From the onset, risk management practices at Glenmark were evidence-based and reflected the current needs of the company. The company has a clear understanding of the inherent risks related to the launch of new products. With its Launch @ Risk, Glenmark has managed to assess risk at three stages – pre-launch, during launch, and post-launch (Bell, 2015).
More specifically, Launch @ Risk was introduced to help the company identify and examine the risks that come with the launch of new products. While it is true the program is in its introductory stage, it was designed in such a way that it reflects the risks that might arise in the future. In essence, Glenmark’s ability to understand the risks associated with its business, as evidenced in its Launch @ Risk, remains to be one of the company’s strengths with regard to risk management practices.
In line with the above, Glenmark’s dedication to continuous improvement, as far as risk management practices are concerned, is yet another of the company’s main strengths. As evidenced in the article, the company has constantly been reviewing and updating its Launch @ Risk program. This is a clear indication that Glenmark is highly committed to improving risk management standards. However, the one area that requires special attention relates to effective communication. Communication is important as it helps ensure the members do not resist change. The issue here is that the company has failed to provide a clear overview of how the Launch @ Risk program is being communicated to staff members. Overall, must ensure there is proper communication, specifically on the objectives and purpose of the program.
Reference
Bell. P. (2015). Glenmark Generics Inc.: Launch @ Risk. Ivey Publishing