Introduction to the Risk Management Plan
Risk Management Plan
The major highlight is the creation of a risk management plan. Adherence to the risk assessment process would help the personnel to achieve positive outcomes (Bickel et al. 2009). Within this, the stakeholders, shareholders, agency partners would be involved for developing effective plans for the mitigating the intensity of the encountered risks. This step would help in ensuring the effectiveness and feasibility of the plans in terms of carrying out the tasks in an effective manner.
Keeping the provision of rating the risks would enhance the perspectives of the personnel in terms of mitigating the intensity of the risk factors (Aas et al. 2009). Apart from this, application of known solutions would act as a wise approach of the employees towards the risk assessment. It would be helpful to analyze the risks associated with the organization and project as well.
Creation and development of effective plans would systematic the risk assessment tasks. This would help the personnel to complete the important tasks within the stipulated time. This would save a lot of time for the company, which can be devoted to the other tasks. Failure in this direction is an inevitable aspect. Exposure of negligent attitude in this direction would reflect interplay with the safety and security of the employees. On the contrary, exposing persisting efforts in the application of solutions would help the personnel to achieve position results in terms of risk assessment. Flexibility and adaptability to emerge successful in overcoming these failures would alter the fate of the company. Seeking new, modern and technologically advanced software is a typical example in this direction.
Evaluation is an important component in the risk assessment method. This step would bring to the forefront the drawbacks in the risk assessment methods. Spontaneity in this direction would at assistance in terms of ensuring the wellbeing of the stakeholders, shareholders and agency partners. Maintenance of consistency in the execution of evaluation would refine the performance of the company. Utilization of checklists and templates prove beneficial for the company in terms of evaluating the exposed performance. The segmented division of the checklists enhances the clarity of the personnel in terms of mitigating the intensity of the risk factors. Consciousness in this direction is an additional assistance in terms of publishing the annual report.
Adherence and complaint to the standards and norms of the regulatory framework would at as a protective cover watch for the company. Moreover, it would help the company to reduce the instances of conflicts, harassments and discriminations, which would act as a cornerstone in achieving customer loyalty. However, violation of the norms would compel the personnel to encounter issues such as customer turnover (Voit, 2013). This would bring losses for the company in terms of decline in the sales revenue, vulnerable market position among others.
Key Steps in the Risk Management Plan
Effective management techniques are required for monitoring the performance of their employees in terms of assessing the risk factors. Herein, lays the importance of checklists, templates. CCTV is also benefits for the managers in terms of tracking the performance of the employees. Self-consciousness in case of both the employees and the managers adds value to the safety and security of the customers.
References
Aas, K., Czado, C., Frigessi, A., & Bakken, H. (2009). Pair-copula constructions of multiple dependence. Insurance: Mathematics and economics, 44(2), 182-198.
Bickel, P., Diggle, P., Feinberg, S., Gather, U., Olkin, I., & Zeger, S. (2009). Springer Series in Statistics.
Voit, J. (2013). The statistical mechanics of financial markets. Springer Science & Business Media.
The creation of the risk assessment plan acts as a central doctrine for the company in terms of ensuring the wellbeing of the customers. This action of assessment is itself an indication of the functionality of the plan (Sadgrove, 2016). In view of the earlier sentence, the plan contradicts the intensity of the risk factors, which aggravates the complexities of the company.
At the first instance, the need for risk assessment would be identified. This identification would involve the root cause of the risk. Identification of these issues in the form of meetings and conferences would help the personnel to assess the impact of the identified risk on the business activities. As a sequential step, application of the known solution would act as a wise approach of the personnel towards risk mitigation (Hartmann & Juepner, 2014). Along with this, the encountered risks would be rated, which would reflect the approach of the employees towards the witnessed risk. This rating would initiate other set of plans for mitigation of the intensity of the risks.
Evaluation at the penultimate step would help the personnel to judge the exposed performance in terms of enjoying competitive advantage over the contemporary brands. Countering this, evaluation after the exposed of every step would highlight the major drawbacks within the services. Maintaining this cycle would help the personnel to safeguard the workplace environment from encountering risks. This maintenance would reflect the unity and integrity of the personnel in terms of preserving the sanctity of the workplace environment, which would add to the organizational values and culture. Non-compliance to any one of the steps in the process would destroy the balance in the execution of the business activities of which risk assessment attains an important position.
Evaluation Criteria and Rubrics
For this risk assessment plan, ensuring financial flexibility forms a rural component. This step involves the experts from neighboring countries, which needs sound and flexible financial condition (Beresheim et al. 2016). Absence of this firmness does not serve the true purpose of risk assessment and mitigation. Moreover, lack of financial flexibility aggravates the risks of the company, which would make the market position of the company into a vulnerable one.
Effective coordination between the functional units of the company results in the collaborative ensuring of wellbeing of the customers. Exposure of partnership working is an agent in terms of effective handling of the emergency situations, of which risks projects interplay with the lives of the customers (Hill et al. 2015). Consciousness in this direction adds value to the roles and responsibilities of the personnel in terms of reducing the intensity of the risks. On the contrary, negligence in this direction detaches the personnel from their identified and specified targets.
Hartmann and Spit (2016) stated that maintenance of an integrated schedule helps the personnel to achieve positive outcomes in terms of risk assessment and mitigation. Dedication and commitment to this structure systematizes the allocated tasks as per the requirements. This would simulate the skill of time management within the employees qualifying them as leaders among the customers. This bears resemblance with the discussion on the roles and responsibilities of the personnel in terms of risk assessment and mitigation. It is the personnel, who, through the efficient execution of the duties would ensure the wellbeing of the customers. Within this, consciousness is an essential factor, which would help the company to reach to the benchmark level of performance.
References
Beresheim, S., Johnson, S., Kreuger, G., Waggoner, J., & Frey, R. (2016). Connected Vehicle Pilot Deployment Program Phase 1, Safety Management Plan–Tampa (THEA) (No. FHWA-JPO-16-313).
Hartmann, T., & Spit, T. (2016). Implementing the European flood risk management plan. Journal of Environmental Planning and Management, 59(2), 360-377.
Hill, D., Eudy, A., Bennett, D., Haddad, J., Haight, B., Kavanagh, S., … & Duke, S. (2015). Benefit-risk Analysis and Management Plan for Rare Serious Adverse Events (saes): Progressive Multifocal Leukoencephalopathy (pml) Case Example. Pharmacoepidemiology and Drug Safety, 24, 457-458.
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.
Task 1: Business Impact Analysis (BIA)
Here, in this week financial aspect gains an important position. This is one of the most important components, which results in the lucrative deals, trades and transactions for the customers. Introducing effective deals, seems and offers for the customer within risk assessment rates a good image for the company in their minds. Taking help from the trade union members would help the members to achieve stability in the financial aspect (Kerzner, 2013). Further, funds play an important role for the companies and organization in terms of developing lucrative plans for luring the customers.
Financial Flexibility and Risk Assessment
Task 2: Business Continuity Plans (BRP)
Possession of measures for dealing with the financial instabilities would prove beneficial for the company. Taking into consideration, various business models and analytical tools would assist the company in terms of reducing the intensity of the risks. On the contrary, absence of adequate assessment tools could compel the company to encounter issues, such as high exchange rates, fluctuation in prices and inflation among others (Stapelberg, 2014). These issues, if not dealt spontaneously might aggravate the complexities of the company, especially the risks. Fund raising programs act as a typical example, which supports the company to add stability in the financial parameter. Raising funds results in the planning of adopting better risk assessment tools, that adds to the safety and security of the personnel.
Further, financial flexibility would help the company to plan lucrative and modern risk assessment methods for securing the lives of the stakeholders and shareholders. Within this, involvement of the personnel of the functional units and departments finds equal importance. Herein, lays the effectiveness of the collaborative attempts towards the risk mitigation. Along with this, the aspect of partnership working would seem beneficial for the company to deal with the crisis period of risks in an effective and efficient manner. Taking into consideration these points would help the company to expand its business across the globe. High revenue generation by the company would reflect continuity with the efficiency in the business activities.
Task 3: Disaster Recovery Plan (DRP)
Within this also, adherence to an integrated structure would prove beneficial for the company in terms of mitigating the intensity of the risk factors. Here, lays the effectiveness of the risk assessment plan, which acts as a central doctrine for the company regarding the process of risk assessment and mitigation (Marcelino-Sádaba et al. 2014). Ensuring the financial flexibility is a step, which usually comes at the end of the process of carrying out the business activities. However, carrying out this step, prior to the execution of any other step would prove beneficial for the company in terms of achieving positive outcomes. Inclusion of this step within the decision-making process would systematize the related activities and add efficiency in the business activities of the company. Moreover, the presence of an integrated structure would safeguard the company from encountering disasters, such as crisis. Dealing with these crises in an effective manner would add to the roles and responsibilities of the personnel.
Effective Coordination for Risk Mitigation
Task 4: Computer Incident Response Team (CIRT) Plan
Consciousness of the employees and management authority in the assessment of financial flexibility adds value to their roles and responsibilities. Along with this, it also takes them closer to their professional and personal development. As a matter of specification, it reflects their corporate attitude, which results in the establishment of professionalism in the workplace. It also enhances the corporate social responsibilities (Omar et al. 2017). This is owing to that fact that the company personnel are ensuring the safety, security and wellbeing of the customers.
Evaluation would bring to the forefront the major drawbacks in terms of ensuring the financial flexibility in risk mitigation and assessment. Maintenance of consistency in the execution of evaluation would upgrade the performance of the company. This up-gradation would, in turn, pave the way of foreign market penetration for the company, which adds stability in the market position of the company. This stability adds to the reputational status of the company into a widespread one.
Creation of an efficient team would save the company from instances such as malfunctioning of the devices, virus attacks among others. Spontaneity in the creation and development of effective plans, through the coordination of the personnel would result in the achievement of positive outcomes. Exposure of collaborative output by the team members mitigates the emergencies. Countering this, collaborative output acts would act as a savior for the company to deal with emergencies.
References
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International Journal of Project Management, 32(2), 327-340.
Omar, Y. Y., Parker, A., Smith, J. A., & Pollard, S. J. (2017). Risk management for drinking water safety in low and middle income countries-cultural influences on water safety plan (WSP) implementation in urban water utilities. Science of the Total Environment, 576, 895-906.
Stapelberg, R. F. (2014). Risk Based Decision Making in Integrated Asset Management: From Development of Asset Management Frameworks to the Development of Asset Risk Management Plan.
Delving deep into the aspect of risk mitigation and risk assessment, the latter attains the first position. Assessment and identification of the risk would help the personnel to seek ways for its mitigation. Countering this, application of one particular solution, for mitigating the intensity of the risk factors, acts as a conscious and wise approach of the personnel. As a sequential step, carrying out evaluation helps the personnel to judge their performance in terms of safeguarding the customers from the potential risk factors (Pieper et al. 2015). In view of these aspects, it can be said that risk assessment and risk mitigation are interrelated with each other. Countering this, one step follows the other (Kerzner, 2013) Adherence to an integrated structure helps in the achievement of positive outcomes in terms of reducing the intensity of the risk factors. Maintenance of this integrity enhances the corporate social responsibility of the company in terms of ensuring the safety, security and wellbeing of the stakeholders, shareholders and agency partners.
Importance of an Integrated Schedule
The subdivision of the plans possesses flexibility to enhance the clarity of the personnel in terms of the exposed performance. This relates to the evaluation, which judges the effectiveness of the exposed performance in terms of the identified and specified requirements. As a sequential step, this judgment acts as a cornerstone in the completion of the allocated tasks in an efficient and effective manner (Pieper et al. 2015). Further, exposure of conscious attitude in the execution of the project related tasks would enhance the focus of the personnel in terms of mitigating the intensity of the risk factors. Progressing step-by-step, for carrying out the activities, acts as a gradual progression towards the targeted goals and objectives. Herein, lays the appropriateness of the subparts in the project plan, which establishes relevancy with the requirements of the tasks.
Within this, shedding light on the role of the personnel broadens the scope and arena of the tasks. This speculation decides the fate of the company in terms of achieving success in the competitive ambience of the market. Role of the manager is important as he is the one, through whom the employees would get an inspiration for exposing better performance (Kendrick, 2015). Consciousness is a crucial component in this speculation as it projects the approach of the personnel towards the wellbeing of the customers. This consciousness leads to the establishment of professionalism in case of the personnel.
Week wise division of the plans can be said to enhance the focus of the personnel in terms of the project related tasks. The allotment of the weeks reflects the estimation of the personnel towards the completion of the tasks in an efficient and effective manner. Carrying out evaluation after every step would help the personnel to assess the outcomes in terms of the identified and specified requirements (Pieper et al. 2015). Maintenance of consistency in this evaluation would upgrade the performance of the company in the competitive market. Adoption of the means of social media would make the company personnel aware of the customer responses towards the exposed performance. Creation and development of website portals would enhance the stability in the relationship between the company and the customers. Preservation of this stability nullifies the aspect of risks.
References
Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn.
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons
Pieper, L., Sorge, U. S., DeVries, T. J., Godkin, A., Lissemore, K., & Kelton, D. F. (2015). Evaluation of the Johne’s disease risk assessment and management plan on dairy farms in Ontario, Canada. Journal of dairy science, 98(10), 6792-6800.
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