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Assignment Answer: Business risk management therefore falls under various overall global standards and frameworks across the board.
ISO 31000: helps provide guidelines and suggestions for the use of risk management via a process of risk analysis, assessment, and management that is incorporated into organisational procedures and subject to ongoing improvement.
COSO ERM Framework: An enterprise risk management framework that links risks to organisational performance and strategy is the Committee of Sponsoring Organisations (COSO) of the Treadway Commission.
The Basel III package fully covers the problems of capital adequacy, liquidity, and stability as well as systemic risks for financial institutions.
These standards ensure that risks are systemically identified, evaluated, and controlled, boosting business resilience.
Assignment Answer: Factors that influence the different business risks:
Internal factors: This includes culture, leadership, processes, skills of employees, and technology. All these can either increase or decrease the risk based on management effectiveness.
External Factors: Economic, political, environmental, and technological factors influence business risks, including how changes in the market lead to competition, regulations, and natural disasters.
Human factors: like decision-making, communication, and leadership can either increase or reduce risks. Human errors and insufficient training can heighten operational risks.
Legal and Regulatory Environment: Laws change, which is a source of compliance risk; highest in healthcare, finance, and manufacturing.
Assignment Answer: Relationship Between Risk Management, Business Continuity, and Crisis Management
Risk Management: It is an activity including the identification, appraisal, and mitigation of risks to reduce the effect of hazards on corporate goals. It is proactive and focuses on anticipating issues before they develop.
Company Continuity: The preparation for the continuation of vital company activities during and after the interruption. Quality risk management ensures business continuity strategies are in place to meet unforeseen incidents, hence reducing the duration of downtime.
Crisis Management: This is ensuring an effective way of reacting to a crisis situation. This process focuses on mitigating the consequences once the issue occurs, while risk management prevents issues. These two processes must be aligned to ensure that organisations maintain operations both in the short- and long-term.
Assignment Answer:
SWOT Analysis: Helps businesses evaluate strengths, weaknesses, opportunities, and threats, enabling them to plan for potential scenarios that may affect operations.
Scenario Planning: This tactic enables businesses to prepare for and develop multiple future scenarios that follow possible tracks the world could take. It would be of great significance in industries with very high uncertainty.
The OODA Loop (Observe, Orient, Decide, Act): Crisis management assists companies in quickly evaluating and reacting to evolving circumstances. It works especially well in hectic or urgent circumstances.
Models of Crisis Communication: The approaches emphasise providing stakeholders with quick and transparent information in the case of a crisis. Among these are paradigms that make managing reputational harm easier, including the Situational Crisis Communication Theory (SCCT).
Assignment Answer: Risk probability may be determined as quantitative or qualitative.
Quantitative methods: statistical data, past trends, and mathematical models are applied to estimate the probability of occurrence of certain risks. Quantification tools include Monte Carlo simulations and Fault Tree Analysis (FTA).
Qualitative methods: this encompasses expert judgement, risk matrices, and the Delphi technique, where the probability of risks is determined subjectively based on experience and knowledge of the situation.
Assignmnet Answer:
Key Risk Indicators (KRIs): These are metrics used to monitor potential risks. They provide early warning signals of possible risk events and enable timely responses.
Risk Audits: It would involve systematic reviewing of the risk management processes and controls to ensure that they are effective and compliant with standards.
Risk Dashboards: Provide real-time updates on the status of risks, helping decision-makers visualise trends and act accordingly.
Internal audits and external reviews: These help establish that risk management practices function properly and provide an external perspective of effectiveness.
Assignment Answer: Effective risk governance assures clear ownership and accountability for the risk management of the organization. It has the following core components:
Board-Level Oversight: In risk governance, senior management and the board of directors should actively participate in oversight of the risk management process.
Risk owners: Appointing specific individuals or teams to own risks ensures that risks are managed and mitigated at the appropriate level. This builds accountability and clarity into the risk management process.
A more defined risk governance structure helps retain transparency in risk communication at all levels of the organisation.
Assignment Answer: Regular review will be necessary in order to ensure that the risk management strategy stays relevant and aligned with the objectives of the organization. This should consider:
Changes in Business Environment: External variables such as economic shifts, changes in the regulatory environment, or new technology may need a change in risk management policy.
Stakeholders’ Feedback: Internal and external stakeholders should be contacted to ensure that the plan does incorporate the risks they are experiencing.
Lessons Learnt Reflecting past risk events, insights should be incorporated to improve the risk management framework.
Assignment Answer: Risk profiles must be updated regularly to reflect new business activities, external conditions, and organisational priorities. Actions include:
Current Risk Assessments: Regular assessments should be conducted to discover new risks while reassessing existing ones.
Adapt to Market Changes: Update the risk profiles as the business environment evolves, reflecting new threats or opportunities.
Stakeholder Engagement: Stakeholder engagement on the review and updates on risk profiles to ensure promptness and completeness.
Assignment Answer: Effective processes of managing risks must strike a balance between affordability and the level of risk. This includes:
Cost-Benefit Analysis: Compare the potential cost of implementing risk management processes with the potential effect of the risks being mitigated.
Prioritisation: In this, the most critical will be focused on, as only the highest-potential-impact risks will receive resources.
Scalable Solutions: Flexible and scalable risk management strategies to suit the dynamic needs of the organisation.
Assignment Answer: Contingency plans should be developed according to the nature of risk and its impact on business operations. The plans should include:
Business Continuity Plans (BCPs): This gives detailed plans outlining how essential functions will continue during disruptions.
Crisis Response Plans: Specific plans for responding to crises that may harm the organisation’s reputation or capacity to operate.
Reputation Management: processes to protect the organisation’s reputation during a crisis with mechanisms of communication as well as stakeholder handling.
Assignment Answer:
Cross-Department Collaboration: Risk management should become part and parcel of all business processes, coupled with consistent communication between departments to ensure proper integration.
Operational Alignment: The alignment of operational risk management objectives in day-to-day business operations is necessary for reducing risks proactively.
Monitoring and Reporting: Ensure regular reporting mechanisms regarding the progress of risk management activities to ensure that this is embedded well in operations.
Assignment Answer: Analyze various techniques and decide which one is more applicable to the measurement of business risks:
Quantitative Techniques: Such techniques are best suited when a risk can be quantified statistically. Examples include financial and operational risks.
Qualitative Techniques: Better suited to risks that are subjective and difficult to quantify, for example, reputational risks or political risks.
Risk matrix: a common technique used for analysing and prioritising risks based on their probability and severity of effect.
Assignment Answer: Risk measurement should be based on both kinds of data:
Quantitative Data: Involves statistical analysis, financial data, and historical trends that give a numerical value assessment for the risk.
Qualitative Data: Includes expert judgement, surveys, and interviews that provide subjective information regarding the potential effects of risks.
Assignment Answer: Identify areas for improvement by:
Root cause analysis: To determine the causes of risks.
Past Incidents Review: Evaluation of past risk events against identified patterns for improvements in future risk identification.
Enhancement of communication: among departments and between stakeholders to get in-depth knowledge about current emerging risks.
Assignment Answer:
Training and Education: Promote a culture of risk awareness through ongoing training of employees at all levels.
Leadership Support: Encourage the senior leadership to demonstrate risk
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