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Woking on Risk Management Plan

Institute of Technology and Education

Code: BSBRSK501

1) Risk Management Plan

You will creat a risk management plan based on a given business scenario- SmarTech. Your risk management plan will involve the following:

- Continuou stakeholder communication

- Etablishing the risk context

- Risk identification

- Risk analysis and evaluation

- Risk treatment and action plan

2) Evaluation of risk management plan

You will review the risk management plan based on the changes within the risk environment. also, you will write an Evaluation Report.

Answer

Introduction:

It is important for a company to identify certain risks that associates with the organization and with this insight, the organization will take help from the management to strategically solve the issues in and outside the organization. In this study, the focus is in the scope of the risk management, the stakeholder influence in the organization’s risk management issues and risk analysis and evaluation to take the action plan for future success of the organization (Kohnke,  Sigler and Shoemaker, (2016). 


Assessment Activity 1

Risk Management Plan:

The risk management plan is one of the most essential processes for the management planning and implementation in the organization. For the achievement the structural plan for the organization, the business needs to look up to the risk management plan. The evaluation of the risk criteria is significant to bring the integrity nod cooperation in the management plan. The risk management plan comprises of certain goals the criteria for risk management are- give priority to human health and safety, environmental protection of the organization, legal and regulatory compliance and entire costing of the organization (Karakaya and Karakaya, 2017). In this process, the organization will identify the risks that put barrier in the organizational growth. By conducting the risk analysis management the organization will get to know that in which portion of the business they are lacking and in which criteria they need to work hard in order to eliminate all the barriers (Chang et al. 2016). The stakeholders give a greater value in the risk identification of the organization so that it can able to sustain in the market about the long run view. 


Continuous stakeholder communication:


Role
Customer
Government 
Trade partners 
Management 
Employers 
Internal/ External 
External
External
External
Internal
Internal
Contribution 
One of the most important role to   help the business grow in future concerning the global market. 
Help the organization to run without   any hesitation and connect with the international business as well. 
The trade partners will help the   organization to fund for the business. 
The entire management team will   support the business to grow with appropriate coordination. 
The employees with their effective   communication process and expertise will make the service all the more   desirable to the customer. 
Level of influence 
High 
High 
Medium 
High 
High 
Level of importance 
High 
High 
Medium
High 
High 
Level of interest 
High 
Medium 
Medium 
Medium 
High 
Priority 
1
4
5
3
2
Method of communication 
Direct or indirect 
Indirect 
Indirect
Direct
Direct
Frequency 
Daily 
During any management process 
Medium communication level 
Daily 
Daily 


Establishing risk context:

For the implementation of the risk management, the organization needs to take care about the strategic planning that will be suitable for decisions regarding measures of the organizational work along with the help of suitable communication process in and outside the organization. The organization needs to be vet unambiguous in the formulation of strategy; moreover, the organization will not be favor of any particular concrete solution explicitly or implicitly through the way in which risk can evolve. 


Risk identification:

Risk identification is the process where the organization view about the cause, event and impact along with the determination of potentially prevent the issues and meet with the objectives. For the identification of the risk, the specific organization will follow some steps that includes plan of the entire process, take initiative to evaluate the risks, mitigation, monitor the organizational process and effectively respond to the risk criteria to solve the problem (Bromiley et al. 2015). With the help of the cost effectiveness, performance specifications, project scheduling and creating milestone for the works the entire project will execute in regards to the environmental impact statement any organization can view the risk for the organization. 


Activity 2:

Analysis and evaluation of risk management plan:

Risk management plan needs to be formulated and planned effectively as such management plan is never easy and perfect. Therefore, the management needs to be planned according to the policies of the recognized organization. The steps help in evaluating and analyzing a risk management plan such as:

Problem analysis:

It is important for the organizational members in identify the root causes of the various problems, and what are the predicted problems in relation to the performance and governance.  In order to evaluate the management plan, the predicted or assumed risks need to be assessed (Clarke & Laefer, 2014). Furthermore, what are the effective impacts of such risk and problems and analyze those having serious implications.


The relation of the objectives and the outcomes of the risk management plan:

The management team needs to analyze the outcomes that needs act in accordance with the objectives of the risk management plan. The vital act of the organization is to analyze the action of the risk management.  But if the management plan fails, then it results in deploying the resources of the organization. 


Risk treatment and action plan:

The management team needs to analyze if the plan will result in positive outcome and with the implementation of such plan the organization can be benefited. The team needs to investigate the possible outcomes of the implementation of such plan (Grace et al. 2015).


Evaluation of the business environment:

The organization needs to examine the business environment and atmosphere critically in implementing the risk management plan.


Evaluation of possible changes in faulty activities:

In addition to the evaluation of efficiency of management process and risk management plan it is important to adhere to the possible environmental and structural changes. The action needs to check the flaws that require immediate change resulting in successful implementation of the plan (Labelle and Rouleau, 2016).


Checking of the changed actions:

The action plan of risk management needs to check the changes that they have adapted. After making several changes in the existing management system of risk analysis, the outcomes of the changed actions needs to be studied in accordance to the objectives of the plan.


Monitoring risk management plan: 

The effectiveness of risk management plan get established by the setting of benchmark information. The spotting of industry leader with reasonable standards are planned, measured and gone through evaluation process constantly over a certain time period. The measurement of actual performance formulated by the standard of working condition and environment and adjusts for less than average performance. The past history of the recognized organization needs to be checked in order to give the appropriate information and acknowledgement about risk assessment.


Conclusion:

From the above study, it is understood that it an important responsibility on the part of the organizational managers in assessing and controlling risks for successful performance and growth. The responsibility also includes the ability of dealing with the risks and associating the changes in the action palm in creating strong and strategic risk plan. Considering the fact that risk management plan is uncertain and complicated, with proper professional team, the plan can be developed, implemented and designed in accordance to the benefits of the recognized organization.

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