Risk Management Assessment

Pages: 4 (1131 words)  ·  Style: Chicago  ·  Bibliography Sources: 4  ·  File: .docx  ·  Topic: Business

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Risk Management

There are countless risks that are being faced by HTS. These risks are present in their whole supply chain. In order to deal with these rrisks in a proper manner it is important that HTS identifies them clearly in order to not only manage them properly but to also lessen their impact.

Stakeholders

Helicopter Transport Services, Inc. (HTS) is a private company of medium size. Helicopter operations are something that this company specializes in. A supply chain Risk Management strategy is followed by HTS and this strategy covers a lot of the topics which have been mentioned here.

Operationally speaking there is a very long-term relationship which is present between HTS and the alternate parts suppliers for the aircrafts that HTS produces. This helps HTS in such a manner that in case one supplier is not able to fulfill the order HTS can contact the other supplier to provide them with the needed parts. HTS prefers to have long-term relationships with the companies that it does is business with as, this helps the company from a contingency planning standpoint by making both the parties know about each other's modus operandi in an intimate manner

Risk Management Plan

Context

There is a lot of emphasis paid on the maintenance of product quality by HTS and for this reason it prefers to do business with only the companies which are known to have been providing quality products to its associates. As an example it can be seen that Standard Aero is a big company which provides aircrafts parts and HTS has been doing its business with Standard Aero for a long time now. The extent of strong relationship which exists between Standard Aero and HTS can be estimated by the fact that there is a spare turbine engine present on the HTS premises which belongs to the Standard Aero during the active season and Standard Aero doesn't charge HTS for keeping it there. This spare engine helps HTS in such a manner that if some engine or parts of an engine are required for some aircraft they can quickly be taken from that turbine engine which saves the company a lot of time. HTS also prefers having some of the aricrat parts in the storage as one of its contingency plans because in this manner they can quickly service or repair aircrafts rather than waiting for the supplier to deliver the products.

Scope

Contractual performance bonds is an important step which has been taken by HTS in order to ensure that there exists supplier performance, such as right now bids are being received by HTS from three various suppliers for the building of a new hangar as well as headquarters in Cana, Ottawa and Ontario. There is a requirement for each of the contract to have performance bond which covers 1% of the contract price which comes up to be about $25,000. This will help HTS in such a manner that if there is a supplier who doesn't perform according to the contract then the costs associated with the failure can be covered by HTS.

Success Factors

The support fixed-wing aircraft is an essential risk management initiative taken by HTS. There is a twin turbo-prop aircraft which is maintained by HTS all year round in order to provide assistance to its helicopters that are there is the filed in an economic manner. This helps the… [END OF PREVIEW]

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Cite This Assessment:

APA Format

Risk Management.  (2014, January 27).  Retrieved December 14, 2019, from https://www.essaytown.com/subjects/paper/risk-management-countless/9722771

MLA Format

"Risk Management."  27 January 2014.  Web.  14 December 2019. <https://www.essaytown.com/subjects/paper/risk-management-countless/9722771>.

Chicago Format

"Risk Management."  Essaytown.com.  January 27, 2014.  Accessed December 14, 2019.
https://www.essaytown.com/subjects/paper/risk-management-countless/9722771.