Abstract:
Risk management in the swine industry is a critical factor in driving business success, ensuring survival amid the volatile business environment and the changing global landscape. It also enhances sustainability and long-term competitiveness in the pig farming business, which faces multiple risk dimensions marketing, raw material procurement, disease control, and evolving government regulations. This study aims to examine the risk landscape in the pig farm of PSF Company Limited, Uttaradit Province, due to the company\'s risk management practices being previously reactive and based mainly on experience, without a formalized and systematic approach. Recognizing the necessity for structured risk management within the organization, the researcher developed a risk management plan for PSFs pig farm using the ISO 31000 framework,an internationally recognized standard for risk management. This study employs literature reviews, in-depth interviews, and brainstorming sessions withthe executives of PSF Company Limited in Uttaradit Province to collect data on internal and external risks affecting the organization. Additionally, the SWOT Analysis is conducted to identify and categorize risks into 10 types including such as production risk, financial risk, strategic risk, and management risk, etc. These risks are documented in a risk register. The next step involves risk analysis based on two key criteria are Likelihood and Impact, which are critical for determining the severity of risks and allocating resources appropriately to manage the most significant risks. The study utilizes a qualitative risk analysis tool, the Probability and Impact Matrix to classify risks into low, medium, and high levels, serving as a basis for formulating appropriate risk management strategies. The findings reveal a total of 70 risk items, classified as follows with 31 low-level risks (44.29%), 25 medium-level risks (35.71%), and 14 high-level risks (20.00%). The study further categorizes risks into two levels are Risk Appetite Risk Tolerance, with risk management measures implemented accordingly. The risk management approach considers two main dimensions are Negative Risk and Positive Risk. The major risks impacting the swine farm are classified into three levels with proposed risk management strategies as follows1. High Risk Factors. There are a total of 14 high-risk factors. The primary high risk factor is the language barriers causing miscommunication and operational errors. The mitigation strategy involved providing basic training for migrant workers, implementing multilingual communication tools, translating technical documents, and leveraging language applications for real-time assistance.2. Medium Risk Factors. The total of 25 medium-risk factors have been identified, which can be categorized into eight key areas. For example, Financial Risks, one of the key financial risks is liquidity risk during business expansion, which requires careful financial management. Proactive cash flow planning, diversification of funding sources, and investor attraction are essential risk mitigation strategies. Production Risks, Production-related risks include errors in animal feed packaging and unstable electricity supply in closed-system barns, both of which can negatively impact product quality and manufacturing processes. Risk mitigation measures focus on integrating automation technology into production processes and installing backup power systems to minimize disruptions caused by power outages. Next, Strategic Risks, A major strategic risk arises from the vertically integrated business model, which increases dependency on the supply chain. To mitigate this, diversifying raw material sources, utilizing Big Data for predictive analysis, and developing contingency plans are recommended strategies to reduce potential impacts. Human Resource Risks, one of the primary human resource risks is workplace accidents resulting from non-compliance with safety standards. Effective risk management in this area includes safety training programs, the implementation of monitoring systems, and the development of accident prevention plans. The Medium risk factors also extend to marketing, management, production, and legal compliance. The primary risk management approach emphasizes the development of well-structured strategic plans and the application of technology and data-driven decision-making to enhance business operations.3. Low Risk Factors. There are 31 identified low risk factors. One of the key risks is labor shortages and high employee turnover rates, which may impact operational efficiency and increase recruitment and training costs. The recommended risk management approach is to improve employee benefits and working conditions, as well as integrate technology to reduce dependency on manual labor. In terms of environmental factors, wastewater management requires attention. The management approach focuses on developing wastewater treatment systems and repurposing treated wastewater for beneficial uses, such as biogas production. Regarding marketing risks, losing customers to competitors may result in inadequate service quality that does not sufficiently meet customer needs. To mitigate this risk, the organization should enhance customer relationship management systems and develop strategic marketing initiatives to strengthen customer loyalty. As for Finance risks, inefficient planning may lead to unnecessarily high costs. Therefore, implementing inventory management systems and market trend forecasting will help reduce this risk. Although low-risk factors do not cause severe immediate impacts, if left unmanaged, they may affect long-term operations. Utilizing these risks by focusing on efficiency enhancement and cost reduction, along with systematic risk management, will support the organizations stable and sustainable growth. The risk management plan and Risk Register were developed and submitted to the company. It included structured countermeasures, designated responsible personnel, and resource allocation to support strategic implementation. The study\'s implementation took place in Q1 of 2025, followed by a monitoring and control phase in Q2. The researcher then developed an actionable Action Plan and compared it with previous guidelines, noting a significant improvement in risk rankings. After implementation, high-level risks decreased to 6 (8.57%), medium-level risks reduced to 19 (27.14%), and low-level risks increased to 45 (64.19%). The most critical risk : language barriers (HR7) dropped in ranking from 1st to 11th due to effective interventions such as multilingual SOP signage, language-specific training, and visual aids placed at critical workstations. In conclusion, Risk management is essential for enhancing competitiveness, preparing for future uncertainties, and minimizing internal and external impacts. This study presentsa comprehensive risk management approach that can be adapted to strengthen capabilities and drive business growth in the swine industry as well as other sectors, fostering sustainable development.