Question
A20637 RISK MANAGEMENT 2 Based on the risks identified in the previous case study, answer the following questions. Question 1: Using the risk treatment form
A20637 RISK MANAGEMENT 2
Based on the risks identified in the previous case study, answer the following questions.
Question 1:
Using the risk treatment form provided below, write down the most feasible control measure for each risk identified.
Ref | Risk | Risk Level | Risk Priority | Control Measure | Treatment Strategy |
1 | Cost of production | High | High | ||
2 | Negative publicity or damage to the reputation of the company. | Medium | Medium | ||
3 | Failures in the operation of the company process | Medium | Medium | ||
4 | Changing regulatory environment in industry | Medium | Medium | ||
5 | Failure to integrate new businesses effectively could lead to reduced production and higher cost | Medium | Medium | ||
6 | Disruptions or failures in the company's supply chain. | High | High | ||
7 | Loss of market share or revenue due to increased competition | High | High | ||
8 | Legal disputes or liabilities. | Low | Low | ||
9 | Negative impacts on the environment. | Low | Low | ||
10 | Interruptions or failures in the Company's technology systems. | High | High |
Question 2:
Develop an action plan, using the below template to implement the risk treatment plan.
Ref | Risk | Control Measure | Costs involved | Timeline | Person Responsible |
1 | |||||
2 | |||||
3 | |||||
4 | |||||
5 | |||||
6 | |||||
7 | |||||
8 | |||||
9 | |||||
10 |
Question 3:
a. Based on the work that you have done till now, read the below email from Sam (your manager).
From: s..m@apc.com.au |
To: Me |
Date: 12th June 2021 |
Subject: Details about the risk management process |
Hi, I received your previous email where you have described the following: risk management process risk management standard (AS/NZS ISO 31000:2009) invitation to become a part of the risk identification process three different techniques used to identify risks. Following this email, there was another email where you have determined the risks that our clients can face in their project. The clients have responded and they agree that the risks identified are very crucial and they are quite happy with your work. They now await the risk treatment plan. I am very sure that the treatment plan must be ready by now. Can you please send an email to all the relevant parties explaining what all has been completed in the risk management process and what is remaining to get a much more clarity on this project.? Best Regards, Sam |
Write an email to all the relevant stakeholders explaining to them the risk management process (once again) and giving them a status update on what has been completed and what is pending.
From: Me To:< Date: Subject: |
b. The client has asked to provide one more control measure for every marketing risk identified. Using the below table, write down a second control measure for every marketing risk.
Risk | Control Measure 1 | Control Measure 2 |
Question 4:
Explain how you will implement the action plan as per organisational policies and procedures.
Question 5:
As a part of the risk management process you are required to monitor the risks and control measures. Using the table below, point out the monitoring options that you will use.
Ref | Risk | Control Measure | Monitoring Option |
1 | |||
2 | |||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
8 | |||
9 | |||
10 |
Question 6:
You were required to create an action plan in Q2 to implement all the control measures described in Q1. Explain how you will monitor this action plan.
Question 7:
What processes will you use for recording and report keeping?
Question 8:
What is the legislative and regulatory context of your chosen organisation in relation to risk management?
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