Business Employees Risk
In businesses, analyses of the risks involved are determined followed by the potential solutions
| Risk factors | type | likelihood | Consequences | Mitigations tactics | Mitigations cost | Status |
| employees | Ignorable risks | medium | These risks come with minor consequences, such as the lateness of the employees, who may, in turn, lead to loss of customers (Hess & Cottrell, 2016). Delayed business meetings that should have been organized by the employees. This can lead to the loss of big clients or potential investees, making it a huge strain ion the tea/coffee retailer. | Formulating an organization’s policy will increase the discipline of the employees and therefore minimize petty mistakes that could cost the company (Hess & Cottrell, 2016). These risks can be drastically reduced by formulating policies and a strong business culture that increases vigilance to reduce risks. | 300,000 dollars | In progress |
| employees | Nuisance risk | Medium | Most of these risks are minimal for businesses such as coffee and tea retailers. However, with increased expansion and growth, these risks can pose a huge threat to the sustainability of the organization (Hess & Cottrell, 2016). The risks of trespassing by employees are minimal, and so are other risks associated with employee’s misconduct. In this respect, it is rather hard for the business to have issues related to boundaries or any forms of disturbances. Lawsuits could be the immediate effects of any violations of the privacy or boundaries of other businesses. | The employees need to understand the parameters in which the business operates. This will reduce any chances of violations that may lead to nuisance risks. These risks can also be mitigated through the policies that require employees to stick to the protocols put in place to reduce issues with the other businesses in the vicinity (Hess & Cottrell, 2016). Lawsuits can be mitigated through hiring s law to represent the business and its interests. | Emergency funds to cover the cost of hiring attorneys. | In progress |
| employees | Insurable risks | high | Insurable risks are those that can be protected through insurance. Some of the consequences include losses that may not be insured hence bringing losses to the company. Other consequences include being sued for breaches of any forms of contracts with the suppliers among other stakeholders. | In this case, the retail businesses are required to be insured against fires, vandalism, or theft (Newman et al., 2015). A good corporate lawyer can also come n handy in such situations to ensure that all risks are insured; hence the business will be protected. | Insurable risks will be paid for as monthly premiums per the aspects that need to be insured. | In progression |
| employees | Company killers | high | There are several company killer risks, including market risks, such as diversity competition, people’s risks (Newman et al., 2015). Some of the consequences of these risks include loss of funds through diverse market strategies that may limit their sales of the company (Newman et al., 2015). Other consequences include loss of funds, loss of customers, and reduced revenue. The tea café also requires the enthusiasm of the employees; any issues related to their performance also impacts the performance of the retail. | Increasing market research to keep the management informed of all the trends that may affect the company (Newman et al., 2015). The solutions to such trends include adaptations through funding. The other solutions include diversity to increase competitive advantage, and the employee motivations to increase their efficiency. | The cost will range depending on the strategies put in place. However, 2 million dollars has been set aside for any eventualities. | Completed |
References
Hess, M. F., & Cottrell Jr, J. H. (2016). Fraud risk management: A small business perspective. Business Horizons, 59(1), 13-18.
Newman, L. S., Stinson, K. E., Metcalf, D., & Fang, H. (2015). Implementation of a worksite wellness program targeting small businesses: the Pinnacol Assurance health risk management study. Journal of occupational and environmental medicine, 57(1), 14.