Kroger Risk Analysis Essay

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In unit 3, Kroger’s risk was identified to determine what, if any risk levels existed and the controls needed to mitigate potential damages. Risk Identification can be achieved using several tools or application checklists to identify and describe exposures, which are: Risk Analysis Questionnaire, Financial Statement Method, Flowchart Method, On-site Inspections, and Environmental Scanning (Fraser & Simkins, 2010). Additionally, Key Risk Indicators, which indicates whether the risk exists or is emerging and the consequences can vary from minor to catastrophic (Bethel, 2016).

Ultimately, the risk analysis process helps identify and manage potential problems or focus on key business initiatives (Manktelow, 2007). Often, risk is associated with problems, such as: injury, disruption of operations, distribution problems, fraud, changes in economy, changes in technology, natural disasters, or changes in governmental policy (Manktelow, 2007). Comparatively, I chose Environmental Scanning and Key Performance Indicators as the tools for Risk …show more content…
Indeed, Kroger takes Environmental Scanning seriously and considers sustainability a core function focusing on energy usage, water usage, waste, and logistics (Dillon, 2015). Another tool in the Risk Assessment Process is identifying Key Risk Indicators. Ultimately, Key Risk Indicators measure the presence or trend of potential risk (Bethel, 2016). Thus, examples of Key Risk Indicators can be found in Human Resources, Information Technology, Finance, Legal or Compliance, Audit, and Risk Management operations (Fraser & Simkins, 2010). Specifically, areas of risk include: corporate governance, management changes, supply chain issues, fraud, legal risks, terrorism, high debt and asset losses (Matruglio & Tymmons,

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