Essay on Strategic Risk Management for Llyods Pharmacy

Strategic Risk Management for Llyodspharmacy Submitted To Mr. TK Submitted By Student no. 1004288 Table of Contents Executive Summary 3 1. Introduction 4 1.1 CURRENT PROBLEMS 4 2. RISKS IDENTIFIED 5 2.1 Political Environment 5 2.2 Changes in regulation 5 2.3 Changes in consumer behavior 5 2.4 Competition 6 2.5 Unprofessional Services 6 2.6 Occupational Health and safety risks 6 2.7 Product risk 7 2.8 Critical systems failure – Loss of Data 7 2.9 Currency exchange 7 3. MITIGATION 9 3.1 Political Environment 9 3.2 Impact of regulation 9 3.3 Changes in consumer behavior 9 3.4 Competition 9 3.5 Unprofessional Services 10†¦show more content†¦The political environment is likely to keep changing in at least some of the countries where Lloyds is operating. If this is not mitigated it could have higher impact than 3. 2.2 Changes in regulation Any changes in existing regulation could pose a threat to the company since it operates in regulated markets. Failure to keep up with the regulation and abide by new rules immediately could have negative impacts for the company. Prasant Manandhar, head pharmacist at Hemel Hempstead noted, â€Å"These companies could face problems with licensing, processing prescriptions or even with regulations of product traceability and how products need to be stored etc. quite easily if the regulations change even slightly.† This is a very regulated market, thus the regulation does not change very frequently however, since Lloydspharmacy operates in more than 20 countries, it is possible that within the next 2-3 years, there could be some changes in one or more of these countries. The impact is moderate because companies are usually prepared for changes like these. Also the mitigation is not very difficult therefore with a representative in major trade associations Lloyds can be prepared for it. 2.3 Changes in consumer behavior Change in consumer behavior could negatively impact Lloydspharmacy. If customers spend less on their products, if shopping habits and preferences change and people