Reference no: EM132997803

Tommy owns a Gold Souk store in Australia with his father. Revenues have exceeded expectation and at the end of last year, profit reached a staggering USD50,000,000 with costs a mere fraction at USD1,000,000. Trades as typically specified in USD because most of the raw materials are purchased in USD. There are a lot of necklaces, bracelets and rings which would suit someone who wants to buy an anniversary present for their loved one. Most gold is sourced from India and South Africa although some is also imported from Australia. Business has expanded with a larger client base that prefers to order on-line. Tommy has setup a sophisticated real time video system which allows the customer to see the particular piece, order immediately and obtain a guaranteed delivery within 12 hours (to anywhere in the world). It has been a great success. Tommy is constantly aware of the Risks in the Jewellery Business so has asked your assistance as Risk Manager to identify the four main categories of Risk that could be faced and then to offer any further advice dealing with any other insurance.

a. Identify and explain the four key Risk categories that Tommy and his father may face

b. Provide advice on two types of personal insurance that would be beneficial for the company