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Develop Crisis Management Plans

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Develop Crisis Management Plans
1 Hurricane and Storm
Short term: Purchasing proper insurance.
Long term: Changing facility location and opening new branches.
10 Demand Shortfall
Short term: Construct business relationship with more potential customers and establish more business opportunity.
Long term: Investing on research and development to improve core competency.
11 Customer Retention
Short term: Establish intimate and loyal relationship with your current customers and achieve your customers’ trust.
Long term: Find more customer and build trust with them and improve their satisfaction.
12 Industry/Sector Downturn
Short term: Purchasing proper insurance.
Long term: Optimize asset allocation and diverse investment.
13 Supply Shortcut
Short term: Increase order quantity properly.
Long term: Find alternative option.

Take High-Level Risk Management Actions
5 Poor supplier quality
Short term: Introduce supplier audit regularly and urge the supplier to get proper certificate to improve and ensure the product quality.
Long term: Developing a supplier evaluation and selection process. Monitoring and predicting supplier financial health.

Manage Risk Events as Required
2 Radiation
Short term: Seeking more qualified suppliers.
Long term: Switch to alternative suppliers.
8 Employee issues
Short term: Introduce background check of new employee.
Long term: Developing an employee evaluation and training process.
9 Bribery and Corruption
Short term: Provide ethnical on board training and add ethnical agreement to the contract.
Long term: Build mutual trust between company and customers and suppliers.

Develop Contingency and Back-Up Plans
3 External financial challenges with suppliers
Short term: Purchasing proper insurance to eliminate the external financial risk.
Long term: Monitoring and predicting supplier financial health.
4 Asset

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