Discuss About the Financial Risk Management Strategies?
Fadjo will be the name of the store, which will cater to the needs of the customers located within 2km of the location of the store. The store will be launched on 15th of August 2014. The local residents will find it convenient to select variety groceries from the store (Park et al. 2013). This contradicts the trouble the residents would have encountered if the store would have been in some distant location. The location of the store would be Brighton Drive; which is a 250 square feet plot comprising of coffee shops and restaurants (Haimes 2015). The customers will get to choose from variety of products, such as bakery, butcher, fruits, vegetables among others.
Approval in terms of re-installing the basic amenities would establish authenticity in terms of the business plan. Within this, marbles would be put in the floors and general coating of paints would be applied on the walls (Lam 2014). Along with this, fittings of the furniture, such as fridge, aisles, check-outs would be ensured. The display cabinets would also be a part of this evaluation. Prior to this, approval would be taken in terms of the hosen site. Approval from the statutory body of legislations is of utmost importance in terms of operating the store (Turner 2014).
AS/NZS 31000: 2009 will be used for implementing the risk management strategy. The following are the contexts on which the risks need to be identified:
Bearing in mind, the interest of the stakeholders and shareholders would project the feasibility and appropriateness of the newly launched store. Moreover, it would fulfill the following objectives:
Evaluation would prove beneficial for the fictitious company in terms of tracking their progress in terms of attaining the benchmark level of performance (Bahr 2014).
After identifying the key stakeholders, consideration of their interests would be a wise step for the personnel (Bromiley, et al., 2015). Keeping in mind the following grounds helps the personnel to achieve positive outcomes:
For business partners, the grounds are:
For the staffs, the following grounds are important:
The following grounds results in an efficient and effective selection of the general managers:
Consideration of the factors such as traffic, noise disturbances helps the personnel to identify their stakeholders from the local residents.
For the suppliers, the following grounds prove fruitful:
For the customers, taking into consideration, the following points brings positivity for the business:
For property owners, the following points are considered:
Provision of loans on the interest rates is taken into consideration in ase of selecting the financial institutions as the key stakeholders (Hopkin 2017). Securing a larger customer base for indulging into fair competition with the contemporary brands authenticates the selection of competitors as the key stakeholders. Presence of compliance to the standards and norms of the regulatory framework justifies the selection of councilors in terms if stakeholder selection (Islam, Mouratidis and Weippl 2014).
The following projects the benefits of the engaging the stakeholders into the decision-making process of risk management:
Conjoining the identified stakeholders and their interests results in the establishment of a communication plan, which is as follows:
Low power/High Interest stakeholders
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Islam, S., Mouratidis, H. and Weippl, E.R., 2014. An empirical study on the implementation and evaluation of a goal-driven software development risk management model. Information and Software Technology, 56(2), pp.117-133.
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