Reference no: EM132698169

The Sinclair Agro is an internationally operated Agro-Chemical firm based in regional Victoria, Australia. The company manufactures and markets pesticides & allied agricultural products all over Australia and abroad. It has a total of 6 offices located in different Australian cities having employee strength of over 200. The company has achieved significant growth during the last couple of years in domestic and international market. Its agro-chemical products enjoy a reasonable market share in Europe and America. The company now eyes on growing Asian market and has plan to set up business unit there.

• However, the company is bit skeptical about its future business scope and opportunity. In a recent annual meeting, David McLean, the Sinclair's General Manager (Operations) expressed his concern for the future of Sinclair's business and the approach that the Sinclair needs to follow. He mentioned some issues like currency fluctuations, rising cost of raw materials, cheaper substitutes from China, high competition (due to imported products) and environmental hazards which may cause problem to its profit line and continued existence. David pointed out that future of farming is complex and uncertain. There are a range of issues which could be affecting the future of crop production i.e. climate change, shortage of water and farm land expansion. Moreover, there is increasing propaganda against the use of agrochemicals and support for organic farming by some interest groups.

• Now, Sinclair management is planning to undertake a risk management procedure to guard against unforeseen events. They are setting up a risk management committee which may take the responsibility of risk identification, assessment and control. Consider you are an external party who will assist in Sinclair's Risk Management procedure. On account of that you need to answer the following questions. You are free to make realistic assumptions.

Question 1. Who are the relevant parties the risk committee of Sinclair Agro should engage or consult with to identify risks and what procedures they might adopt to do successfully, explain with the help of the following table;

Risk area Who/Type of specialist What they can offer

Question 2. List the various methods you would use to research risks and also explain why you have chosen them.

Question 3. Develop and document a sample Risk register for Sinclair using the template as follows: (Please use the risk matrix table given in appendix to evaluate the priority of various risks)