An industry is always prone to hidden risks. This study provides an overview on the identification, assessment and management of risks in a manufacturing industry. A conceptual model was developed for the effective Risk Management. A case study was performed for Risk identification through observation and interview with company personnel and Risk assessment by a) Risk classification and b) Risk prioritization using Analytical Hierarchy Process (AHP). Suggestions for risk control were also put forward to the company along with the conceptual model. In this study, suggestions were also made to document the Risk identification, Risk assessment, and Risk control continuously for every update. The suggestions for effective risk control, were made based on the severity of each risk and cost effectiveness. © Research India Publications.
M. Nithin and Dr. Gokulachandran J., “Risk assessment and management in a manufacturing industry”, International Journal of Applied Engineering Research, vol. 10, pp. 17303-17314, 2015.