A fire reported in the Warehouse of fast Agrowing Carton box manufacturing unit ultimately caused the facility shutdown.
Stock worth 15 Million Indian rupees got gutted due to short circuit in the warehouse and the civil structure extensively got damaged. Damaged structure was to be demolished for Reconstruction and in this process precious 6 months were lost. Owing to out of business for considerable time and financial turbulence, eventually company reported bankruptcy. This is not the only case with this unit. It is reminiscent to note that about 25% of SMEs were never revived post a loss.This situation can be successfully averted by implementing Risk Management framework in decision making, at every level by the Business Houses.
The term “Risk Management”which is often used by Insurance professionals,sounds intimidating to business houses.However, importance of risk management is intangible and it is a simple commonsense approach towards a possibility of losing or gaining of something. It is critical in enduring the business by being aware of risks involved within the operations carried out, and their consequences on the business. The term Risk is defined as,'Possibility' of “loss or adverse event” that has potential to interfere with the organisation's ability to fulfil its purpose.
The Risk management is an approach for managing the Risk through constructive sequential activities.For Business Houses, Risk Management helps Identifying Loss Potentials and major deficiencies which do have a direct impact on their business sustainability. It also aid the business houses in
Protecting their assets against Risks and saving losses&lost time
Allowing more calculated allocation of resources within the organisation
This story is from the March 2017 edition of SME World.
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This story is from the March 2017 edition of SME World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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