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Post by damonwilks on Oct 26, 2020 13:36:24 GMT
Hi all, I have a quick question about types of risk in P3. Let's say I work at a garage which offers service and repairs to motor vehicles. The garage knowingly uses substandard replacement parts to save money, but also employs a staff member who is underage.
I think in this instance the spare parts would be a reputational risk and the child labor would be a strategic risk. Is this correct?
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Post by jazzie on Oct 26, 2020 15:04:46 GMT
Hi all, I have a quick question about types of risk in P3. Let's say I work at a garage which offers service and repairs to motor vehicles. The garage knowingly uses substandard replacement parts to save money, but also employs a staff member who is underage. This isn't 'asking for a friend' is it? |
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Post by damonwilks on Oct 26, 2020 16:47:52 GMT
Haha, no, just trying to think of situations to apply the theory.
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Post by jazzie on Oct 26, 2020 16:57:51 GMT
Well, as I understand it, it's actually the other way around. Using substandard parts is a strategic risk, but hiring staff who can't legally work (however good they actually are) is a reputational risk.
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Post by damonwilks on Oct 28, 2020 10:26:36 GMT
Thanks jazzie!
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P3 Risk
Nov 10, 2020 15:36:36 GMT
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Post by Blueboy on Nov 10, 2020 15:36:36 GMT
Well, as I understand it, it's actually the other way around. Using substandard parts is a strategic risk, but hiring staff who can't legally work (however good they actually are) is a reputational risk. I think maybe the parts are to do with operational side like machine tools in a factory so would be an operational risk, whereas strategic risk is a long term risk for the business and not related to day to day actions. The illegal staff is unethical so would damage the companies reputation and could lead to compliance risk by way of fines, penalties. |
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