Need for Building an Effective Risk Assessment Matrix
Risk assessment seems to be a daunting task for players across industries, but little are they aware that an effective risk assessment matrix would help them overcome all the associated complexities allied with the risk assessment process. A risk assessment matrix acts as a great tool that guides decision making in an organization. Also ‘Risk’ has been the biggest buzzword in the Indian food market for quite some time, due to which many industry players are focusing on implementing the essential steps to overcome challenges in their supply network.
Risk Assessment Steps
Though there are no fixed rules or risk assessment steps that need to be followed, there are a few basic principles around which it has to be devised. The following steps help ensure that the risk assessment process is carried out effectively:
Step 1: Identify the risks
Step 2: Prioritize each risk factor based on its impact
Step 3: Assess each risk individually and devise measures to prevent them
Step 4: Record the findings and implement them
Step 5: Review the outcome and update them on a regular basis
About the Client
The client – is a leading player in the Indian Food Market, specializing in the development of innovative products to suits the needs of consumers across the globe.
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