The Impact of Risk Management in Food Production Company (a Case Study of Sumal Company]

The Impact of Risk Management in Food Production Company (a Case Study of Sumal Company]

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INTRODUCTION

BACKGROUND OF THE STUDY

The concept of risk management is defined as a process of identifying, analyzing and responding to uncertainty which takes into cognizance the maximizing of positive outcome of events and minimizing the impact of negative events (Darmawi, 2012). It is the coordinated effort of directing and controlling the company against risks involved in the conduct of   business activities with the objective of reducing potential losses minimally or if possible converts the risk into opportunities that can increase corporate profits. The neglect of risk management can have an impact on the company itself. Risk management requires that risks are identified, measured, and strategies formulated for managing them through available resources.  Risk management will assist the company to identify and manage risks, so that the consequences impacted can be minimized or even eliminated.

The study seeks to proffer an appraisal of the impact of risk management in food Production Company. A case study of Sumal Company.

STATEMENT OF THE PROBLEM

Food production companies are face with the challenge of diverse kind of risk due to the nature of the production process, raw material used, the storage and waste generated. Consequently, the neglect of risk management in food processing could lead to loss of products, revenue and products. Risk is the occurrence or propensity of the occurrence of an undesirable event that will affect an activity or object. It is determined by the impact or possibility that it might occur. Within a period of time. Risk if not managed or neglected will lead to loss. Risk management is defined as a process of identifying, analyzing and responding to uncertainty which take s into cognizance the maximizing of positive outcome of events and minimizing the impact of negative events. The problem confronting the study is to appraise the impact of risk management in food production. Company. A case study of Sumal Company.

OBJECTIVES OF THE STUDY

The Main Objective of the study is to investigate the appraisal of the impact of risk management in food production company. A case study of Sumal company; The specific objectives include:

    i.        To determine the nature of risk management.

   ii.        To determine the level of risk inherent in food production company.

 iii.        To determine the impact of risk management in food production company. A case study of Sumal company.

RESEARCH QUESTIONS

    i.        1 What is the nature of risk management?

   ii.        What is the level of asset quality of commercial banks?

 iii.        What is the level of risk inherent in food production company?

STATEMENT OF THE HYPOTHESES

The statement of the hypothesis for the study is stated in Null as follows:

Ho₁: The level of risk in sumal food company of is low.

Ho₂: The effect of risk management in sumal production company is low.

SIGNIFICANCE OF THE STUDY

The study seeks to protect the firm from the outcome of loss which could emanate

From the neglect of risk management.

 SCOPE OF THE STUDY

The study focuses on the appraisal of the impact of risk management in food production company. A case study of Sumal company.

LIMITATION OF THE STUDY

The study was confronted with logistics and geographical factors.

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