Question: risk identification process 1 . Risk 1 : Food Safety and QualityFIRM Classification: Operational Risk Item Safety Root Cause Analysis:Why 1 : Why is there

risk identification process1. Risk 1: Food Safety and QualityFIRM Classification: Operational Risk Item Safety Root Cause Analysis:Why 1: Why is there a hazard of food safety and quality issues?Why 2: Why is there a need of legitimate preparing and adherence to food safety protocols?Why 3: Why are the preparing programs and supervision inadequate? Why 4: Why are assets inadequately for preparing and supervision?Why5: Why is the budget allotment limited for preparing and supervision activities?Mitigation Measures: - Create and implement comprehensive preparing programs on food safety and quality for all employees.. 2. Risk 2: Supply Chain DisruptionsFIRM Classification: External Risk Root Cause Analysis:Why 1: Why are there potential supply chain disruptions?Why 2: Why are we dependent on a limited number of suppliers?Why 3: Why is there a need of broadening in the provider base?Why 4: Why are there constrained efforts to identify and onboard alternative suppliers?Why 5: Why are there deficiently assets and time apportioned for supplier evaluation and onboarding?Mitigation Measures:Create a technique to differentiate the provider base and set up connections with elective suppliers. 3 Risk 3: Changing Customer Preferences and TrendsFIRM Classification: Strategic Risk - Market DemandRoot Cause Analysis:Why 1: Why is there a risk of not adjusting to changing customer preferences?Why 2: Why is there constrained market investigating and understanding of shopper trends?Why 3: Why is there deficiently speculation in market investigate activities?Why 4: Why is the budget assignment constrained for showcase research?Why 5: Why is there a need of mindfulness approximately the significance of remaining upgraded on buyer preferences?Mitigation Measures:- Increment investment in market research to assemble bits of knowledge on changing customer preferences.- Set up a committed advertise inquire about group or outsource showcase investigate activities. 4 Risk 4: Administrative ComplianceFIRM Classification: Compliance Risk - Legal and Regulatory Root Cause Analysis:Why 1: Why is there a risk of non-compliance with food regulations?Why 2: Why is there lacking information and understanding of administrative requirements?Why 3: Why are there constrained preparing and awareness programs on nourishment regulations? -.Why 4: Why are there inadequately assets allocated for preparing and awareness initiatives?Why 5: Why is there a need of prioritization and awareness almost the potential results of non-compliance?Mitigation Measures: - Create comprehensive preparing programs on food directions for employees at all levels.- Allocate assets for customary preparing and mindfulness activities on administrative compliance.

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