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To: Chief Executive

From: Tranat Consultants

Date: September 20X3

Subject: Evaluating Risks

This report will evaluate the adequacy of the risk mitigating activities for each risk and recommend any further mitigating activities which may be required.

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Report

To: CEO

From : Tranart Consultants.

Date: 25/04/2025

Subject: Risk management

This report evaluates the risks management of Yexmarire and recommends further mitigating for each risks.

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To: Chief Executive Officer

From: Trenart Consultant

Date: September X3

Subject: Risk mitigating activities

The below report will evaluate the adequacy of the risk mitigating activities for each risk and recommend any further activities that may be required.

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Flooding is low risk and is unpreventable. Implementation of Insurance will help with any shortfalls that arise from flooding and will help soften the financial blow but will not prevent the risk from happening.

Furthermore, insurance premiums are a regular cost and not always the most cost effective.

It will be useful for Yexmarine to weigh up the pros and cons to decide on whether having insurance is beneficial for them.

Secondly, installation of flood defences will cost money and will take time. Although useful in prevention of a flood it will require resources and depending on what is available in Yexmarines budget careful consideration should be made on whether this will be beneficial to install.

My recommendation to Yexmarine is to evaluate the severity of flooding by researching previous history and local cases of flooding and how often does this occur.

Furthermore, more mitigating activities can include measures such as moving office equipment away from the ground floor, avoiding electrical disruption.

They could also regularly review weather forecasts in preparation of any suspected heavy rainfall and take reasonable actions to mitigate

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The new location is an issue, there is more risk of flooding in Lympool therefore insurance will probably cost more. Yexmarine could probably think of a different location.

Having insurance will not be enough as it only takes financial impact in case of flooding therefore disruptions will need to be managed as well

Yexamrine needs a back up plan if flooding happen not only rely on Local flood defences. An alternative premises for instance.....

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Product obsolescence is a serious risk and should be mitigated due to the impact it can have on a business.

However, comparisons with local competitors will provide an insight to the competitors prices but it will not completely mitigate the risk.

Yexmarine should research all prices in the market, analyse seasonal trends in more detail, review customer feedback to help develop their products so customers are able to get what they want.

Yexmarine could also consider reaching out to customers on what new products or features they would be interested in to get a better understanding of where the market is going.

Internally they could consider being more innovative with their technologies, ie consider Artificial Intelligence to improve efficiencies.

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Flooding

Flooding is deemed as a not serious risk. This should not be true as in some cases it may not be preventable. And flooding in Neoland can cause the interruption of business as well as causing companies to give compensation to customers. One of the risk mitigating activities put in place for flooding is insurance. This is not a mitigating circumstance as it does help mitigate a flood instead it helps to receive payouts on the insured items. One thing that could be done is to ensure that the office or factory is place on a higher floor of the building, that way if flooding does occur then the water may not go high enough to affect the equipment.

Having proper flood defences is a good idea, it will be costly however it will be worth it as the money saved from putting up flood defences will be better than the money spent if the business is interrupted due to a flood. This is a good risk mitigating circumstance as this would potentially be the best option of trying to prevent the effects of a flood on normal business operations.

Watching for flood warnings is also very important. This would allow the company to asses whether or not they would need to be aware of potential disruption to the business as well as letting customers know of any possible delays that could occur due to this.

One recommendation to deal with the flooding would be to if it is a new building to be situated on a higher floor to reduce the impact of the floor as well as having proper controls in place to ensure that there are no delays to day to day operations and that customers are not affected.

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Data security is a serious risk and if breached can create a number of major issues for Yexmarine and their stakeholders.

The activities provided although essential are very basic and not setting themselves apart from what most companies are doing to mitigate Data Security.

Yexmarine could consider more advanced measures such as using staff keycards, regular ID checks, regular changes to passwords, use of an IT server with a reputable IT company. Certain levels of staff only being allowed to access certain folders and information. These measures are similar to what is provided already but in a more advanced way reducing the risk of data breaches.

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Product obsolescence

This is deemed as a serious risk. One of the risk mitigating circumstances in place is comparisons with local competitors. This can be a very serious risk as comparisons with competitors with lower quality products may link Yexmarine as a lower quality product too when Yexmarines goal is to ensure that their products are of a high quality. One way that this risk could be further mitigated is to show customers the process behind the production of products as well as the originality of products to ensure that comparisons are made fairly.

Another risk mitigating circumstance is development of additional features. This is a good way of mitigating product obsolescence as it allows for current products to receive updates and for people to feel that products are genuine from the company and to ensure that they are to a good standard.

A recommendation would be to keep products updated as well as dealing with customers to let them know of the proper comparisons of products and the difference in quality of the products to ensure that the correct information is there in comparison to competitors.

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Reputation risk is a serious risk as reputation is a fundamental part of what attracts customers both new and returning.

The activities suggested are useful and will help with this but can be expanded on to help manage this serious risk. For example, benchmarking against competitors doesn't necessarily provide Yexmarine a positive repuation as the competitors may not be delivering to a high level.

My suggestions would be to focus on customer satisfaction by looking into activities such as customer feedback surveys, checking online customer satisfaction scores and analysing reviews.

The customers are the heart of this business and their opinions will be what controls the reputation of the company, swift and satisfactory responses to complaints will improve reputation and actioning any product criticisms will put Yexmarine above the rest.

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Data Security

This is deemed as a serious level risk and rightly so as any possible or potential data breach could lead to either customer details being leaked or company secrets getting out so it is very important that this is dealt with properly.

The risk mitigating circumstances put in place is to have a strong anti-virus and firewall software. This is a good measure to have as it protecting not only the company but employees too from accessing malicious software or websites that could intend to steal company data. Ensuring that these are kept up to date and regularly checked should be a priority as out of date anti-virus software and firewall can be just as bad as having no software.

Another risk mitigating circumstance is having backups. This is very important as any potential issue in which important documents are deleted can be recovered. It is imperative to ensure that these backups are very secure that they can only be accessed in very important situations and not just for any normal action.

One recommendation that would be is to have proper staff training on data security this will not only allow staff to assess the potential of a data breach such as phishing emails or malicious websites or software.