Business Question

Overview

Instructions:

Submit a minimum 5 page typed paper (not including the cover page or reference page) to the D2L Drop box by 07/01.

Please denote each task in the paper as you answer the questions. Example:

oTask 1: Answer

oTask 2 : Answer

oTask 3: Answer

**Please make sure to submit complete descriptions/answers for each task. One sentence submissions will not be accepted, I am looking for an understanding of each topic (task) not a definition. Please let me know if you have any questions.

Task 1:

The Risk Management process in a business consists of 5 management steps:

Step 1 how do you identify the risk and why is it so important that you take your time and identify the risk correctly?

Step 2 How do you analyze the risk correctly?

Step 3 How do you evaluate or rank the Risk?

Step 4 How do you treat the risk(s)?

Step 5 What is the process you will use to monitor and review the risk?

Task 2:

Discuss in detail the following Risk Control Techniques:

Avoidance

Loss Prevention

Loss Reduction

Separation

Duplication

Diversification

Which of these is best and why

Task 3:

Develop a Risk Management Plan to include identification, quantitative analysis, response planning, monitoring and control. Also include the following:

The Methodology

Budgeting

Timing

Formats

a)Documentation

b)Tracking documents

Safety and Security

Organizational (hint: risks concerning the interactions of the risk management team and constraints placed on the risk management team by the company and other stakeholders.

Discuss the impact of the risk(s) to the company and its stakeholders.

Explain some of a company’s top risks, how severe is their impact and how likely are the risk to occur? How would you avoid them? Explain at least 4 risks.

a)Explain how a company would go about monitoring each of those 4 risks, give your own personal examples/experience.

Explain how a company’s risk reporting of each of the 4 risks provides management and the stakeholders information they need to accurately deal with and assess all risks that could occur and how they will be managed.