identify an organizational event or workplace accident that you have experienced (or read in the Newspaper or on internet media). The event must be a major workplace accident/incident which has caused a major impact on the organization and/or local community. Discuss what exactly has happened, who were the affected people and how severe was the damage and other details. Consider the management acted on the findings and recommendations of the cause of the incident and decided to go through a rigorous risk management process to mitigate these sorts of incidents in future and primarily form a risk committee that will be functioning actively to safeguard the organization from possible internal and external threats.

Assume that you are a member of the Risk Committee in the above organization. As an active member of Risk committee you have taken the responsibility to make a presentation to the Risk Audit team who are scheduled to visit your organization next week for carrying out the audit.

A. Procedures for establishing the risk context and identify risk

1. General introduction or briefly describe the organization and its current situation.
2. Identify the different category of risks reviewing all external and internal factors.
3. List all internal and external stakeholders & discuss how you would like to engage them.
4. 'A good strategy is required to make the whole Risk Management a success'. Document the critical success factors which are essential in this context.

B. Select appropriate option and develop action plan for controlling risks

1. Prepare 'Risk list' mentioning all probable risk events.
2. Choose any two risks (from the list mentioned above) and determine the most appropriate Risk control options to manage them.
3. Develop an action plan ( with the following template)

Risk

 Risk level (Low , medium or high) Action Responsible person Completed by Review by Review date 

1. Communicate Risk Management processes to relevant parties. (Hint: Prepare communication plan).

C. Implement and evaluate the whole risk management

1. Identify the need for appropriate documentation in Risk management process.
2. How would you implement and monitor the above action plan?
3. Explain the evaluation procedure of the Risk Management process (Goal-based, process based and outcome-based evaluation).
4. How would you like to conduct an evaluation of your risk management strategy?