Strategic Risk Management for Llyods Pharmacy
Strategic Risk Management for Llyodspharmacy
Submitted To Mr. TK Submitted By Student no. 1004288
Table of Contents Executive Summary 3 1. Introduction 4 1.1 CURRENT PROBLEMS 4 2. RISKS IDENTIFIED 5 2.1 Political Environment 5 2.2 Changes in regulation 5 2.3 Changes in consumer behavior 5 2.4 Competition 6 2.5 Unprofessional Services 6 2.6 Occupational Health and safety risks 6 2.7 Product risk 7 2.8 Critical systems failure – Loss of Data 7 2.9 Currency exchange 7 3. MITIGATION 9 3.1 Political Environment 9 3.2 Impact of regulation 9 3.3 Changes in consumer behavior 9 3.4 Competition 9 3.5 Unprofessional Services 10 3.6 Occupational Health and safety risks 10 3.7 Product risk 10 3.8 Critical systems failure – Loss of Data 10 3.9 Currency exchange 11 RISK METHODOLOGY 11 References 13
Executive Summary
Lloydspharmacy claim to be “a leading community pharmacy and healthcare provider with over 1,650 pharmacies across the UK, mainly in community and health Centre locations, employing around 17,000 staff and dispensing over 150 million prescription items every year”.
The risks identified in the report for Llyodspharmacy are reputational, operational, financial and environmental all that which will affect the strategic objective of the business. Some of them are occupational health and safety, product risk, consumer behavior changes, competition etc.
The risk register has been made for all these risk with the assumed likelihood and impact to the organisation, which is then explained below. The mitigation for each of these risks are then elaborated.
1. Introduction
Lloydspharmacy claim to be “a leading community pharmacy and healthcare provider with over 1,650 pharmacies across the UK, mainly in community and health Centre locations, employing around 17,000 staff and dispensing over 150 million prescription items every year”
Submitted To Mr. TK Submitted By Student no. 1004288
Table of Contents Executive Summary 3 1. Introduction 4 1.1 CURRENT PROBLEMS 4 2. RISKS IDENTIFIED 5 2.1 Political Environment 5 2.2 Changes in regulation 5 2.3 Changes in consumer behavior 5 2.4 Competition 6 2.5 Unprofessional Services 6 2.6 Occupational Health and safety risks 6 2.7 Product risk 7 2.8 Critical systems failure – Loss of Data 7 2.9 Currency exchange 7 3. MITIGATION 9 3.1 Political Environment 9 3.2 Impact of regulation 9 3.3 Changes in consumer behavior 9 3.4 Competition 9 3.5 Unprofessional Services 10 3.6 Occupational Health and safety risks 10 3.7 Product risk 10 3.8 Critical systems failure – Loss of Data 10 3.9 Currency exchange 11 RISK METHODOLOGY 11 References 13
Executive Summary
Lloydspharmacy claim to be “a leading community pharmacy and healthcare provider with over 1,650 pharmacies across the UK, mainly in community and health Centre locations, employing around 17,000 staff and dispensing over 150 million prescription items every year”.
The risks identified in the report for Llyodspharmacy are reputational, operational, financial and environmental all that which will affect the strategic objective of the business. Some of them are occupational health and safety, product risk, consumer behavior changes, competition etc.
The risk register has been made for all these risk with the assumed likelihood and impact to the organisation, which is then explained below. The mitigation for each of these risks are then elaborated.
1. Introduction
Lloydspharmacy claim to be “a leading community pharmacy and healthcare provider with over 1,650 pharmacies across the UK, mainly in community and health Centre locations, employing around 17,000 staff and dispensing over 150 million prescription items every year”
References: US department of Labour, H., 2011. Safety and Health Topics, Hazardous drugs. [Online] Available at: HYPERLINK "http://www.osha.gov/SLTC/hazardousdrugs/index.html" http://www.osha.gov/SLTC/hazardousdrugs/index.html [Accessed 8 October 2012]. Kennedy Hodges L.L.P, P.E.L., 2012. Wrong medication lawsuits-pharmacy errors and prescription error mistakes. [Online] Available at: HYPERLINK "Each year, 1.3 million Americans are injured because of medication errors. " Each year, 1.3 million Americans are injured because of medication errors. [Accessed 8 October 2012]. Lloydspharmacy, 2011. Lloyds Pharmacy-About Us. [Online] Available at: HYPERLINK "http://www.lloydspharmacy.com/en/info/about-us" http://www.lloydspharmacy.com/en/info/about-us [Accessed 6 October 2012]. Stock Market Wire, c., 2012. Immedia hit by loss of Lloyds Pharmacy contract. [Online] Available at: HYPERLINK "http://www.stockmarketwire.com/article/4453824/Immedia-hit-by-loss-of-Lloyds-Pharmacy-contract.html" http://www.stockmarketwire.com/article/4453824/Immedia-hit-by-loss-of-Lloyds-Pharmacy-contract.html [Accessed 6 October 2012]. Retail Week, N., 2012. Analysis: LLyods pharmacy aims to restore growth. [Online] Available at: HYPERLINK "http://www.retail-week.com/knowledge-bank/analysis-lloydspharmacy-aims-to-restore-growth/5041332.article?blocktitle=Health-&-Beauty&contentID=5975" http://www.retail-week.com/knowledge-bank/analysis-lloydspharmacy-aims-to-restore-growth/5041332.article?blocktitle=Health-&-Beauty&contentID=5975 [Accessed 6 October 2012]. Retail Week, N., 2012. Lloyds pharmacy profits plummet. [Online] Available at: HYPERLINK "http://www.retail-week.com/lloydspharmacy-profits-plummet/5040785.article" http://www.retail-week.com/lloydspharmacy-profits-plummet/5040785.article [Accessed 4 October 2012]. The Gaurdian, N., 2010. Children given wrong doses of medication. [Online] Available at: HYPERLINK "http://www.guardian.co.uk/society/2010/jan/19/children-given-wrong-prescriptions-hospital" http://www.guardian.co.uk/society/2010/jan/19/children-given-wrong-prescriptions-hospital [Accessed 2 October 2012].