Fantasy bottlers
Introduction
Fantasy bottlers are a Ukraine based company that deals in the retail, manufacture, and distribution of alcoholic and nonalcoholic drinks. Fantasy bottlers are a multi-billion dollar company that supplies its products all over the world. The company produces fizzy drinks, alcohol, and even syrup for consumption. They are among the best because of the way they handle their business. Though there are several risks that fantasy bottlers may be viable too, they tend to be among the companies that are so much cautious when it comes to risk management. Any organization with limited risks is highly essential to the success of a business. A highly secured risk-free organization is the beacon of the foundation of a successful organization t. Apart from producing quality products, the company is successful when it organized with a sound and efficient working system.
Every person that decides to dwell in business can be said to be an entrepreneur. And an entrepreneur is always a risk-taker. It’s almost impossible to separate the ideals of business in an organization with the risk factor. They are things that go together. Risk is simply the events that are related to the circumstance that can cause a threat to the whole organization. The goal of entrepreneurship is to expand and build on the competitive advantage in the organization. Operations of a business entity or company usually deal with business risks and non-business risks. Imam Ghazali in Kasidy, Risk Management (2010) states that business risk is a risk associated with a company’s business to create a competitive advantage and provide value to shareholders. While non-business risk is another risk that cannot be controlled by the company
Renowned risk managers define risk as to the possibility that a circumstance may cause harm or losses; nonetheless, the risks may also bring up some .that is why most companies take huge risks. Because and the end, they may stand to achieve enormous gains. It is, therefore, crucial for companies to embody risk management to be able to balance potential benefits against potential losses. Risk management is best used as a preventive measure rather than as a reactive measure. Different threats may have tremendous effects on an organization. Three main types of danger are known for causing severe damage in organization Namely; Natural threat, technological threat and finally the human threat
Technological threat
With the way the modern world has evolved, a company has lots of threats from the external threat or internal threat. Technology has its good and bad side; Technology has made work a lot easier in companies in almost every way. However, Technology has a severe disadvantage (Johnson, 1998). While using the internet may be marketing products for fantasy bottlers, one may get hacked and all the secret company details obtained to be used to cause severe loss and reputation to a company. Information security has become a severe threat. Information Security is the practice of preventing unauthorized use, disruption, modification of information. The type of information may be electrical or physical.
For instance, a company like fantasy bottlers store secrets details, including the recipe for making different drinks. In the event the company is hacked, and the hackers get such information, it may ruin even the company’s reputation as the competitors may be sold the recipe. In such a scenario, there will be nothing special about fantasy bottlers any more. Organizations are at risk of losing millions or even billions of dollars as a result of physical security threats and cyber-attacks that could harm the company’s brand, safety, and security of the public and the employees.
Human threat.
The human threat is said to be the most common type of risk. First of managerial failure in an organization plays a vital role in such threat occurrence. There are different types of human threats; human error, internal or external hacking by humans, etc. Many incidences reported in organizations are usually down to human error as the primary cause (Hayden, 2017) the managers are supposed to be thorough during their supervision in operating environments. Given the consequences of such intervention, the relationship between organizational failure and operator error may lead to a company meltdown. (Johnson, 2009) human error can cost the company not just money but can also lead to death. An excellent example of human error was in 2011 when the new York magazine sent eight million emails to its readers, telling them of cancellation of their regular newspaper. The email was only supposed to be received by three hundred people, but due to human error, it got sent to all subscribers. After that, it took a great persuasion to assure the customers of their details safety. The System Approach emphasizes that errors are mainly a result of organizational causes rather than human shortcomings. Since we cannot change human, we should change the practices used.
Natural threats
Natural threats have a severe reputation for destroying organizations that have no proper setting for their risk management. Modern agencies run a tight supply to make a reduction on redundancy and therefore maximize their profits. The fact that in contemporary times, most companies are always fighting for a spot in the urban areas. It becomes a recipe for a natural disaster. When a company forces itself on a single floor single in a multi-floor building can lead to issues. Some of the impacts of inherent threat may include; damaging of property, cutting off the supply chain, and also loss of life.
Damaging of Assets and Physical Property
It is a significant risk that a businessman or organization needs to consider. Natural disasters cause substantial damages to organizations (HOLDEMAN, 2019). Buildings may be destroyed or even collapse, and also some of the critical equipment may be ruined. An excellent example of natural threat taking its toll is when Hello games, a U.K.-based videogame developer, lost everything after a nearby river broke its bank. Equipment, including computers, tablets, and other gadgets got destroyed. A company like fantasy bottlers stand a chance of losing a lot if such a disaster were to occur in its premises
Developing of a security plan to sort the threat foreseen
To solve the issue of technological risks, Organizations that mostly rely on Technology should endeavor to have an artificial-intelligence-driven technology that is capable of doing the majority of the hard lifting. Mainly when it comes to data mining and analyzing by doing this, the organization will be sure of the safety of their data as it may be hard to steal both externally and internally. Data encryption is vital to saving an organization’s data, and information.an employee unknowingly clicks on an unknown email only for the email to unleash a devastating virus. Or when an employee saves some of the company data on their device that gets hacked. With an encrypted device, it’s not easy for hackers to hack onto an employee device or the company’s devices. Encrypting your data assures you that the data will stay safe
Natural disasters have an immediate impact. The good thing about natural threats is that most of them are predictable in a general way. The only problem is the timing is not always precise. For example, it is common knowledge that an earthquake will hit California someday, but the exact time is not currently known. They may be anticipated only by weak signals. Another good example is 2010, European airspace got closed for one week due to a volcano eruption. When these risks occur, their effects are typically drastic and immediate, for instance, the Japanese earthquake and tsunami in 2011.
Back-Up data and information are also so fundamental when avoiding the loss of data. Back-ups can be unintentionally deleted and modified. That is why it is advisable to have a backup of the reserve. And the important thing is keeping them in separate places. To ensure you don’t lose the same information twice all at once.
Assessing of the problem once it occurs to prepare for it in the event the same blunder occurs just like it was after Amazon’s epic blunder
Business recovery
The primary function of a recovery plan is to help a company to go back to running things typically quickly and efficiently after the organization has been befall by a threat.it aims at shortening the losses and recover in record time. It is the reason why the recovery strategy must have a realistic timeline for the organization to be back to full functions.
The strategies should include; approaches to recover your business activities in the quickest possible time, staff and equipment required to improve your operations, the organization’s recovery time objectives, and also a checklist to use after the crisis.
Crisis management activities.
Crisis management is essential for every organization. Failure to which the result may be catastrophic. Catastrophic as it may cause harm to the staff, shareholders, or even the organization as a whole.
Therefore it becomes imperative for a company to have a crisis management plan that is updated regularly (Warren.E.Walker,2013). crisis management messages should always be present just in case of such emergencies. A well-trained crisis management team should always be on standby and also conduct frequent drills on different crisis scenarios to check on the preparedness of its staff.
In conclusion
It is, therefore, essential to note that a working organization is one that is well prepared for any crisis. Entrepreneurs need to be aware of the various risks involved in risk management in their organizations. The risk manager forms a very crucial part of the organization. Working in such an organization requires final concentrations, and that is why it is vital to employ a risk manager who is diligent in their job and supervises thoroughly. Risk-based asset management can be one solution to maximize asset management.
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References
Hayden, S. (2017). How Human Errors Are Costing Companies Big.
HOLDEMAN, R. (2019). Agencies Are at Risk of Security, Natural Disasters Threats.
Johnson, C. ( 2009). Visualizing the Relationship between Human Error and Organizational Failure.
Warren.E.Walker. (2013). The Use of Scenario And Gaming In Crisis Management Planning And Training.