The International Journal of Professional Management - ISSN 20422341
Manage and Control Operational Risks in Manufacturing and Supplying Industry Through Sustainable Strategies
Volume 15, Issue 6, December 2020
Jabir Amin
Jabiramin20@gmail.com
Abstract
Operational risk management is the practice of creating operational value in a firm by using operational instruments to manage exposure to risk, particularly production risk and supply chain risk. Other risks include; market risks, interest rates risk, liquidity risk and operational risk. Despite the innovations in the manufacturing sector, operational risk is still a major single cause of firm failures. Studies in Quetta have focused on operational risk management practices of firms in general, such as inappropriate operational procedures benefiting some, avoiding both internal and external factors due to incompetence, system errors, financial risk management practices and non-specific risks.
This is a descriptive and qualitative study seeking to establish factors such as human risk, system risk, policy errors, irregular behaviour. Ignorance also brings risk associated with certain occurrences, outcomes, conditions or types of behaviour. This research is on a target population of 40 workers In order to generalise the results of the study. Primary data was collected using questionnaires, interviews, one-to-one conversation, telephone calls and personal observation. The data collected was run through various models to clearly bring out the determinants of operational risks and losses in manufacturing firms in Quetta
The study revealed that the variables of operational risks and loses in manufacturing firms were governance, strategy, policy, periodic evaluation and organisation structure. It also revealed that unit increases in governance, periodic evaluation organisation structure would all lead to a decrease in operational risks and losses in manufacturing firms.
Keywords: Complexity; Continuous improvement; Defective systems; Health kits; Inventory control unit; Inappropriate raw materials; IT unavailability; Negligence; Power and Control, Risky decisions, Systemic risk; Uncertainty; Undefined agenda; Unreliable decisions
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