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Risk Management Assignment

Activity 9

A number of tools can be used to collect risk related information and data ready for analysis. List eight.

  1. Checklists and Records
  2. Flow charts
  3. Brainstorming
  4. System analysis and modeling
  5. Scenario analysis
  6. Surveys and questionnaires
  7. SWOT
  8. PEST or STEEP tools

SWOT:

SWOT analysis is a process that identifies an organization's strengths, weaknesses, opportunities and threats. Specifically, SWOT is a basic, analytical framework that assesses what an entity (usually a business, though it can be used for a place, industry or product) can and cannot do, for factors both internal (the strengths and weaknesses) as well as external (the potential opportunities and threats). Using environmental data to evaluate the position of a company, a SWOT analysis determines what assists the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results: where the organization is today, and where it may be positioned in the future.

Since the SWOT analysis is unique to each business, I can only give some general ideas.

  • Strengths – are positive attributes internal to the organisation or situation that are within control.
  • Weaknesses – are also internal factors within control that may impede the ability to meet your objectives.
  • Opportunities – are external factors that the organisation or project should (or could) develop.
  • Threats – are external factors beyond the control that could place the project or organisation at risk.

List every factors under each topic and analyze them. Take the highest ranking strengths, weaknesses, opportunities and develop a plan of action.

Brainstorming

Brainstorming is a way to generate ideas within a group setting. It is usually used in the beginning stages of a project, where the possibilities for the project are not clearly understood or defined. It provides a quick means for tapping the creativity of a limited number of people for a large number of ideas. The brainstorming environment fosters an uninhibited, non-judgmental explosion of ideas, concepts, policies, decisions, and strategies. Commonly, there are 9 steps to perform brainstorming as below:

  1. Circulate the question or topic before start
  2. Keep the following guidelines in a place everyone can see during the brainstorming
  3. Seat the group at a round table (or in a circle)
  4. Start at left and go around the circle
  5. Aim for a specific quantity of ideas
  6. Number the group list of ideas as it’s generated
  7. Write down every single idea that is mentioned, and take a neutral, respectful stance toward each idea
  8. Keep each session short
  9. Share back the unfiltered ideas list after the brainstorm ends

Activity 10

1

Plotting business risks on a risk matrix is recommended. What are the benefits of doing this? (80–100 words)

Risk that are rated and prioritized in terms of importance, severity and likelihood can be presented in a matrix. In general, creating the matrix helps to order the priority of issues that cannot be ignored, whilst grading risks help to focus on the critical areas and to mitigate them before they become a crisis.

2

List four questions that might be asked when assessing and prioritising risks.

  1. What is likely to have an impact (the nature of the risk)?
  2. What are the chances that this impact will occur?
  3. How serious will that impact be consequences?
  4. Will it be offset by benefits?

3
How does categorizing risk help? List four benefits of categorizing risk.

Categorizing can assist with identifying, assessing, tabulating and monitoring potential risk impacts and risk reduction process.

Categorizing risk help:

  1. Differentiate credible high-risk threats from less probable risks
  2. Prioritize action needs
  3. Identify long and short-terms risk control mechanisms
  4. Make risk VS cost decisions

List six factors that might contribute to financial risk.

Financial business risk could be addressed under heading of:

  1. Exposure in the light of recent trading experience
  2. Market conditions and prospects
  3. Ability to address market opportunities and downturns
  4. Financial audit records
  5. Competencies and behaviors of key personal
  6. Internal financial monitoring and control

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