Risk Identification & Assessment Tool for Fischer Tech Limited Singapore

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FISCHER TECH LIMITED

Adriel Timothy Lim

1.OVERVIEW OF CASE

1.A Background

Fischer Tech Ltd is a Singapore home grown company, founded by Mr. Choon King Tan, and established since June 1994 is a specialist manufacturer of high volume precision engineering plastic components for new electronic product innovations. The company owns injection and molding machines both hydraulic and electric type to undertake these challenges. The Company ultimately operates in two segments:

1. High-precision plastic injection (plastic injection),
Manufactures plastic components, which are used in the automotive, smart phones, computer peripherals and consumer product industries.

2. Mold design and fabrication (tooling).
Manufactures molds, which are used in the manufacture of plastic injection components.

Fischer Tech listed at Singapore Stock Exchange last July 2011. At January 2003, the company re-certified ISO 9002: QS 9000. The company manufacturing facilities are located in Singapore, Malaysia, Thailand and China, in addition to that, sales offices located USA, Japan, Germany and Taiwan (Fischer Tech Limited 2012). The customers of Fischer Tech Ltd are world well known companies diverse in range of industry segment.

1.B Organization structure

The quality of an organization always starts on the top. This means that senior management and the board of directors must the initiative for being knowledgeable and aware of the risk management activities the firm engages in. In order to have this, an organization must have a structure conducive to the proper practice of risk management (Chance 2008). Current Management Chart and the Group Organization Structure are shown at the Appendix.

2. OBJECTIVES

2.A Mission of the Business:

Mission:
Strive to meet stringent customer demands and needs by developing cost effective solutions and new technological processes to cater for new sophisticated product demands.

Vision:
Strive to become a world-class manufacturer by leveraging on our experience and continuously developing and acquisitioning of new technologies to meet our customers' sophisticated product requirement.

2.B Business Objectives:

To complete customer satisfaction at all level and to maintain high level of trust, starting from engineering to manufacturing, quality assurance, and delivery. 


To become a leading plastic manufacturing company who commits on excellence price and quality service at every aspects of business. The company beliefs in spirit of teamwork and result oriented to be taken at all level and at all times.

2.C Key Business Strategies:

Expansion

Enhance the manufacturing capabilities, solidify the fundamentals and continue to provide superior product solutions. Looking out for new product markets, geographical areas and strategic partners.

Innovation
The Company perseveres to raise standards by employing the most innovative technologies to streamline business operations and produce high-quality products.

Penetration
To be more aggressive in market penetration with the new QS 9000, in developing new products and to approach prospective customers in the automotive industry.

3. STAKEHOLDERS

3.A Internal Stakeholders

Organizations that see their stakeholders as partners gain a competitive advantage (Stone 2010). Shareholders, Directors, Managers, and the employees as internal stakeholders take Risk Management to monitor, control, and minimize the possibility of uncertainty. Engaging the internal shareholders generates new insights to reduce and minimize risk (Frigo 2010).

Employee
Fischer Tech Ltd values people, their dignity and their rights. In the workplace, the company empowers 1900 man and woman to make a sustainable life on the different kind of job. To ensure the risks at low level, The Group maintains a healthy and safety environment by the implementation of Company Policy to mitigate risk issues, such as: * No Corruption,...
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