VoitureParts Inc. is a family run company that distributes and sells car parts, in particular parts for high end luxury vehicles. In recent years, it has been facing an increased number of competitors in the market. VoitureParts Inc. has decided to diversify its range into the distribution and sale of automotive tools. In a world of rapid change and unpredictability, coupled with the decision to diversify, the senior management team of VoitureParts are concerned that there might be some risks they are exposed to, unaware of, or cannot manage. Senior management have never been exposed to or seen a structured risk management approach. You have recently been appointed as the first Risk Manager of VoitureParts. In light of this background, explain and examine the most appropriate risk management principles, framework and process for VoitureParts, and how this can provide insight into their concerns.
explain and examine the most appropriate risk management principles, framework and process for VoitureParts, and how this can provide insight into their concerns.
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