Free Risk Assessment For Genetic Technology Incorporation Essay Example

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Key assets of the company
Genetic Technology Incorporation or in other words GTI is a biotech company that is situated in the Washington D.C. of USA and has been working in the field of genetic testing for around four years. The company uses single facility system for its maximum operations. The company has warehouse and laboratory facilities. The first and foremost asset of the company is the location of its operation that is kept secret for working without any interruption where it stores all its tools for delivering smooth services. In the restricted area facilities are processed for proper acre of bio-organisms that adhere for viability (LaGoy, 1994). Along with the advantage of location, the company has possessed assets like genetic supplies materials and drugs that can be converted into cash at any point of time.

Threats faced by GTI

GTI faces a high competition is the market for its products. The company is not yet established firmly in the market of biotechnology. Other companies prevent GTI to develop a good hold in the market and exert high completion to the company in the present market. This leads to stunted growth of GTI in the market and it can even lead to elimination of the company from the market. Another threat faced by the company is the lack of security in the premises of the company. The products of the company can be readily sold in the market. It does not employ security officials that patrol in the area and keep the location safe from theft. Along with all this threats, the downturn of the economy in the country has also affected the business of the company in the market. It has made it difficult for the company to survive in such an economy that does not have a chance to seek success.

Vulnerabilities of the company

The assets of GTI also face certain vulnerabilities. The location of facility is restricted which makes the operation of the company convenient, but makes it a target for the people who wanted to inflict harm and create difficulties for GTI. The most important asset of this company is the employees working for the company (LaGoy, 1994). The company needs to take care of the employees motivating them towards their work, so that any other company cannot recruit its employees. Another major drawback of the company is the lack of security system that makes the property of the company vulnerable to theft and misplace. It needs to develop a good security system by hiring security officers to keep its properties safe. The poor economic health of the country also acts as a vulnerable element for the company. It makes it difficult for the company to seek growth in this type of market.

Impacts of projected losses

As the company faces vulnerability to threats, it makes the situation difficult for the company to survive in such a market. It leads to demise of the company in the market. As the assets of the company are located in a single area, it becomes a target for potential attack by people trying to create problem for the company (Lerche & Glässer, 2006). It becomes difficult for the company to overcome these problems. Another major impact of the threats is the rising competition in the market. It becomes difficult for the company to establish itself in this market. For establishing it position the company needs to differentiate its products and services from its competitors to gain a competitive advantage in the market. To meet the high competition in the market, the overhead cost of the company rises that makes it difficult for the company to operate with a budgeted figure for expenses. Due to the poor condition of the economy, the company also faces problems to maintain the economy of the company and protect the business from the economic factors.

References

LaGoy, P. (1994). Risk assessment. Park Ridge, N.J., U.S.A.: Noyes Publications.
Lerche, I., & Glässer, W. (2006). Environmental risk assessment. Berlin: Springer.