All organizations and industries experience risk exposure, from both internal and external events. Accordingly, with outcome speculation being uncertain, organizations can experience either negative or positive effects. In general, the IS31000 defines risk as the “effect of uncertainty on objects” (Elliott, 2012 p.1.4). Consequently, risk management practices help minimize the effects of risk uncertainty, through establishing control and creating policies with regard to risk. Risk’s most apparent category is in reference to accidental loss and is known as hazard risk. Operational risk, on the other hand, stems from controls, systems, people and processes. Both, hazard and operational risks are classified as a pure risk meaning they have a possibility of loss or no loss. Moreover, organizations can experience financial risk from changes in the market that affect an organizations cash flow. Strategic risk closes the risk categories and arises from changing trends in society and the economy (Elliott, 2012). Through observing MillerCoors, there are several identifiable risks arising from the risk categories of hazard, operations, financial and strategic risks. Consequently, these risks can be offset through the implementation of ISO31000 Standard. Therefore, with proper risk management application MillerCoors can effectively combat uncertainty.
MillerCoors an alcohol beverage company has captured a large share of United States beer sales in recent years and in 2015 the organization was responsible for nearly 26% of beer sales within the United States (Notte, 2015). However, with craft breweries gaining approximately 16% of beer sale in 2015, MillerCoors, must establish stron...
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...oors can treat and combat risk consequences. The hazard risks of machinery failure and product recalls, would cause financial and production loss. However, these risks can be treated through organizational performance measures and implementation of policies and procedures to enforce frequent inspections and personnel trainings. Moreover, the operation risk of employee turnover, would impact daily procedure completion and performance. However, through exit interviews and employee retention practices, Miller Coors will effectively reduce turnover, improving organizational performance. Furthermore, commodity price risk increases cash flow uncertainty, which can be treated through proactive hedging. Therefore, through the execution of the ISO 31000 risk management process, MillerCoors can establish a foundation to facilitate continual improvement of the organization.
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