurate market forecasts based on patterns derived from historical sales
  • Closely monitor the movements in the market and anticipate activities that could potentially affect the financial aspect of the company
  • Effectively segregate the tasks to prevent possibilities of fraud and internal threats
  • Identify periods of low cash inflows and effectively plan budgets accordingly

With Infiniti’s financial risk assessment solution, the client was able to make better financial planning and meet their quarterly target. Eventually, this resulted in an increase in profit margin by 22%.

A key step to managing your company’s risk is by conducting a comprehensive financial risk assessment. Request a FREE proposal to know how our engagement can help you mitigate the industry risks.

How do you conduct a financial risk assessment?

Financial risk assessment involves a detailed analysis of potential risks affecting the organization. A well-devised financial risk assessment process supports companies in identifying the risks in the industry and provides an opportunity to mitigate the risks that are most likely to occur. Having a financial risk assessment strategy will help companies to prepare themselves financially for the most likely risks in the industry.

There are three basic steps in financial risk assessment.

Gathering industry data – The initial process in financial risks assessment process involves gathering industry-specific data. This involves gathering information about the company structure, client base, third party engagement, and more. The information collected from these sources will help companies understand risks associated with each sector of the organization.

Interviewing key stakeholders – The company should identify key stakeholders in the industry. Gathering information from them will help companies categorize the common risks in the market and prioritize them. By closely monitoring the key competitors, organizations can identify the risk mitigation strategies employed by them.

Documenting the report – The final step in financial risk assessment process involves documenting the findings and developing recommendations for mitigating the industry risk.

CONTACT US to know more about our financial risk assessment solution and their benefits for your business.

Market Intelligence

Assessing Potential Market Risks for a Machinery Manufacturer – Risk Assessment Study by Infiniti Research

Business Challenge 

Manufacturers invest millions of dollars in resources such as machinery, tools, workforce, products, and more. While these resources are necessary for manufacturing companies, they also pose risks for manufacturers. Smallest risks in operations, ranging from theft and property damage to workforce disruptions and natural disasters can heavily impact not only a manufacturer’s bottom line but their ability to deliver goods for clients on time and on budget.

A leading machinery manufacturer in Canada wanted to develop a new strategy to manage risks affecting the growth of the industry and implement appropriate policies and organizational structures to achieve their strategic objectives.

With years of expertise in offering a actionable risk assessment solutions, Infiniti helps manufacturers to devise an effective risk assessment strategy. Request for a FREE brochure to know more about our services.

 

Top Challenges Faced by Machinery Manufacturers 

Problem Statement 1: Commodity and raw material prices

Changes in the prices of raw materials raised the cost of production. This left no other choice for the organization but to raise their prices. In fact, the rise in prices affected their sales and reputation.

Problem Statement 2: Changes in laws and regulations

Changes in laws and legislation, such as minimum wage laws and overtime regulations increased costs rapidly. With Infiniti’s risk assessment solutions, the client wanted to stay prepared to face sudden transitions.

Problem Statement 3: Economic conditions

An overall recession or economic boom can influence the availability and prices of materials, consumers’ buyer behaviors, labor availabilities, and more. Hence, with the help of Infiniti’s risk assessment solution, the client wanted to understand the industry landscape thoroughly.

Problem Statement 4: Threats to international operations 

The client was looking out to export their products to international markets such as the US and UK. But the changes in international trade agreements such as the US pulling out of NAFTA and the UK leaving the European Union were impacting manufacturing companies. The client, therefore, wanted to understand threats to international operations before making the market entry.

Interested to develop a risk assessment plan to deal with unexpected risks and stay ahead of your competitors.

Our risk assessment solutions can help. Request for a FREE proposal.

Solutions Offered and Value Delivered 

Phase 1: Market analysis

By conducting interviews and discussions with leading market players in the industry, the experts at Infiniti Research helped the client understand price fluctuations. This helped them better manage their production process and deliver machineries on time.

Phase 2: Identifying changes in laws and regulations

By analyzing changes in regulations and laws in the US and UK, the experts at Infiniti Research helped the client make better business decisions. This further helped them manage their workers.

Phase 3: Sales forecasting

The experts helped the client calculate the average sales rate for the next five years. Also, with the help of Infiniti’s industry risk assessment solution, the client was able to gain a thorough understanding of the industry landscape.

With Infiniti’s risk assessment solution, the client was able to identify factors impeding market growth and implement an effective risk management strategy. Also, with the help of our industry risk assessment engagement, the client was able to monitor their market attractiveness. This further helped them to make checklists of potential risks and further devise effective measures to reduce bottlenecks and enhance their overall business efficiency.

CONTACT US

Infiniti’s Industry Risk Assessment Strategy Helped a Renowned Food Industry Firm to Address Potential Risks in the Food Market and Enhance Business Performance

The client is a well-established food manufacturing firm with business units and operations spread across the United States. 

Predicaments Faced 

As the food industry is witnessing an increase in the competition with a considerable number of food industry companies offering a wide array of product ranges, the client realized the need to devise an effective risk management strategy to reach out to their customers in an agile and seamless manner. With Infiniti’s industry risk assessment strategy, the client also wanted to identify opportunities to position their product offerings based on the target audiences and maximize savings. Furthermore, with the aid of Infiniti’s risk assessment strategy, the food industry firm wanted to gain deep-dive insights into the severity of risks based on small, medium, and large businesses to ensure better transparency in the business processes.

(more…)

market opportunity

5 Steps to Sustainable Digital Risk Management

Digital risk management is the next step in enterprise risk and security for organizations that increasingly rely on digital processes to run their businesses. Digital risk has a long-term effect on the initiatives, decisions, and actions of an organization. Therefore, organizations that mostly rely on digital processes to run their business should have a clear vision of security and digital risk management. If you fail to manage digital security, it is likely to sabotage your revenue. Digital risk management is a critical process as it impacts the performance of your business. It begins with identifying the potential risks, analyzing them, and finally controlling them. However, this critical task has been made easy by the modern-day technology that allows every business to create a structured and sustainable risk management program. Today, it is easy, but it requires a bit of vigilance since “what means apples today may turn to be oranges tomorrow. To make it simple for you, here are a few simple steps to help you create a sustainable digital risk management program:

Steps to Sustainable Digital Risk ManagGet More Infoement

Step#1: Follow a structured program that can assist dynamism

Today, security has become a wider-level issue. Online merchants are facing huge losses with the rapidly growing risks and frauds that need to be evaluated constantly. So, for businesses that need to deal with big data, threats mainly arise due to the improper and unstructured way of handling sensitive and personal data of customers. Ensuring data protection and encryption is the key here. This is the very first and basic step to follow in sustainable digital risk management.

Step#2: Discover loopholes with machine learning and AI

Adoption of new technologies has been benefiting all businesses today. Machine learning and artificial intelligence are smart innovations of the modern age that will become a crucial part of security solutions in the days to come. Businesses need to take complete advantage of both the technologies to manage fraud detection, security, and other regulatory compliance functions. Therefore, employing these technologies to discover loopholes forms a very important step for sustainable digital risk management.

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Step#3: Identify and analyze major challenges

Any digital risk management program begins with the identification of key vulnerabilities and risks across all business functions. Risk identification helps you mitigate such risks. Business leaders along with the members of the organization should make informed decisions and choices through a structured risk assessment and identification program that supports flexibility, resilience, and accountability across different business functions.

Step#4: Recognize new possibilities with blockchain

The latest and the most trustable crypto technology of blockchain has the potential to obstruct both internal and external threats. Today, several sectors like banks and other financial organizations have adopted this technology. This technology promises to deliver incredible digital risk management possibilities in the supply chain, healthcare, banks, insurance, and other areas that deal with huge data and currency transactions.


Are you looking for ways to mitigate risks? Do you think beyond traditional risk and security issues? Get in touch with us now to know how our digital risk management solutions can help you protect your sensitive data

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risk management

Four Reasons Why You Should Improve Operational Risk Management in Manufacturing

Basically, risks are of different types and many of them are braided together like reputational risks, financial risks, operational risks, third-party or supply chain risks, legal or compliance risks, and several others. Operational risks, generally, are viewed through the lens of safety management in an organization but for manufacturers, it is important to see the link between safety and operational risk management.

The rationale for improving the operational risk management process is not only limited to safety but goes beyond it. There are many compelling tested and verified reasons to improve operational risk management in the manufacturing sector.

In this article, we have discussed a few of those reasons that establish the fact that it is highly essential to improve operational risk management process to improve productivity and growth of an organization.

Reasons to Improve Operational Risk Management

1. Attain financial goals

There are many manufacturers who see the relationship between enhancing productivity and mitigating operational risks. But for better operational risk management, it is essential to move one step further and also see the relation in terms of financial performance. It is important to minimize the impact of operational risks on financial goals. Additionally, manufacturing companies must align operational data with financial data to analyze the financial impact of adverse events.

2. Improve and increase collaboration

If the financial goals are achieved, it has hard and quantifiable benefits. But implementing an operational risk management process also fetches soft benefits like improved cooperation and collaboration. This can furthermore help in the joint management of risks. The implementation of an operational risk management framework provides the catalyst as well as an incentive for organizations to also boost cross-functional collaboration.

Request a free proposal to know how our solutions will help your business.

3. Standardize risk assessment

Manufacturing organizations, globally, understand that if they successfully mitigate operational risks, it improves the likelihood that corporate goals will be met. To mitigate operational risks successfully, the same procedures, policies, and risk management process must be applied across all the verticals of the company. Best-in-class manufacturers have standardized risk quantification processes across the enterprise.

4. Build a risk awareness culture

To manage operational risks, it is very important to build a culture of risk awareness. This culture helps manufacturers to establish better visibility into control measures of operational risks. This can further help them to integrate a risk mindset, which further minimizes operational risks and their impact on financial and corporate objectives.

To know more about operational risk analysis, request more info.

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