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Question 3 (6 marks) Read the case study below and answer the questions that follow: Omega Automotive is a manufacturer of electric vehicles. It is best known for its luxury vehicles, but also has an affordable range for cost-conscious customers. In a recent management meeting, the following risks were listed on the agenda: All vehicle manufacturers are required to log the number of faults identified in new vehicles in the first year after it was sold. On average, Omega customers reported 87 faults per 100 vehicles. The industry average is 137 faults per 100 vehicles and Omega ranked under the top five manufacturers for reliability. Faults must be repaired under warranty. Due to strong competition in the affordable section of the market, Omega has had to decrease its profit margins to remain competitive. Unfortunately, the cost of complying with safety regulations is putting further pressure on its profit margins. Omega has an exclusive arrangement with a supplier for electronic control modules for its cars. Due to supply chain bottlenecks, the supplier could not supply sufficient control modules over the last year, so Omega has had to reduce the number of vehicles that it produced. For each of the risks, propose a suitable risk mitigation strategy and recommend how Omega could use the strategy to manage the risk.