Businesses are becoming complex everyday and this is increasing pressure on the management to be more effective in managing the firms in an effective manner. It can be said that it is essential for businesses to understand the changing business world and work accordingly that can help them in managing the firm properly. This report is a board report that focuses on explaining the different risks associated with the businesses. Along with this, it would be focusing on explaining the role of the company secretary in risk management in businesses (Bondarenko et. al.2019). Moreover, the report is based on discussing about a risk management that focuses on explaining how the major economic events such as Brexit and COVID-19 are affecting the company and managing such risks.
The audience for this report will be the board of directors and other board members because this report will be presented in the board meeting. The board members of the company are having different roles and responsibilities and it is important for them to work accordingly. With the changing business world, the firms need to make a lot of changes in their businesses practices. The board of directors is required to make better decisions that can help them in working effectively in diverse situations in an efficient manner.
The topic of the month is risk management and the reason behind selecting this topic is the transformations that are changing the company. There are different types of risks that are having anmajor influence on the company. The importers and exporters face a lot of issues while operating in the business world. Along with this the beverage industry is also affected by different factors that are required to be considered while operating in an effective manner in the market.
John e fells & Sons Ltd is one of the leading importers of the UK and for maintaining this position it is essential for them to manage business operations properly. The economic factors are having a major impact on the businesses and they are having higher potential to create different risks in managing and operating in an efficient manner. Brexit had affected all the businesses operating in the UK as things have changed for them after separating from the European Union. Along with this, Covid-19 had affected the entire world to a greater extent and had transformed the businesses and this had also affected the beverage industry to a greater extent.
RISK MANAGEMENT AND ROLE OF BOARD
Different risks are required to be managed in an effective manner so that their impact on the businesses can be reduced. Due to increasing complexities in the industries and companies; the firms are required to focus on risk management. This company is transforming rapidly as they are required to make changes in the firm in accordance with the external environmental factors (De Araújo Limaet. al. 2020). It is essential for the company that risk management is having a major impact on the company outcomes and due to this reason, it is essential for them to have effective risk management. In the competitive and complex business world, there are diverse factors that are creating a large number of risks for the company. They should have effective risk management that can help them in identifying, evaluating, and managing the risk. The company can face different types of risks such as operational risk, strategic risk, financial risk, and hazard risk.
The sales and profitability of the company are highly dependent on the diverse factors of the external business environment. The economic factors are one of the significant factors that are having a major influence on the company. Businesses need to work in accordance with the economic factors that are affecting the firm otherwise they are likely to face losses that can affect the overall business performance. The UK is having an effective market position in the world and due to this reason, the firms operating in it face less issues related to economic factors. But the company needs to have better risk management for managing the economic risks that are being faced (Tupa et. al. 2017).
The economic condition of the nation in which the company is operating is likely to affect the firm in a number of ways. Along with this, the economic factors can create risks and challenges related to it. It is significant for the firms to keep their company prepares for different types of risks that can be faced by them in advance. Brexit is a major event that is creating risks for the UK-based firms. But these risks are affecting the company in a long term. The firms need to be effective in the post-Brexit era. The UK economy is affected due to Brexit and it is estimated that multiple firms would be facing several issues and risks to operate in the post-Brexit era (Karami et. al.2020).
The board of directors are required to play a major role in risk management. Being a member of the board it is essential for all the members to make better decisions related to the management of risk that can help them in managing the different situations in an effective manner.
Along with this the company secretary also plays a significant role in risk management. The board of directors should focus on developing better strategies that can help them identifying and managing the risks. The different decisions made by the board of directors needs to be addressed in an effective manner. The company secretary thereby must focus to ensure that all the strategies developed by them are addressed in an effective manner. The board of directors are responsible for providing accountability, strategy formulation, monitoring, supervision and corporate governance and policymaking (Malik et. al. 2020). When the board of directors work in an appropriate manner then it would help them in reducing the different risks and identifying the potential risks in advance. The better control on the internal decisions and other business activities help the management in limiting the potential risks and manage the risks properly.
RISKS RELATED TO BREXIT ON THE COMPANY
Departure from the single market of EU is having a major impact of UK and the businesses operating in it. From 1 Jan 2021, the things have been highly changed for the UK-based firm and they would be facing several issues and risks related to it. Better strategic actions are required by the UK based firm as Brexit would be influencing their business practices for both the short term and long term.
Brexit is one of the major economic events in the history of UK. The implementation of Brexit is having a major impact on the different firms operating in UK. Both EU and UK is having effective trade relations. When UK was a part of EU then the company was enjoying the benefits of free movement but after Brexit things have been changed to a greater extent. Being an importer the company is highly affected due to Brexit and this would be affecting their business operations (Bisciari, 2019). It can be said that the company might face strategic risks due to Brexit and for reducing them the company needs to make major changes in their working pattern that can help them in being effective in diverse situations.
The rules and regulations related to the import and export are been changed after Brexit as the UK government is now developing their own rules and regulations that would be different from that of EU. After the declaration of Brexit both UK and EU have signed an new trade agreement. As we know that the business practices are highly based on logistics and supply chain operations. The transaction period of Brexit had been ended on 31 December but then also the company is facing issues and challenges related to the management of risk related to it. After the end of the Brexit transaction period, the risk related to government rules and regulations have increased for the firm (Anderson and Wittwer, 2017). It can be said that the regulatory risk for the company have been increased as now they have to work as per the rules and regulations made by the UK government. The company have to give the customer declaration and then they have to work according to the customer declaration. Reducing the risk of the regulatory risk is very significant as it can lead the company towards both financial risk and reputational risk.
When the company is operating at international level of managing the imports and exports then it is essential for them to focus on all the rules and regulations made by the nations in which they are operating. Earlier the rules were different for the importers and exporters of EU but after Brexit, the EU had also made major changes in the rules and regulation for their importers and exporters. The company had to focus on developing better strategies for working effectively according to the rules and regulations made by both UK and EU (Bloom et. al. 2019). The company is dealing with majority of the EU nations and if they face any of the issues related to it then it will affect their trade relation and will develop issues for them while trading with the nation. Moreover the company have to focus on following the rules related to import and exports so that they can manage easy slow of the goods across the borders.
The regulatory risks are having major influence on the reputation of the company. In case if the company faces any issues related to the regulatory factors then and the company founds to be guilty then it is having a major effect on the reputation of the company. It can be said that if the company can reduce the regulatory issues and challenges then it will help them in reducing the potential risk to the reputation in the markets. The board of directors and all the stakeholders needs to focus on developing better strategy for this and have to work accordingly so that they can reduce this risk. The financial risk is also included related to the regulatory factor. If the company is not operating as per the regulations, then they might have to pay fines or penalties that tarnish reputation.
Supply chain management risk
The company is having large number of importers from EU nations and due to this they have to develop better strategies related to supply chain management. Maintaining the supply and demand is very crucial for the company and due to this reason after Brexit, the company need to rethink regarding supply chain management. The logistics are highly affected as the taxation and tariffs on the import and exports are also changes (Remko, 2020). It can be said that with the new tariffs and taxation policies of both EU nations and UK are required to be undertaken by the company for ensuring that they can manage easy flow of supply among these nations. The UK based firms are highly integrated with the EU-based suppliers.
The businesses are looking forwards to make changes in their supply chain management strategies as they believe that the Brexit had led to different types of uncertainty in the supply chain. The disruptions in the supply chain management due to Brexit are likely to have higher impact on the firm. The changes in the supply chain management are likely to have both long term and short term impact on the firm. The company have to look for identifying and developing relations with the local suppliers so that they can reduce the issues and challenges related to supply chain management (Hoek, 2020). The company needs to understand that supply chain management is crucial and risks related to it can affect the company in managing efficient flow of goods across the nations.
Risks related to Tariffs
The new custom checks on both the borders will be having an major impact on all the small and larger firms operating in UK. The company is having suppliers of different brands of wine and beer for EU and this is likely to create issues for the firm related to disruption in supply chain. Although both EU and UK are managing the trade relations the things have changed a lot after Brexit and this is creating issues for the businesses. Due to broader disputes there are chances that the company might face issues related to delay in the supply of the goods that are being imported from EU nations (Welfens, 2018). The delay in the supply is having a potential to affect the sales of the company. When sales of the company are affected then it is likely to affect the supply and demand. Moreover this can increase the cost of importer for the firm which would be affecting the profitability of the firm and can affect the performance of the company. This can also affect the market share of the firm so it is significant for the firm to focus on this factor so that they can reduce this risk in an effective manner.
Before Brexit the UK based company was not facing issues related to the tariffs and they are not facing issues related to other border taxes. But after brexit, UK would be subjected to pay the border taxes on the imports and exports and this will create huge burden for all the UK based firms. The company needs to focus on developing suppliers from other nations that can help them in paying lesser taxes. The taxes and tariffs are having an major influence on the sales and profitability of the company. Due to this reason it's an crucial factor on which the company needs to focus in case if the EU nations increases the tariffs that it will create risk related to the sales and profitability of the company which would affect the market image of the firm and their market share as well (Anderson and Wittwer, 2018).
For reducing the risks related to the tariffs the company had to make changes in their strategies. The company needs to understand that it is significant to develop relations from the supplier belonging to other nations. Being an importer it is crucial for the firm to focus on developing a better flow of goods and for ensuring this the risks related to tariffs are required to be reduced and managed in an effective manner.
Risks related to increase in the inflation rate
Increase in the inflation rate is also an important factor that is creating risk for the companies. It is estimated that in the post Brexit era the rate of inflation had been increased. This is also a significant factor that can create economic risk of the business operating in UK. Due to this it is essential for the firm to focus on developing better strategies that can help them in managing the sales even when the inflation rate is being affected due to Brexit. The company needs to make changes that can helps them in managing the risk related to the increased inflation rate. The consumer price would be affected due to Brexit and this is likely to have a major influence on the sales of the company. When the firm faces issues related to the increasing inflation and consumer price then it is having an impact on their sales. The decrease in the sales of the company is also a major factor associated with Brexit and its economic impact that can affect (Hohlmeier and Fahrholz, 2018).
The board of directors needs to understand that effective strategies are required for operating effectively in the non-tariff free trading. The management needs to be effective in developing better strategy for ensuring that they can manage better flow of goods and services in with the EU nations. Changes in the tariffs would be affecting the volume of imports that would be affecting the demand and supply (Crowley et. al. 2018). If the company would not be having better flow of supply of wine and beer then they would not be able to fulfil the demands of their suppliers. It can be said that tariffs can create major risk for the sales of the company. As per this it is significant to focus on reducing this factor otherwise it would be affecting their pricing. If the company make changes in their pricing then it would increase the risk related to sales.
Risks related to trade restrictions or import restriction
Restrictions on import can be an influential factor that can create a number of risks for the case company. In case if the UK government bands some of the imports from the EU nations then it would be having a major influence in on the firm. The management needs to be aware and prepare for the potential risks that can affect the firm. It is required for the firms to focus on keeping themselves prepared on any risk in advance that can have a major impact on the company and its business practices. In UK, the government can fix the limits for the imports and this can affect the UK importers to a greater extend by affecting their sales. It can be said that it is crucial to be prepared for being active towards this (Danielsson et. al. 2017). The company should act according to the different restrictions made by the government. If the government would make any decision related to the importers then the company needs to make immediate action towards it that can help them in surviving.
Role of board of directors for managing the risk
The board of directors are required for focusing on these factors while making decisions related to the management of supply chain in the post-Brexit era. Along with this they are required to make better strategic decision that can help them in reducing such issues and challenges so that they can manage better the flow of supply and demand of the goods that are being imported from the EU nations.Based on this it can be said that the company needs to focus on making effective strategic decisions for this. Better decisions made by the board of directors can help the firm in addressing this issue and reducing the risks associated with it (Mediaty, 2021). It can be said that Brexit had developed number of risks for the company that are required to be identified and managed in an effective manner. When the firm would make decision and actions for reducing these risks then it would be helpful in better risk management.
RISKS RELATED TO COVID-19 ON THE COMPANY
Covid 19 is one of the major economic events in the world history that had affected the businesses across the world. The firms around the globe are looking forward to operate effectively in the post Covid 19 era and to recover from the losses that are faced by them due to the pandemic. The situation of lockdown had left the world economy today is the worst situation and this is likely to have huge long-term impact on the businesses operating in the world. The company is also facing issues related to the pandemic situation (Anderson and Wittwer, 2021). This can be estimated that it would continue for a longer period of time. Business operations are widely affected due to the Covid 19 pandemic and the consequences led by it. Because of this it had become difficult for the businesses to be effective in managing the operations efficiently.
Operational risk is a major risk that is affected by the businesses operating in across the world in the pandemic situation. The situation of lockdown had made it difficult for the firm to manage the demand and supply of the goods and services. According to the survey and statistics it had been shown that 59 % of the UK importers had an importing less than the normal in 2020. These statistics had shown that the importers and exports are highly affected due to the pandemic situation. It had been estimated that the things will take time to get back to the normal and this would be creating several risks and challenges for the firms to operate.
The external event of the Covid 19 pandemic had created great operational risk for the company. The operational issues are leading the firm towards major issues. The company is not having better sales due to the situation of complete shutdown. This had also increased their cost of storage and this is likely to lead to the product failure that would be leading the firm towards financial loss (Wittwer and Anderson, 2020). It can be said that the case company is required to focus on having effective risk management for addressing the issues related to supply chain management.
Supply chain risks
The company is operating in an industry that is highly depended on the logistics and the travel and trade restrictions had made it impossible for them to trade in an effective manner and can maintain the supply of wine and beer in the Covid 19 period. The restrictions made by the national government due to the risk of spread of the corona virus disease had lead all the importers and exports of different goods to an major decline in the trade that had led them an major impact on their trade and profitability. The importers are facing issues related to the logistics and this had affected their entire supply chain. The firms are not able to manage the flow of supply of goods from the suppliers belonging to different nations. Being an importer it had been very difficult for the firm to manage the operations in this era (Hayakawa and Mukunoki, 2021).
Managing logistics in the pandemic era had led an major negative impact on the profitability of the company. Due to the trade restrictions made by the national government and the transportation restriction the transportation cost for the businesses have being increased. Wine and beer are non-essential products and due to this the company had to face alot of issues and challenges in managing the supply chain in the pandemic. The financial crisis led by the pandemic is already affecting the firm and these transport issues are increasing risk in h operational management.
Risk related to sales
Global lockdowns and the border closure had affected the sales of different commodities and the businesses in dealing those commodities are highly affected by it. The travel restrictions and the global lockdowns had affected the travel industry in a significant manner and this had affected the sales of the beverage industry as well. The fall in the travel and transportation services had created financial risk for the company. Financial risks are having a major influence on the business. It is significant for the firms to focus on developing betterstrategies and taking effective actions for reducing the risk of financial risk on the firm. Due to the sudden spread of the novel corona virus the companies were not ready for all the financial risk that would be affecting the businesses to the worst. But now in the things are getting better and the government had made relaxations in this situation the company needs to look forward for managing this financial risk in an effective manner.
The concept of new normal is also a major factor that is expected to affect the businesses to a greater extent. Due to the pandemic lead by the Covid 19 the business world had transformed. All the firms’ need to accept the new normal and the changes made in their industry. The major things included in the new normal such as social distancing measures, sanitizing and maintaining hygiene are the factors that are making major changes in the way thebusinesses are operating and offering the product to their consumers (Atchison et. al. 2021). The wine sellers are making changes in the way they are offering products to the customers. The company can look forward to make changes in their business practices that can help them in operating efficiently in the post pandemic era. After the pandemic also the customers would be focusing on precautions measures and due to this it is essential for the firm to work accordingly.
The issues related to operational management are also anmajor factor behind the financial risk. For addressing the financial crisis lead the pandemic it is essential for all the stakeholders to work in an effective manner (Rahim et. al. 2019). Collaborative efforts of all the stakeholders are required for managing the risks and reducing their negative impact on the businesses. The board of directors are required to accept the new normal norms and have to work accordingly. This would help them in accepting the changes and maintaining the sales and performance of the company effectively.
Risk related to changing customer behaviour
As the business world is transforming due to Covid 19 the customer behaviour is also changing. The wine market of UK is facing great issues and challenges related to the changing customer behaviour in the pandemic situation.Due to the economic crisis the customers are focusing on fulfilling their basic needs. This is having an influence on customer preferences and demand of wine (Pantano et. al. 2021). This factor is affecting the wine market of UK to a greater extent and leadingan negative impact on the sales and profit of the companies.The wine market had experienced the fluctuations in the sales from the beginning of 2020. With the fluctuating sales the importers and the entire wine selling community was working effectively towards managing the supply and demand by managing supply chain effectively.
Risks related to management of supply and demand
Due to disruptions in the supply chain the importers are facing issues in maintaining the supply of wine and they are also facing lack of supply that is creating issues for them. The lack of supply affects the entire supply chain and can affect the reputation of the company and increased reputation risk for the firm.It can be said that the wine market is affected and the sales of wine is negatively affected due to the increasing concern health.
Due to the pandemic the customers are more concern for their health and taking effective measures that can help them it reducing the reducing the risk of covid-19 disease. It can be said that better strategic decisions for increasing the sales are required for managing the risks of changing customer behaviour due to the pandemic (Wittwer and Anderson, 2020). Along with this the sales had also increased in the lockdown period. It can be said that the sales of wine and beer was fluctuating and in this situation. It can be said that the importers needs to make better decisions for attaining an regular sales that can help them in having regular flow of supply and demand.
DEVELOPING STRATEGY FOR MANAGING THE IDENTIFIED RISKS
Both the economic activities are affecting the company in number of ways and creating different risks. The risk management needs to be effective that can help the firm in analysis, reducing and managing the risk in an efficient manner. The board of directors needs to focus on selecting the alternatives for solving the issues related to the risks faced by the company. It is crucial for the firms to focus on benefits of all the stakeholders while solving the issues or managing the risks (Chillakuri and Attili, 2021). When the company is working on risk management then it is crucial for them to focus on managing the risk in such a way that it can lead the m towards their business objectives.
The company needs to focus on developing effective risk management strategy that can help them in managing the risk. The board of directors are required to focus on different factors while developing the strategy. The company need to focus on risk management policies, procedures, reports, governance and should try to gain support from all the stakeholders. This would help them in reducing the different risks led by the economic factors.The company needs to focus on aligning the aims and objectives of risk management with the organisational strategy that can help them in solving the issue properly (Qazi and Akhtar, 2020). The company should have a risk committee that would be responsible for responding to all the different risks that are been faced by the company. As an employer the company needs to focus on ensuring that they should adopt the new normal in an effective manner. This can help them in limiting the potential risks related to covid-19 in an efficient manner.
While managing the risks related to the pandemic the company needs to consider that the future development of virus can cause future economic disruptions that can affect the businesses in number of ways. It can be said that the due to the on-going pandemic the company needs to focus on better risk identification that can help them in preparing themselves for the risk in advance. The board of directors should focus on ensuring that the company should focus on continuous monitoring of the changing wine market condition. At all the different levels of management at the broad level executive level and the regional level the performance of the company and market conditions are required to be monitored. When the company would be working according to the market conditions then it would help them in addressing the issues in an efficient manner (Dzwigol et. al. 2019). Also the company needs to focus on regular reviewing of the pricing in the local market this would help them in being more effective in this changing business world.
As the company is experiencing the fluctuations in the sales in the pandemic period the company needs to make effective decisions related to sales. The firm needs to focus on developing alternative strategies for pricing and promotions that can help them in motivating the customers to make a purchase. The company need to review the economic condition of the nation and changing customer behaviour in the pandemic. This would help them in reducing the risk associated with changing customer behaviour and fluctuating sales of the wine sellers in the UK market.In the covid-19 era the company have to make changes in their business practices.
The company needs to focus on having effective risk assessment and this would in help them in identifying and assessing the risk in a well organised manner. It is an effective risk management tool that can help the firm in addressing the different issues in a valuable manner (Stevenson, 2018). The pandemic had changed a lot of things that developed different risk related to operational management for the company. The board of directors and top management managers and leaders needs to focus on ensuring that the company should have effective risk culture in the firm that can help them in working effectively on the different risks. The collaborative efforts of the entire management teams and all the stakeholders are required for reducing and managing the risk.
For addressing the issues related to the Brexit the company needs to make major changes in their supply chain management. The company can face issues related to restrictions on imports due to the disputes between both UK and EU. For addressing this risk the company needs to focus on developing better supplier base belonging to other nations. This would help them in falling their reliance on EU for the supply of wine and beer and this will help them in reducing the issues related to the regulators risks and risks related to import restrictions.
For addressing the risks related to the supply chain management it is essential for the company to focus on managing the operations in an effective manner. The issues related to increase tariffs would be affecting the firm. For managing this risk it is essential for the company to focus on developing alternative suppliers that offer les tariffs to the UK importers. Moreover for limiting the risk of increasing inflation rate the company needs to pay attention on better marketing strategies and promotional practices that can help them in maintaining their sales in an efficient manner.
Whenever the organization face risks then it is significant for the company to look forward towards the different alternatives that can help them in solving the issues in an effective manner.The board of directors needs to focus on addressing the risk and for this different risk management tools can be used by them (Paltrinieri et. al. 2019). These tools can help the firm in preventing, reducing and managing the risk. When the company identifies any risk then it is significant for them to focus on developing a well planned action plan that can help them in reducing the risk and managing it in a systematic approach. The board of directors and top management needs to focus on creating a business recovery plan that can help them in recovering the major loss due to the pandemic as it is an important economic event.
From both the economic events it can be said that the risk related to supply chain management are having a crucial impact on the performance of the firm. Due to this it is important for the company to focus on developing large number of suppliers that can help them in addressing the issues related to it. It can be said that the operations risks are also having higher potential due to which it is essential for the company to focus on training all the employees for adapting the changes in an effective manner. Better training can help the employees in developing their skills and knowledge that can help them in performing in an efficient manner in the changing business practices. In respond to the covid-19 pandemic this would help the company in ensuring that they can accept the new normal in an efficient manner and can operate properly in the post pandemic era.
For recovering from the financial loss faced by the firm due to Covid and for reducing the potential financial risk related to it the company needs to focus on risk financing. This is an effective risk management tool that can help the firms in recovering from the financial risks and losses.The board of directors should make strategic decisions and effective actions that can help them in managing the different risks related to the economic events in an effective manner. When the business is making changes and implementing new strategies for managing the risks then it is significant for the company secretary to ensure that these decisions and strategies are implemented properly. When the company responds to the risks and implements the strategies in an efficient manner then it helps them in being effective.
Risk management is very crucial for the company for being effective in the wine market of UK.
Thecompany needs to use risk assessment and other risk management tools that can help them in addressing the risks in a systematic manner.
Financial risks, operational risks, tariffs risks and supply chain management risks are the major risks for the company due to the discussed economic events.
The board of directors and the company secretary needs to be work effectively and collaboratively for addressing the risks related to Brexit and Covid-19 for the firm.
CONCLUSION AND EXPECTED OUTCOMES
On the basis of above mentioned report it can be said that risk management is very crucial for the businesses. The businesses needs to have effective risk management that can help them in solving the diverse issues related to the risks that are being faced by the firm. Both Covid-19 and Brexit are the major economic events that had affecting the UK based importers to a greater extent. Being a beer and wine importer of UK the company is facing diverse risks related to it. It can be concluded that the company needs to focus on managing and reducing the risks in an effective manner. Better strategic decisions made by the board of directors and the company secretary can help them in addressing these risks in a systematic manner. It can be said that the different strategies and practices mentioned above can be used by the company for addressing the risks in an efficiently.
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