DE FIFTY SIX ENTERPRISE

RISK MANAGEMENT

BY:Asma Liyana Ja’afarIzzati Natasha AzizNur Fatehah Ab RazakNurul Nabila Ruslen

BUSINESS BACKGROUND

Name of company DE FIFTY SIX ENTERPRISE

Address

LOT. G18, TINGKAT BAWAH,KOMPLEKS PKNS,45000 KUALA SELANGOR,SELANGOR.

Occupation Selling and making ‘Baju Kurung’ for men and women.

Type of product Textiles

How long established

5 years

NAME OF RISK MANAGER

Individual specifically tasked

to oversee and manage the

risks of the organization.

Encik Khairil Anuar bin

Halil has been given

responsibilities to manage

the risk.

DUTIES OF RISK MANAGER

• Identifying and measuring risks of the

organization.

• Providing safety related training program-firm’s

employees had join fire drill activity.

• Communicate with other departmental heads.

OBJECTIVES• The objectives of a risk management program can be

divided into pre-loss and post-loss objectives

• Pre-loss objectives: Objectives that an organization considers before a loss take

place

• The main reasons are to: Economic factors To reduce stress and anxiety To adhere to legal requirements

• For this company, first aid kit is used to recover any injuries that might happen in the near future.

FIRST AID KIT

• Post-loss objectives:

Objectives that an organization needs to consider after a

loss has taken place

• The reasons:

To ensure continued operations and survival, stability of

earnings and growth and to undertake corporate social

responsibility

• If any incidents or accident occurs to the company or the

workers, Encik Khairil Anuar (owner) himself will provide

funds of money/cash

FUNDS

IDENTIFYING EXISTING RISKS

• Shoplifting

Frequency of stealing their display stocks is quite high

during the festive season.

Normally people will steal fabric which is quite expensive

such as batik silk.

• Lack of machineries

The process in cutting the textiles is still using

manual skill. Whereby, the workers still using

scissor to cut the fabrics into a different shape.

• Changes in consumer tastes

Without following the trend, nobody is willing to

purchase the factory’s product and they will

switch the demand to other factories who provide

more updated types of the fabric.

IDENTIFYING POTENTIAL RISKS

• Fire

High potential of fire to occur due the location which is very nearest with the TNB substation.

RISK MANAGEMENT TOOLS

RISK RETENTION

• All the risks have been retained by the owner of the factory

• Does not require high capital in production and it is fine to retain those losses by itself.

CONCLUSION

• Categorized as a very risky building whereby the facilities

provided are still not better enough.

• Need to do some improvement in term of factory facilities to

prevent or to reduce the outcome of losses.

• Responsible to oversee the risks of the factory.

Implementing Risk Management Policy

Purchasing insurances

Get permit for workers

Change environment working place

Provide smoking area

Fire protection equipments

Training for workers

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