Background Outdoor footprint Company [OFC] is a national retailer that develops the very best outdoor gear from skiing accessories to camping necessities, and beyond. OFC has a chain of retail and wholesale stores across the UK selling outdoor gear to hundreds and thousands of consumers on a daily basis. Ms Flannigan is the risk manager of OFC and as such, her responsibilities include identifying, assessing and managing any potential risks that may arise. She is charged with controlling any risk that may adversely affect the sales, security, and financial health of the organisation. There are various measures in place that can protect or reduce the amount of risk OFC may face. Jt is common to have mechanisms in place to control this and to have measures in place to reduce the impact on risk and transfer unwanted risks to limit loss exposure. In understanding riskr it is important to know the different types of risk. and how much risk an organisation is willing to take. Ms Flannigan is aware of this and intends to assess the various types of risks in order to protect the organisation. However, Ms Flannigan is not entirely sure that it is the most effective and economic way of managing risk. You are required to critically discuss the following questions. 1. identify and discuss five potential risks that the Company is facing. (30%) 2. According to the five risks you have identified in question one. advise and discuss the appropriate methods that can be used to handle these risks. (30%) 3. Discuss the relevance of risk management philosophy and discuss whether incorporating such a philosophy at OFC would benefit the company in meeting corporate objectives. (30%)