4.You have on your schedule to receive street light products from your regular vendor in July...

4.You have on your schedule to receive street light products from your regular vendor in July 2020.On the 10^th June 2020, you learnt from the news that the Vendor’s warehouse has been destroyed by fire and that they may not be able to recover in the next 12 months.

What type of Risk is this? Mention 4 possible things you will do?

Expert Solution

This is a type of operational risk because the vendor's warehouse has been destroyed by fire and they may not be able to recover in the next 12 months. Due to this, they won't be able to supply street light products which will have impact on operations of the company. Four possible things to do under such scenario are:

1. Development of alternate vendor who can supply similar quality street light products to the company is essential. Vendors must be tested on quality parameters and suitable vendor must be selected who can fulfill all the contractual terms.

2. The company must use the stock of street light products already stored with them in order to fulfill customer demands till the time alternate vendor is developed.

3. The company must inform the institutional buyers and regular customers that they could expect shortfall in supply and explain the reason for that but assure them that this pattern would be short term and full supply will be ensured once alternal vendor is developed.

4. The company must look and consider the supply chain and select vendor based on short transportation and delivery times and look for reducing supply chain costs for further delivery to distribution centres as well.

keosha answered 1 year ago

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