Identification of Risk
In the initial step, you have to identify the potential risk areas. The nature of risk largely depends on the size and nature of business. The major business threats include fixed prices, limit production, bid rigging, and market share. To identify the potential risk areas, you have to consider the following:
- Customer is your competitor
- Your employees attend professional and trade functions of your competitors
- They join the company of your competitors
- Your employees have access to sensitive information, which is easily passed on to the competitors
- You work along with your partners
These are a few major risks that are related to your business. After you have identified risk, you have to assess these risks in the next step.
According to our assignment help in case study of 4 step process Law, risk assessment is one of the vital steps. Three levels of risks are there such as the following:
- High risk: Some staff members are considered high risks. They include senior staff members in sales, marketing, and purchase departments. Other high-risk people are those who are involved in meetings and those who deal with competitors.
- Medium risk: Medium risk people include management people who do not have regular contacts with the trading partners or competitors, back-end staff, and other members who join from competitors.
- Low risk: HR staff, back office, manual staff, and persons who are involved in administrative or clerical roles.
Risk mitigation is the third step. It includes necessary training activities so that there are behavioral changes in an organization. In order to reduce risks, the company should give their staff suitable training at the time of their induction.
As stated in our 4 Step Process LAW case study help, there should be a review procedure to make sure that an organization can completely handle the changes that are happening inside as well as outside a company. For example, a company may use internal and audit assessment methods to review the Case study.
Benefits of 4Step Process LAW Case Study
Some of the benefits are as follows:
- Early detection can help organizations in avoiding financial penalties
- An organization that can detect the issues can take remedial measures early.
- It is a necessary part of ethical business culture.
- It is helpful for small businesses because they can achieve competitiveness
- It helps to resolve conflicts without much hassle