A Chocolate Company since inception in 1990 has been largely responsible for satisfying the country's demand for Chocolates and Sugar Confectionery. The plant has various lines producing a wide range of confectionery lik

A Chocolate Company since inception in 1990 has been largely responsible for satisfying the country's demand for Chocolates and Sugar Confectionery. The plant has various lines producing a wide range of confectionery like Éclairs. Toffees, Fudges. Caramels, Hard Boiled Candy and Enrobed Chocolates. These products are available in attractive packaging and premium Gift Boxes making them ideal for gifting as well as for own consumption. Most of the packaging in the Gift Pack segment has been carefully selected to ensure its enduring utility, thereby giving our valued customers an added benefit. The confectionery is produced by experienced personnel under stringent quality control and hygiene standards. State-of-the-art manufacturing facilities ensure products of international quality. The company in its relentless pursuit of quality obtained relevant Certification in April, 2004. The Company, through its uncompromising stand on quality and competitive pricing, has successfully penetrated countries all over the Gulf, the African continent. Asia, Australia, New Zealand, Canada, South Africa, USA and the UK. The principal business processes involved are: Procurement of raw materials and consumables, Production and Quality Control. Distribution and marketing, Inventory Management, Pricing and cost control. Feedback from consumers and redressal systems, Publicity and promotional activities, Investor relations. Recruitment and HR, Finance & Administration. Corporate communications and public relations, Legal and secretarial matters. Maintenance of equipment and other assets, Capital expenditure for equipment and other purposes. IT systems and telecommunications, Transportation and Logistics. Today, manufacturing sector companies like chocolate manufacturing operates in increasingly complex, competitive and global markets. The ability to manage risks across geographies, products, assets, customer segments and functional departments is of paramount importance. The inability to manage these risks can cause irreparable damages. Chocolate company will always face the likelihood of being impacted by uncertain or adverse future events. These uncertainties will have an impact on a company's ability to generate capital and shareholders returns. The company Board expects that management will not only look at where the company may be exposed to risk, but also how these risks can be managed to influence favorable business outcomes. Considering the above, answer the following questions: Discuss some approaches for risk impact assessment.