This project entails you to plan, conduct and evaluate a risk management program for an organization. organisation can refer to small business, work team, or division in a large organisation, sporting group, or family.
Learners may choose to discuss supply chain risk. Supply chains can be complex and due to time, distance, and range of assets are subject to variability.
Some of the things you may consider:-
Distance from suppliers and customers
Access to timely data and information
Disruption of natural and political disasters
Focus on speed of operations
Regulation and legislation
Currency exchange vulnerabilities
Elimination of safety margins , concerning time, inventory and working capital.
Economic circumstances and scenarios
Your business report should be from 500 to 800 words (Â± 5%) in length.
Once you have chosen an area of risk, complete each of the sections below:
Part A “Plan for risk management
– describe the organisations current risk management policies, procedures and process
– document critical success factors, goals, or objectives for the area of risk included in scope
– identify the internal and external stakeholders and how they are affected by the risk
– discuss how will you communicate with each of the stakeholders groups, include details of :
– key messages
– delivery strategies
– how will you encourage/participation
Part B- Identify the risk
– Using tools and techniques identify the risk that faces the company.
o Tools and techniques may include brainstorms, checklists, fishbone diagrams, flowcharts, scenario analysis and SWOT analysis
Part C-Analyse the risk
– Assess the likelihood of the risk occurring “very likely, likely, possible, unlikely, and rare
– Impact or consequences-significance of outcomes if the risk occurs, such as :- disastrous, severe, moderate impact and minimal impact
– Evaluate and prioritize risk for treatment
Part D- Select and implement treatments:-
– Determine the most appropriate options for treating the risks that you have identified. options may include:- avoid the risk, changing the consequences, changing the likelihood, retaining the risk, and sharing the risk with third party
– Develop an action plan for implementing those risk treatments
o Action plan should include :-
– What actions are required
– Who is taking responsibility
– Time lines
– Monitoring process
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