Company Sponsor: FairPrice Group
Established in 2019, FairPrice Group compromises four main social enterprises - NTUC FairPrice, NTUC FoodFare, Kopitiam and NTUC Link. With the vision of being a leader in everything food, FairPrice Group purpose as a social retailer is to make life better for all.
Title: Food Services Risk Profiling
Project Team: Andy Lau Han Yang, Chin Rui Qi, Eileen Tay Qingyun, Goh Li Jie, Lim Huey Fang
To develop a risk profiling model and dashboard for FairPrice Group’s Internal Audit (IA) team to track the risk profiles of outlets that are managed by FairPrice Group Food Services, namely Kopitiam and NTUC Foodfare. This would allow the IA team to effectively plan the team’s resources by identifying and prioritising high-risk outlets for audit through automation.
To allow the FairPrice Group (FPG) Food Services’ Internal Audit (IA) team to identify high-risk outlets more efficiently and thereby deploy their resources more effectively, FPG tasked the team to develop a risk profiling model and dashboard to enable them to track the risk profiles of their outlets.
Using data relating to sales, cash payments and penalties, the team generated risk indicators and built the risk profiling model to identify the riskiest outlets using K-means clustering.
The results and risk factors were visualised through Tableau dashboards; various dashboards were created for the Management’s overview and for the IA team to easily identify potential outlets for audit.
Overall, the team has worked very well together with the FPG team to deliver dashboards that are clean, intuitive and targeted to resolve the problem statement of the project. The professors also provided very useful suggestions to elevate the project. We were happy to obtain positive feedback from FPG and that they find our dashboard useful.
The Capstone project has provided us with valuable experience, developed and strengthened our technical skills, communication skills and teamwork which are essential to handle real world projects. It has taught us that a combination of solutions/workarounds may be required to solve problems and the team is here to help and cover each other to ensure a timely and accurate delivery of the project.
“We are impressed by the students’ understanding of business problems, and their professionalism and teamwork displayed was exceptional. The proposed solutions were practical and have met our needs. We look forward to collaborating with SMU in the near future.” - Ms Cheah Yee Hooi, Director and Head of Internal Audit, FairPrice Group