Risk Management Assignment Sample

Introduction Of Risk Management Assignment

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A successful management of the various risks and making the right program for it can help the companies to get the exposal of the full range of the risks which an organization is going to face. This procedure is to recognize, control and analyze the risks or the dangers of an organization with their earning and their capital in a particular organization. These dangers can come from the variety of the ways which consist of the financial uncertainties, problems in the technology, and mistakes in the management of making any kinds of the strategies, any kinds of the disasters or because of any other reasons. The management of the danger can be identified by the relationships between the risk and their recurring effects which the organization can face in achieving any kinds of the strategic goals. This kind of the holistic approach of handling the risks can be some of the times referred to as the “enterprise risks management”. As it will put the most importance in making the anticipated analysis and then understanding the dangers which could be within the organization or some of the times can be from the outside of the organization. The more importance should be given by an organization on the inside risks rather than the outside risks for an organization to achieve their goals.

2.0 Identification and Assessment of risk

The identification and the proper assessment of the risks is the most important procedure for the effective management of the risks and their events which are the parts of the organization and their danger arising from these risks. Each and every risk within the organization should be properly assessed on the basis of the effect and then set their own priorities to make the decisions directly and the management and then also focus on the most important organizations like “EE, AstraZeneca and RBS” (Al et al. 2019). The proper assessment of the risks is the detailed look of the organization’s workplace which is to recognize the circumstances, things, procedures, and much more. It may also cause some harm and especially to the people due to the pandemic of the Covid 19. The identification is to be made which the organization is to make the analysis and with the evaluation of the severity of the danger which is the risks and can be done. While doing their determination of the organization, the analyst should decide on what measures should be taken in the place of the effectiveness and then do the elimination and then control the harm from occurring again (Araz et al. 2020). The assessments of the danger which the risks of the organization will form the integral part of the occupational health and their safety plan for the management of the company. The risk assessment can help the organization to make the proper awareness of the danger which can occur from these risks. The organization can recognize the person who can create the risks. It includes the employees, visitors, public, cleaners and many more. The organization should find and understand the control of the program is needed for the specific danger. The organizations should identify and calculate the control measures which are to be taken, if the control measures are functioning properly (Baryannisi et al. 2019). The risk assessment is very important as the legal necessity is required to be applicable to achieve the strategic goals of the organization.

Risk source/ Causes Impact/ Consequence

2.1 Provide Comments

2.2 What does the Risk-Assessment matrix tell us?

The risk assessment matrix tells the reader that the real price of the currency is one of the most risky things in the telecom companies (Bondarenko et al. 2019). In a survey it has been seen that the 76 percent of the participants who are highlighted as the main concern. The major changes of the exchange rates are to be affected from everywhere and how much the final payment to an international supplier will be there. Many of the telecom companies are heavily saturated which are said to be the increasing competition and the new competitors as the main risks. The is little to be the untapped with the consumer’s base which is the left to the target and then leaving the telecom and then battling for the same consumers (Care, 2021).The outsider telecom are very much in major pressure which is weighing the companies down which are fromm the over the top to bottom services and are the providers like the big 5 companies like- “Apple” and “Amazon”. The telecom are taking the benefits which the advancement of the technologies which are create in the new revenue sources which is needed to be transform and then the complex level of the obstacle which is mainly of the 68 percent of the operators which are surviving is said to be the “Fast Arrival of the new technologies” are to be risked (Leo  et al. 2019). On top of the competition and the market saturation this industry is very much average in their revenue per consumer. It is falling in the virtual world in every region. This led to the 68.5 percent of the telecommunication survey cited for the access of the funding as their main potential risk.

 Risk source/ Causes Consequences

2.3 Provide comments

2.4 What does the Risk-Assessment matrix tell us?

The risk assessment is one of the most important things for any organization. The effective risk management helps an organization in eliminating various troubles and hindrance from their business operation Fan and Stevenson, 2018). Therefore it can be said that the appropriate risk management is quite effective and beneficial for increasing the effectiveness of an organization. In the context of AstraZeneca it is very important to say that the company deals in medicine and medical equipment. Therefore it is very important for them to have proper risk management planning. Otherwise they can face various obstacles in their business operation. There is no doubt that the elimination of risk is quite helpful and quite effective for increasing the effectiveness of an organization (Pournader et al. 2020). With the increase in effectiveness, the productivity of an organization increases. In this context it is very important to mention that the productivity and the profitability of an organization are interconnected. Therefore it can be said that with the increase in the productivity, the profitability of an organization increases and with the increase in the productiveness the effectiveness of an organization also increases Various organization can chooses various strategy for the effective development and for eliminating the market risk but the basic purpose for choosing a strategy is to eradicate various risks which can be very crucial for the growth of an organization and the risk management system is one of the most important and beneficial strategy for eliminating such risks. The finding of proper risk and planning accordingly to mitigate those risks are very important and very necessary for an organization. The mitigation of risk increases the chances of profit of an organization. So it is very important for an organization to identify the risk which can be agreat hindrance for their business operation. In the context of AstraZeneca it is very crucial to say that, companies which deals in the medical equipments and medicines, one of the greatest risk of them is about the competition in the market. There are several organizations and companies who produce the same kind of products and the quality of their product is also very good. Therefore the market completion is one of the most important things where the focus needs to be given. The pandemic situation due to the COVID 19 outbreak has stolen the peace of mind of people across the world and it became very important to vaccinate people across the world. AstraZeneca is one of the most important producers of COVID 19 vaccine (Willumsen et al. 2019). They have been providing a large number of vaccines all across the world. There are various other companies who have been producing the vaccine also. Therefore it can be said that the competition in the sector is very high. The appropriate risk management of the company will be very effective and very helpful for understanding the risk related to it and the company can gain an advantage in this competition. None of the medicine or the vaccine is ever entirely risk-free. When the evaluation of the medicine or the vaccine. It is very much important to make the consideration with both the advantages and the danger occured by the risks which involve all the risks of getting the medicine and also not getting the medicines (Wang et al. 2020). The advantages of the medicines can also be positive impacts like causing a protection layer from the serious illness or some of the times death and many more which is to increase the span from the relatively minor to the rare and some of the times most serious events to occur. All the medicines and all the vaccines which are to be constantly evaluated for safety and to make sure that the benefits are to be outweighed from all the upcoming and the potential danger from the upcoming risks. These reviews are to be at the early stages and then monitoring of safety of all the real world risks. In the certain places the covid 19 vaccine effort has to hit the few speed bumps which the stockpiles which are to be accumulated and then also to be deployed to the vulnerable countries and at all the risk within the groups which are a bit slower than the one which are expected. There has been the normal agreement which is the line of the manager who is having the responsibility for the risk management. The identity of the person can vary depending on the state of the facility within a particular period of time.

2.5 Provide comments

3.0 Risk Response

As from the name it can be seen that the particular actions are to be opted and not from the start and all the options are for the responding of the risk (Samimi, 2020). Most of the organization is to make the decisions to avoid the risks of the employees getting sick. Now on the surface this may be seen as the attractive option which is not the option and always practical and is always advised to explain the risk response strategy.

 Next comes the reduction. This means in the ERM is to speak to take some of the steps to make the reduction of the likelihood and the impact of the loss. If this risk is just slightly above the hunger and the appetite and also the tolerance level then reduction is also a reasonable strategy for bringing it down to within the acceptable limits. In this three above mentioned companies the business is also spending very much to make the reduction of the risks which can be also a waste of the time and also the resources to be explained. The big responsibility of three company’s cashiers is to make sure that the company’s drawer balance is at the end of each shift. At the store of these companies they should always be the stakeholders to get more involved in these type cases.

Third is the transfer. This option does not make the elimination or any kinds of the reduction of any of the chances from the occurrences. It is transferring the risks to the third party. The purchase of the insurance for the consumer’s home and it doesn't do the reduction or make any reduction or do any reduction in the elimination of the damage made from the storm. One of the most important points with this option and it will make the kicks in the post event and as it is discussed in many of the discussed in various other articles which can be intangible risks which can be like the reputation and the talent of the particular individuals.

Best Practices and governance approaches

The best practices and the governance approaches are as follows:

Building the strong, qualified board of the directors and evaluate performance

The members of the boards should consist of the directors who are also knowledgeable and then have expertise and then relevant to the business and also the qualified and the competent and then have strong ethics and the integrity and also the diversification and then have the backgrounds and set also to have the sets of the skills.

3.1 Define roles and responsibilities

Now the establishment of the clear lines of the particular accountability within the Boards, chair, CEO and the executive officers is for creation of the written mandates for the board and also the respective committees and then setting up their duties and their accountabilities. And then delegating the specific responsibilities to the sub groups of the directors and then adopt the typical committees which involve the audit, compensation, special committees and the nomination to form to make the valuation of the proposed transactions of the opportunities.

3.2 Put emphasizing the integrity and their ethical dealing.

Not only the directors are the most for the declaration of the conflicts of the interest and then retaining the voting on the matters in which the directors are having the interest and then having the business dealing of the respect and the compliance with the laws and their policies are without the fear of the recrimination which is very much critical in nature. To make an adoption of the conflicts with the interest with the policies and also the code and also the business of the conduct and then setting them out of the company’s needs and then procedure to be reported and then dealing with the non-compliance.

3.3 Evaluate and their performance and then make the principled and also the compensational decisions

Now the companies should regularly identify and then make the assessment of the risks with the facing and then including of the operational, reputational, financial and then industry linked problems and the legal risks. The directors are very much responsibly to make the understanding of the present and then emerging shorts and their longer terms of the risks which these companies are also required.

4.0 Risk Communication

4.1 Identification of all stakeholders

This part is very important for the case study project. This part helps to know the stakeholders roles and responsibilities in risk management. The stakeholders play an essential role in the risk management. The stakeholders help to reduce the risk chances of the business. The EE Company’s stakeholders help to increase financial capital in the business. The RBS colonies stakeholders are to support and control the overall procedures and performance in the business. The AstraZeneca companies stakeholders identify the total risk and try to reduce the overall risk from the company. The risk communication part stakeholder’s role is very important in the three companies.

4.2 prioritization to determine who is important

The prioritization is required from whom the risks can be arised. After that the personnel of the company should minimize the scale. These scales should be consistent for determining and then the risk and then impacting the4 level across the cost.

4.3 Visualization to understand the overall stakeholder community

To understand and visualize the overall stakeholders is to make the involvement of the team o the stakeholders but they should not be the only one in the line of the communication. Then making the consideration of the stakeholders and then locating their locations.

4.4 Engagement through effective communications

Making the stakeholders have the engagement for making the effective communication through making the stakeholder more involved in the communication and then making the utilization of the resources. In the case of the company by the name of the “AstraZeneca” the WHO has recognized the very much integrated and most of the coordinated communication and to carry out this the effective communications the stakeholders are to be engaged.

4.5 Monitoring the effect of the engagement

The monitoring of the effect of the engagement and this tool is to designed to make the support of the risk communication and also the community of the society to have the more effective engagement of the staff. And it will be implemented and then to monitor the effective plan of the actions for making the communication and monitoring of these stakeholders more effective.

5.0 Conclusion

In the conclusion it is to be concluded that the above mentioned companies, the risk management is very much important. As the employees can reduce the likelihood and the severity of the potential risks within the project is to make the recognition of them very much early. There are already to be in the action to take place to handle it. The assessment of the risks which the individual person have to take is generally are to be interconnected with the identification of the dangers which is involved in the certain stages which is normally starting from the production, distribution should be given to the drugs selling companies with the permitted regulations for making proper improvement to the control of the distribution and the also the production of the of the drugs for scaling up the control of the medicine and also to have the effectiveness of the company’s activities within the limit of the available resources within the specific society.

References

Journals

Al Rahahleh, N., Ishaq Bhatti, M. and Najuna Misman, F., 2019. Developments in risk management in Islamic finance: A review. Journal of Risk and Financial Management, 12(1), p.37.

Araz, O.M., Choi, T.M., Olson, D.L. and Salman, F.S., 2020. Data Analytics for Operational Risk Management. Decis. Sci., 51(6), pp.1316-1319.

Baryannis, G., Validi, S., Dani, S. and Antoniou, G., 2019. Supply chain risk management and artificial intelligence: state of the art and future research directions. International Journal of Production Research, 57(7), pp.2179-2202.

Bondarenko, S., Bodenchuk, L., Krynytska, O. and Haivoronska, I.V., 2019. Modelling instruments in risk management.

Care, D., 2021. Addendum. 10. Cardiovascular Disease and Risk Management: Standards of Medical Care in Diabetes—2021. Diabetes Care 2021; 44 (Suppl. 1): S125–S150. Diabetes Care, 44.

Fan, Y. and Stevenson, M., 2018. A review of supply chain risk management: definition, theory, and research agenda. International Journal of Physical Distribution & Logistics Management.

Hang, N.T. and Huy, D.T.N., 2021. Better Risk Management of Banks and Sustainability-A Case Study in Vietnam. Revista Geintec-gestao Inovacao E Tecnologias, 11(2), pp.481-490.

Leo, M., Sharma, S. and Maddulety, K., 2019. Machine learning in banking risk management: A literature review. Risks, 7(1), p.29.

Pournader, M., Kach, A. and Talluri, S., 2020. A review of the existing and emerging topics in the supply chain risk management literature. Decision Sciences, 51(4), pp.867-919.

Samimi, A., 2020. Risk Management in Oil and Gas Refineries. Progress in Chemical and Biochemical Research, 3(2), pp.140-146.

Vigani, M. and Kathage, J., 2019. To risk or not to risk? Risk management and farm productivity. American Journal of Agricultural Economics, 101(5), pp.1432-1454.

Wang, C., Cheng, Z., Yue, X.G. and McAleer, M., 2020. Risk management of COVID-19 by universities in China. Journal of Risk and Financial Management, 13(2), p.36.

Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J., 2019. Value creation through project risk management. International Journal of Project Management, 37(5), pp.731-749.