Implement effective risk control measures to reduce the impact on risk. case study of: Klick Furniture Collection Klick Furniture Collection (KFC) is a medium-sized chain of retail and wholesale furniture stores in the UK.
case study of: Klick Furniture Collection Klick Furniture Collection (KFC) is a medium-sized chain of retail and wholesale furniture stores in the UK. Miss Walker is the Area Risk Manager of KFC and her duty is to identify, assess, and manage the potential risks that may adversely affect the sales, safety, security, and financial health of the organisation. It is widely accepted that an organisation should define and identify all types of risk that an organisation faces, set the amount of uncertainty that an organisation is willing to take, implement effective risk control measures to reduce the impact on risk, and transfer unwanted risks to limit loss exposure. While identifying the main financial risks facing the furniture stores, Miss Walker is aware of other risks that may cause severe business disruptions and a subsequent loss of revenue. In practice she is also aware that it could be very difficult to identify and analyse the overall risk faced by her organisation. Miss Walker also intends to assess the various types of risk in order to prioritise which risks should have a formalized risk management procedure, which will include the probability of occurrence and the severity of potential loss. Insurance is regarded as the most well-known way of handling risk. However, Miss Walker is not convinced that the purchase of insurance is the most effective and economic way of managing risk.
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