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N29071 : Risk Management

tag 0 Download 4 Pages / 836 Words tag 27-11-2020
  • Course Code: N29071
  • University: De Montfort University
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  • Country: United Kingdom

Question:

A case study
1. what steps in the process should have highlighted to senior management that there may be higher risk in the Victorian market?
2. explain what senior management could have done or set in place at the outlet to ensure a better understanding of the risks In both markets.
3. what could be the potential economic and social factors failed by xyz corporation in Victoria that lead to the closing of stores in that state.
 
B case study

emergency management queensland(EMQ) fir service personnel have conducted a risk assessment for fire risk at a westen Brisbane distribution center that is adjacent to chemical plants and virgin bushland on two sides. The process is handled to new staff as an exercise to help their learning and understanding of the assessor’s roles.

The scope of the assessment is to determine health and safety risks to workers within the distribution centre should a bushfire come through the area.

4. What personnel should the EMQ staff invite to participate in the risk identification and research process?
5. What research methods could be applied?
6. What appropriate methods could be used to ensure all possible risk have been identified?
 
C. Case study

In analyzing risk at general motors(GM) for the upcoming 2007 model range(in late 2005) risk menegement specialists had become somewhat blasé about the American automobile buyer. Suv-type trucks and pick-ups remained big-sellers, as did inefficient fuel guzzing v8 sedans and sports cars. The likelihood of sales lost to hybrid and fuel-efficient vehicle(even though these had just been released to the market and were already making an impact) was assessed as very low, as were the consequences of these lost sales. This was exacerbated by the lack of appreciation of the looming financial trouble.

7. Knowing now that GM suffered massive losses as a result of badly misjudging the mood of the US consumer and the impact of the global fianacial crisis, what basic rule of thumb for assessment of consequence should been have applied by GM in this case?

8. With rising oil prices, falling confidence in the finance markets and raised environmental concerns among the general public, what likelihood and consequence would you assign to this situation, and what resultant overall risk priority would you generated?

D Selecting and implementing risk treatments
 
1. What risk control options might you select for the following risk
a. Increased competition
b. Decline in demand for the organisations services
c. Expenditure exceeds budget forecast
d. IT system doesn’t meet company requirements
e. High staff turnover
 
2. Research what type(s) of the risk reduction or sharing strategies may be applied or are available if you are looking to address the risk of litigation from the actions or inactions of you or your staff.
 
3. Why risk management documentation must be accurate in the organization?
 
4. List the information you would include in your risk management action plan and explain the purpose of this information.
 
5. Explain the role a manager plays in monitoring and evaluating their risk management action plan and storing the information.
 
6. In one or two sentence, describe why you need to maintain communication with stakeholders and or participants throughout the risk management process.
 
7. What difficulties do you think might arise when implementing the plan? Provide solutions to the difficulties you have identified.
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[Accessed 14 August 2022].

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My Assignment Help. Risk Management [Internet]. My Assignment Help. 2020 [cited 14 August 2022]. Available from: https://myassignmenthelp.com/free-samples/n29071-risk-management/maintain-its-financial-strength.html.


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