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Objective of risk management plan

Discuss about the Risk Management Techniques for Raffles Education Corp.

The purpose of this report is to prepare a risk management plan for Raffles Education Corp. It deals with identification and analysis of the risks management plan based on identification of thirty risk indicators and also providing a treatment of the eight of such issues observed in the risk registered. The various types of parameters in the in the registers consists of risk description, causes, consequences and area of risk. The measurement of the risk is based on parameters such as control risk level, control risk score, control likelihood and risk accepted. The treatment plan of the risk provides the guidelines treatment options, rating after treatment, costs and benefits analysis of the risk, preferred options and persons responsible for the correction of the risk causing factors. The report also suggests the various types of measures for monitoring of the risk and strategies for the purpose of effective management of the risk.

Objective of risk management plan

The objective of the various types of risk management plan is to identify the potential threats of the Raffles education corporation. It is done in order to identify the proper channels of risk and mitigate the risk in accordance with the timely assessment of the risk. The risk management plan will ensure efficient decision making process within the institute. It will also help to identify the various types of risk area and departments with which the respective risk can be categorized. The risk department categorization mainly consists of the long terms and short term sources of the risk. The risk register further provides the guideline for the proper evaluation of the likelihood of the various types of identified risks and the consequences which can be adopted to control the risks. The measurement of the risk further provides the risk control level and the risk scores provides the risk control level based on the threat level of the respective risks.[2] [3]

Risk management policy

The risk management policy of the Raffles Education Corp forms an integral part of the internal and control and governance of the various types of activities managed by the institute. The various norms of the risk policy deals with the key aspects in risk management process and identification of the reporting procedures maintained for the purpose of the risk management. [4] The various approaches for the risk management involve the following process:

  • The main executive and the head responsible for the purpose of policy making body of the college corporation of the Raffles Institute is responsible for risk management.
  • The college corporation has a role in maintaining a effective system of the internal control that is in the favor of the achievement of the policies and thereby also safeguarding the public interests and funding of the assets which is responsible as per the accordance with the Government guidelines and financial memorandum along with the learning skills council of a particular region.
  • The college committee should follow a free principle in responding and approaching the risk the risk with more receptive problem solving approach.
  • The policy based on the audit committee should further ensure that the committee advises the Raffles Corporation on risk management.
  • The Institute is responsible for making a conservative approach and prudent recognition of risk factors and disclosure of the various types of financial and non financial types of the risks.
  • The head of the department of the Raffles Institute Corporation and other governing bodies of the college committee are responsible for encouraging and promoting the implementation of efficient risk management procedures and practicing of the same at departmental levels.
  • The corporation has a major role to play in influencing the risk culture of the management which exists within the college and determining whether the risk can be averted or not. The entire issue is seen as relevant individual issue.
  • The college is also responsible for setting the standards and expectation among the staffs with an emphasis on respect and conduct and probity.
  • It is also important to determine the risk appetite of the Raffles Education Corporation.
  • The heads of the departments play an augmented role on the identification implementation of the policies related to the management and internal control of the risk parameters.
  • It is also essential to evaluate the fundamental risks faced by Raffles which are taken into consideration by the Audit Committee by the means of Assistant principle and student services.
  • The risk management done by the head of the departments also have a crucial role in timely information on the various areas of the uncertainties which may arise in the institute.
  • The internal control of the risk management techniques includes the policies and procedures, business planning and budgeting, high level risk framework, audit committee, internal audit program, external audit program and third party reports.

The independency in accordance to the strategic planning is done on the basis of the strengths, weakness, opportunities and threats. It also discusses on the various types of the threats associated with the internal land external risks of the Raffles Education Corporation.

Strength

Weakness

Opportunities

Threats

The global recognition of the being a premier institute in terms of quality.

The college lies in the bottom list of the ranking published by “fashionista”. Some of the top institutes include central saint Martins, parsons, Bunka fashion college and Antwerp Royal Academy.

The college has a major scope in the fashion designing course and the investing decision of the management in this particular area will ensure that the college is able to maintain  lower risk register and able to compete more in the same department.

The threats of the REC includes maintenance of the quality of the various academic programs

The adaptation of SPACE learning environment which focuses on social responsibilities, professional initiatives, creative and entrepreneurship.

The college is yet to build a reputation in course related to business management, psychology, technology, educational study and language related study. This is the major reason for the lagging behind in the competition in terms of other educational institutes.

The college has a major potential to attract many students from different set of countries and excel in various programs of the study.

The ability of the institute to relate the management programs with the real life case studies is doubtful in case of post graduation preparation studies.

Global presence of the Institute in areas such as Australia, Cambodia, China, India, Malaysia, Indonesia, Thailand and Singapore.

The Raffles education corporation based in Singapore significantly lacks in terms of availability of the natural resources such as availability of water, lack of space and increased pollution level and due to various types of seasonal hazards originated from Indonesia.

The Raffles education corporation has further shown a potential for the purpose of extending the educational facilities in the various regions of the world other than just the headquarters location of the company that is Singapore.

The maintenance of guidelines with the private educational license is also questionable in nature.

High amount of demand for the fashion course of the institute. The fashion department of the institute is responsible for bringing in the maximum amount of revenue for the institute.

The institute is known for several achievements such as being

The corporation has a major weakness in influencing the stakeholders and explaining their role for the purpose of the generating more amount of revenue for the institute.

Political situation of Singapore is very viable for the purpose of running an educational institute.

The ability of the institute to stay on top by competing with other institutes such as Copenhagen academy, NIFT, George brown college, Lasalle college international and Kingston university. Is also doubtful in nature.

The Board of Directors of Raffle’s Education Corporation is dedicated to a higher standard of the corporate governance. This is considered as a key factor to the sustainability of the performance and business and the enhancement of the value of the shares. The guidelines and the principles of the Code of Corporate Governance of the year 2012 guide the processes and practices of the corporate governance of the company.

Risk management organization

It has been found that these are spontaneously being reviewed for the effectiveness and relevance by the reference to the regulatory and legal environment where the particular organization operates and regulates. Therefore, it can be said that there are no biasness within the organization regarding the implementation of the corporate governance. The Board of Directors of the firm Raffle’s Education Corporation has complied with the stipulation of the Code during the period of the financial year 30th June of the year 2015. [7]

It has also been found that the particular company has always followed the rules and regulations of implementing the corporate finance within the organization Raffle’s Education Corporation. Moreover, it has been noted that at the moment when the particular company has not implemented the rules and regulations of the corporate finance correctly or any deviation from the Code has occurred within the organization, the management department has provided the appropriate explanation within the annual report of the company Raffle’s Education Corporation under the section of corporate governance statement. [8]

The codes of the corporate governance have been implemented independently, such that the Board have directed the organization in the behavior of its dealings and have also exercised its fiduciary role during all the time in the Group’s interest in order to get ensure about the fact that the ethical standards and corporate responsibility have been met or not. It has been noted that the particular Board of the organization Raffle’s Education Corporation is also finally responsible for the Group activities, its governance and strategies, financial performance and risk management. The study of the annual report of the firm Raffle’s Education Corporation indicates that the Board delegates some of the functions to the committees in order to make the Board enable to manage more efficiently and effectively its fiduciary and stewardship responsibilities. Nevertheless, the final decision and responsibility on all the matters lies along the Board. The corporate governance is implemented accurately and perfectly within the organization Raffle’s Education Corporation as there are four different committees based on which the unbiased decisions are made. The four committees based on whose decision the corporate governance are incorporated within the organization without any biasness include – the Audit Committee, Remuneration Committee, Risk Management Committee and Nomination Committee.

As per the annual report of the company Raffle’s Education Corporation of the year 2015, it can be said that the Board gives the shareholders of the firm with quarterly and annual financial reports, reports to regulators and price sensitive reports in order to maintain the accountability and audit within the organization. During the presentation of these mentioned reports, the Board decided to provide the shareholders of the firm with an understandable and balanced assessment of the financial performance of the Group, its prospects and positions in the present competitive market. The Board also ensures the full and timely disclosure of the material corporate developments to the shareholders. At present time, the management of the particular organization provides business plans and annual budgets to the Board members of Raffle’s Education Corporation for endorsement. The detailed management reports of the organization are also given to the members of the Board on a quarterly basis. The executive directors obtain the detailed accounts of management of the Group on the monthly basis. The Board of the risk management committee recognizes the importance of internal controls and practices of risk management to good corporate governance. [9]

Independency with strategic planning

The particular Board asserts its all total responsibility for the system of the Group regarding its risk management and internal controls. This also helps in reviewing the integrity and adequacy of the systems on a yearly basis. The risk management and the internal control functions are performed by the key executives of the Group and are reported to the Audit Committee for its review. As per the details provided in the annual report of the company Raffle’s Education Corporation, the Board developed the Risk Management Committee in the year 2012 in order to reduce, control and monitor the risks within the organization. In addition to this, the organization Raffle’s Education Corporation has developed an internal control framework that covers operational, financial technology and compliance controls as well as risk management systems and policies.

On the other hand, the responsibilities indicate the rights of the shareholders. The organization Raffle’s Education Corporation should treat all its shareholders equitably and fairly. The particular organization is committed to the fair practice, timely and transparent disclosure of the material information in order to enable the shareholders to prepare the shareholders to make the decisions informed in respect of investment in the firm. All the information that are price sensitive is publicly released before to any sessions with analysts or individual investors. The particular company provides its annual report, notices and circulars regarding the meetings of the shareholders through the website of the company. The articles of the company allow the ordinary shareholders to appoint two proxies in order to vote and attend in her/ his stead. In the meetings of the shareholder, they are provided with opportunities to participate, openly communicate and engage to the directors, their approaches on the matter that are associated with the Group. The communication with the shareholders is also counted as one of the responsibilities. The investor relation of the organization helps in promoting the effective, regular and fair communication with the shareholders. The organization also conducts meetings for its shareholders as this provides an opportunity to share the views and also to meet the Directors of the Board Committees. The external auditors of the firm will help to address the queries of the shareholders. The organization will value and encourage the participation of the shareholder at its general meetings. [10]         

Communication and Consultation

Business communication is the integral part of the management practices. It is to be indicated that the establishment of the communication transparency is the most required aspect in maintaining the sustainable management of an organization. In case of the business risk management aspect, the communication process is much essential. ([11]) indicated that the business usually focuses on communicating with the both internal and external stakeholders. Employee communication is considered as the lifeblood of the business practices. Employees need to exchange their views as per the business process. It helps in bringing the innovative ideas and building the strengthened structure of the business. It is to be indicated that the communication and consultation with the stakeholders ensure the involvement and development of an organizational functionalities.

Independency with Corporate Governance

It is noted that the stakeholders are the major people who drive the organizational process. Various stakeholders present their diversified perspectives that have been focusing in the potential risks and the risk management process. Simultaneously, Raffles Education Corporation has been maintaining such process for making any relevant organizational decisions. The communication and consultation process is associated both with the internal and external stakeholders. The communication process with the external and internal stakeholders are described further:

Internal Stakeholders:

Raffles Education Corporation is the educational institute, which is associated with the number of internal stakeholders. The internal stakeholders of this particular institute are the teachers, students, non-teaching staffs, and shareholders. ([12]) opined that the internal stakeholders pass the information about the employee regulations, which are needed to be followed while performing the internal business practices. This is helpful enough in presenting the clarified documents including the requirements of business process. Hence, the consultation with the internal stakeholders would be ensuring the structured process of running a business. [13]

External Stakeholders:

External Stakeholders are the outside people who have been influencing the business process by interacting with the organizational executives. In a specific context, the external stakeholders are the government, society, and the common people. The regulators or the policy makers are influencing the business externally. The rules and regulations imposed by the government figure is needed to be followed by the business to maintain the sustainable position. Hence, if any of the business decision goes against the society, it would be difficult for the organization to survive further. Hence, it is required to keep the concentration on the consultation and communication process with the external stakeholders. Similarly, Raffles Education Corporation needs to consult with the government before undertaking any relevant decision for their students. In fact, it is noted that the consultation process with the external stakeholders determines the improvisation of the organizational practices. More specifically, the business development suggests the improvisation of the employees’ work performance as well. In keeping concentration on such signified reasons, it can be inferred that the communication and consultation process with the external stakeholders would be effective enough for the further business development. Moreover, it secures the business position in the competitive market.  [14]

The organization Raffle’s Education Corporation has instituted a framework for internal control that covers operational, financial, compliance and technology controls as well as the policies and systems of risk management. An organization wide risk management framework has been set in the place in order to enhance the risk management capabilities of the particular organization. The Enterprise Risk Management team (ERM) administered this risk management. The essential risks of the organization Raffle’s Education Corporation have been identified and the action plans are made in order to moderate the mentioned risks. [15] [16]

The ownership of the risk treatments and the awareness towards the risk would be spontaneously instilled and toughened throughout the firm. It has been found that the particular company Raffle’s Education Corporation exists in a changing environment thus the operation of the particular firm changes, risks also changes and thus the opportunities also changes. It has been found that under the Enterprise Risk Management framework that has been established with the reference to the model of the Committee of Sponsoring Organizations of the Tread way Commission (COSO), all levels of the management are predicted to review the operations of the business continuously. [17] [18]

In addition to this, the particular environment in which the specified company Raffle’s Education Corporation is operated in order to identify the areas of risk and also to ensure the measures of mitigation that is developed promptly in order to address the particular risks. The Enterprise Risk Management framework generally outlines the approach of the organization Raffle’s Education Corporation in order to manage the risks of the enterprise and sets out a process that is systematic for the identification, evaluation, and management and monitoring of the risks that are faced by the particular organization. The individual business units of the organization Raffle’s Education Corporation have various risk profiles and cultures as each of the business unit of the firm Raffle’s Education Corporation helps in identifying and evaluating its own sets of risks. [19] [20]

The internal audit of each of the business unit the organization Raffle’s Education Corporation, the identification of risk, its analysis and its evaluation exercise will be performed and treated as per the procedure of risk management as it has been set out in the framework of Enterprise Risk Management. It has been found that as per the framework of the risk of the firm Raffle’s Education Corporation, the risk owners, the management and the internal auditor also participate in this in order to run the business effectively, efficiently and successfully. On the basis of the internal controls that have been maintained and established by the particular company Raffle’s Education Corporation, the performance of the work by the internal auditors are measured. It indicates the performance of the management and various Board committees and assurances that are obtained from the CFO and CEO of the firm with the concurrence of the AuditorCommittee.

Risk Assessment

The risk assessment process is identifying the evaluation of the potential risks that is included in the diversified business practices. ([22]) defined that the risk assessment process is associated with the different techniques as well as the identification of the potential risks. Recognizing the risk is essential to understand the process of mitigating or reducing the risks and maintaining the safer approaches within an organization. Both the identification and techniques of the risk assessment is described in the further segments.

 Identification of the risks is the primary stage of the risk assessment. ([24]) indicated that the identification of the risks is the most important part and if a business fails to recognise the risks, the other steps of the risk assessment would not be structured properly. Therefore Raffles Education Corporation needs to understand the exact area of the management practices that may face the potential risks. The risk identification techniques are classified into two segments, such as the initial risk identification and on-going risk identification. At the initial stage Raffles Education Corporation needs to consider the communicational area, which is always needed to be transparent. It would be helpful in understanding the requirement of the business to establish the sustainable business. On the other hand, the on-going risk identification indicates the importance of undertaking the risk assessment techniques. If Raffles Education Corporation identifies the importance and potentiality of the risks, it would be helpful for them to restructure the functionalities for the future impactful associations. When the organizational objectives are stated in a clarified manner, it would be easier to identify the potential risks that are involved with the undertaken management practices. ([25]) suggested that the implementation of the brainstorming session is preferable to identify the risks and the involvement of the efficient leadership skill is mostly required. Many of the organisations include the frequent monitoring, auditing, and involvement of the ERM staffs for identifying the risks.

The mitigation or assessing the risks is much required within an organizational scenario. The techniques involved in assessing the risks are indicating several segments. At the very first stage, the identification of the potential hazards is required. In case of Raffles Education Corporation, it has been seen that the major risk has been found in communication system. Apart from the communication process, the quality issues are also visible in the organizational practices. The next step is to identify the people who will be affected by such risks. In considering the next step, evaluating and deciding the precautions against such risks are much needed. Keeping the record of the significant risks and hazardous aspects is also necessary in such cases. The final assessment is determining the reviewing of the risks and updating the risks specifications is also needed to be considered. The recognition of such techniques would be effective enough in managing the risks related to the organizational functionality. In fact, it can be inferred that the application of such techniques would be ensuring the mitigation of the risks and achievement of the organizational excellence.

Risk Register

               

Calculated

   

Risk Rank Position

Risk Reference

Risk Description

Causes

Consequences

Risk Area

Control Consequence

Control Likelihood

Control Risk Level

Control Risk Score

Risk Accepted

Current Risk Controls

Risk Owner

Risk Treatment Plan (refer no. & tab)

1

OP-1

Communication

Poor audience selection

Underutilization of advertising resources and under communication

Operations and Program management

Catastrophic

Almost certain

Very High

20

No

 Selection of Social media for advertising

2

OP-2

Building of Reputation

Poor performance of the students

Negative brand image of the institute in the market

Operations and Program management

Moderate

Possible

High

16

No

Maintaining of high rank

3

OP-3

Quality of programs

Selection of professors and curriculum

The quality of the various programs offered in the institute is directly related to selection of teaching staff

Operations and Program management

Major

Likely

Low

2

No

Maintaining the curriculum according the present industry standards

4

LE -1

Judiciary

Judiciary is dependent on legislature and executive arm of government in Singapore

Judiciary appointed by the Prime Minister in Singapore

Legal

Minor

Almost certain

Medium

8

No

Adhereing to legal laws of the country

5

OP-3

Selection of media

For better rating

Limited reach globally

Operations and Program management

Major

Unlikely

High

12

No

selecting appropirate commercial and web media

6

LE -2

Compliance to Private Education License

For better rating and quality

Building a good reputation

Legal

Minor

Rare

Very High

20

No

Application for Government license

7

OP-4

Global Standings

Global outreach

Competing with the top institutes globally

Operations and Program management

Catastrophic

Almost certain

Low

2

Yes

Selecting quality students

8

EN-1

Providing basic facilities to the students and staffs

Limited natural resources in Singapore

Limited enrollment in Singapore division

Environmental

Major

Unlikely

Medium

8

Yes

selecting appropiratelocation for accomodation

9

EN-1

Problem of pollution

Seasonal haze originating from Indonesia

Creating health issues among the students and the staffs

Environmental

Minor

Rare

High

12

No

Selecting a pollution free facility

10

IT-1

Network facilities in all the locations of the institute

Government restriction to Internet in country like China and Saudi Arabia

Limited access to information

Information Technology

Catastrophic

Likely

Very High

20

No

Selecting best network connection in the locality

11

HR-1

Loss of key information of the students and staffs

Data loss due to hazards in the workplace

Negative impact on business standard and performance

Human Resource

Moderate

Possible

Medium

8

Yes

Taking precautionary steps for avoiding accidents

12

OP-4

Risk of malware and virus attack

Inadequate computer security to protect the data

Shutting down of data center and loss of key information

Operations and Program management

Minor

Almost certain

Low

2

Yes

Partnership with a good antivirus company

13

OP-5

Vendor Escalation

Insufficient knowledge of the IT staff to solve the technical issues

Loss of time due to vendor escalation issues

Operations and Program management

Insignificant

Possible

Medium

8

Yes

selection of appropriate vendor

14

OP-6

Inadequate website maintenance

Irregular website maintenance

Delayed access to  the curriculum and other vital information of the company data

Operations and Program management

Catastrophic

Possible

Very High

20

No

Regular maintenance of website

15

FI-1

Possibility of poor project performance

Insufficient skill level and knowledge among the staffs

Delays in operations and financial impact

Finance

Minor

Likely

Low

Yes

Regular monitoring of project

16

FI-2

Inappropriate accounting

Lack of proper knowledge

Loss of financial data

Finance

Moderate

Rare

Very High

20

No

appointment of suitable accounts manager

17

FI-3

Inadequacy of the contractor

Lack of proper knowledge

Project quality and financial loss

Finance

Catastrophic

Likely

Low

2

Yes

Selection of proper contractor

18

FI-4

Fire disrupting the business operations

Improper maintenance of the facilities

Loss of property and assets

Finance

Minor

Rare

Very High

20

No

keeping fire safety equipments handy in the office of the college

19

OP-7

Electrical Disturbance

Improper maintenance of the facilities

Staff and student harassment

Operations and Program management

Major

Likely

High

12

No

Regular checking of electrification

20

OP-8

Position of the college

Performance of the students

Poor ranking of the university

Operations and Program management

Insignificant

Rare

Low

2

Yes

Course content updating on timely basis

21

HR-2

Maintenance of student information

Overall Functionality of the Institution

Loss of vital and confidential information related to students data

Human Resource

Catastrophic

Almost certain

Very High

20

No

maintaining record of student data

22

FI-5

Sourcing of the students

Occupancy of seats in the various global destinations of the institute

Lower return on investment

Finance

Insignificant

Likely

High

12

No

Sourcing of the students through advertisement

23

FI-6

Competitive program fees

Higher amount of course fees than the competitors

Lower amount of generation of the revenues

Finance

Moderate

Possible

Low

2

Yes

Keeping the program fees low

24

FI-7

Contract disputes

Poor terms of contract

Contractual disagreement with the vendor

Finance

Insignificant

Almost certain

Very High

20

No

Keeping the contract terms and agreements fair for all

25

IT-2

Sudden loss of data

Theft of data

Breach of security firewall and loss of student information

Information Technology

Catastrophic

Almost certain

Low

2

Yes

Maintaining the data online

26

IT-3

Lack of access to electronic gadgets

Unavailability of electronic gadgets to the students

Lack of PC, laptops and Smartphone with the students

Information Technology

Minor

Possible

High

12

No

Importing the electronic items and transfer from other locations

27

OP-9

Curriculum designed to meet the standards for the present industry practice

Poor placement of the students

Inability of the student sustenance in the companies after placement activities

Operations and Program management

Moderate

Likely

Low

2

Yes

Curriculum design in accordance with present industry standards.

28

OP-10

Failure to develop new and existing clients due to inadequate marketing data

Improper marketing plan

Inability to retain the existing clients

Operations and Program management

Major

Possible

High

12

No

Upgrading the marketing channels and content highlighted

29

OP-11

Insufficient marketing plan

Marketing plan not in accordance with industry standards

Decrease in no. of applications

Operations and Program management

Catastrophic

Almost certain

Medium

8

Yes

Making the marketing plan interesting

30

OP-12

Improper accommodation facilities

Lack of land space available

Less no. of students opting for accommodation facilities

Operations and Program management

Major

Possible

High

12

No

selection of appropriate Accommodation facility


Risk Profile

 Risk Profile

                                                                                  Figure 1: Risk Profile Source:[28]

ALARP

Figure 2: ALARP Source: 2016. Jakeman.Com.Au.

Risk treatment Schedule and Plans

Department:    ____________________________                            Date of Review:            _______________________

Executive Owner: _____________________________                    Compiled by   :            _______________________

Risk Dimension: ___________________________________           Reviewed by   :            ________________________

Risk

(By Priority)

Treatment Options

Rating After Treatment

Costs & Benefits

Preferred Options

Person Responsible

Timetable / Deadline

Monitoring

Ref

Like-lihood

Con-sequence

Rating

Description

Strategies to measure effectiveness of Risk Treatment

OP-1

Almost certain

Underutilization of advertising resources and under communication

Very High

Communication

 Selection of Social media for advertising

8

High

Online Preference of media

Marketing manager

25.06.2016

Alpha

Advertising in the website

8

High

Online Preference of media

Marketing manager

26.06.2016

Beta

Advertising to school pass outs.

8

High

Online Preference of media

Marketing manager

27.06.2016

R-squared

LE-2

Rare

Building a good reputation

Very High

Compliance to Private Education License

Compliance  with the government rules

12

High

Having a certification of approval

Head of the Department

28.06.2016

Alpha

OP-6

Possible

Irregular website maintenance

Very High

Inadequate website maintenance

Regular maintenance of website

10

Moderate

Appointment of system engineer

IT Engineer

28.06.2016

R-squared

OP-7

Likely

Staff and student harassment

Possible

Electrical disturbance

Regular maintenance of electric supplies

4

Moderate

Central Electrification

Operations Manager

29.06.2016

Beta

HR-2

Almost Certain

Overall Functionality of the Institution

Almost Certain

Maintenance of student information

Information stored in HRMIS

8

High

HRMIS

HR manager

30.06.2016

R-squared

FI-5

Likely

Occupancy of seats in the various global destinations of the institute

High

Lower return on investment

Sourcing of the students from schools

6

High

Manual sourcing

Financial manager

1.07.2016

Beta

OP-12

Possible

Improper accommodation facilities

High

Less no. of students opting for accommodation facilities

Selecting the best accommodation facilities

4

High

Contracting services for accommodation

Operations Manager

2.07.2016

R-squared

IT-3

Possible

Poor placement of the students

High

Unavailability of electronic gadgets to the students

Curriculum in accordance with industry standards

8

High

Conduction survey

Placement coordinator

2.07.2016

Alpha

Risk management implementation plan          

The risk management programs selected for the purpose of the Risk control of the Raffles Industry is based on the various issues and it states its measure for controlling of the same. The risk description of the various areas of the risk includes communication, building of the reputation of the institute, quality of the programs, judiciary, selection of the media inadequacy of the contractor, disruption brought as a result of t fire breakout, electrical disturbance caused in the college premises and improper accommodation facilitates for the students. The various parameters of the risk register is based on the several factors which has a direct association of the risk.

Monitor & Review

The personnel responsible for the purpose of risk review and monitoring ensures the proper tracking of the risks and the treatments of the risks which are effective from the current control and treatment. The boards of directors of the institutes are responsible for controlling of the college staffs and their roles and positions. The boards of directors of the institute are also responsible for controlling of the various types of the risk factors. The risk registers is used to collate and make a summary of the various types of indentified risk. The risk are reviewed on the basis of various types of risks scores and level of occurrence the various types of risks.

Performance Measurement

The various types of parameters used in the risk register and the treatment of the same is responsible for the purpose of the performance measurement of the various type of associated risk of the Raffles Education corporation. The performance management is completely based on the quantitative assessment of the risk associated.

Conclusion

The purpose of this study was  to prepare a risk management plan for Raffles Education Corp. It deals with identification and analysis of the risks management plan based on identification of thirty risk indicators and also providing a treatment of the eight of such issues observed in the risk registered. The measurement of the risk is based on parameters such as control risk level, control risk score, control likelihood and risk accepted. The treatment plan of the risk provides the guidelines treatment options, rating after treatment, costs and benefits analysis of the risk, preferred options and persons responsible for the correction of the risk causing factors.

Reference List

"Raffles Education Corporation". 2016. Raffles-Education-Corporation.Com. Accessed June 25 2016. https://www.raffles-education-corporation.com/Corporate_Info.html.

"Raffles Education Corporation". 2016. Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/InvestorRelations.html.

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Pritchard, Carl L., and PMI-RMP PMP. Risk management: concepts and guidance. CRC Press, 2014.

Hopkin, Paul. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers, 2014.

McNeil, Alexander J., Rüdiger Frey, and Paul Embrechts. Quantitative risk management: Concepts, techniques and tools. Princeton university press, 2015.

Filatova, Tatiana. "Market-based instruments for flood risk management: a review of theory, practice and perspectives for climate adaptation policy." Environmental science & policy 37 (2014): 227-242.

Corob, M., G. Rezes, L. Beesmyer, E. Papendick, T. Richardson, and R. Boyd. "Developing a strategic plan for the FW Olin library at Mills College, part one: Mission, vision & value statements, environmental scan, and SWOT analysis." San Jose State University: School of Library and Information Science (2013).

Benjamin, Martin. 2013. Project Risk Management. [Place of publication not identified]: Emereo Publishing.

Chapman, C. B, Stephen Ward, and C. B Chapman. 2012. How To Manage Project Opportunity And Risk. Chichester, West Sussex: Wiley.

Christoffersen, Peter F. 2012. Elements Of Financial Risk Management. Amsterdam: Academic Press.

Gaudenzi, Barbara and Antonio Borghesi. 2012. Risk Management. Milan: Springer.

Jefferson, Laura, Karen Bloor, Yvonne Birks, Catherine Hewitt, and Martin Bland. "Effect of physicians’ gender on communication and consultation length: a systematic review and meta-analysis." Journal of health services research & policy 18, no. 4 (2013): 242-248.

Beringer, Claus, Daniel Jonas, and Alexander Kock. "Behavior of internal stakeholders in project portfolio management and its impact on success." International Journal of Project Management 31, no. 6 (2013): 830-846.

"Raffles-Education-Corporation.Com". 2016. Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/images/Investor/AnnualReport/ar2014.pdf.

Pinto, C. Ariel. 2015. Operational Risk Management. Momentum Press.

Gupta, Aparna. 2014. Risk Management And Simulation. Boca Raton: Taylor & Francis.

"Raffles Education Corporation". 2016. Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/InvestorRelations.html.

Hopkinson, Martin. 2011. The Project Risk Maturity Model. Farnham, Surrey, England: Gower.

Voegtli, Cinda and Laura Erkeneff. 2011. #Risk Management Tweet. Cupertino, Calif.: Thinkaha.

Hampton, John J. 2011. The AMA Handbook Of Financial Risk Management. New York: American Management Association.

Walker, Russell. 2012. Winning With Risk Management. Singapore: World Scientific.

Hopkin, Paul. 2012. Fundamentals Of Risk Management. London: Kogan Page.

"Raffles-Education". 2016. Raffles-Education. https://raffles-education-corporation.com/images/Investor/AnnualReport/ar2015.pdf.

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McNeil, Alexander J., Rüdiger Frey, and Paul Embrechts. Quantitative risk management: Concepts, techniques and tools. Princeton university press, 2015.

Suter II, Glenn W. Ecological risk assessment. CRC press, 2016.

Rausand, Marvin. Risk assessment: theory, methods, and applications. Vol. 115. John Wiley & Sons, 2013.

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Tbs-Sct.Gc.Ca. Accessed June 25 2016

Pritchard, Carl L., and PMI-RMP PMP. Risk management: concepts and guidance. CRC Press, 2014.

Wu, R. Ryanne, Rachel A. Myers, Catherine A. McCarty, David Dimmock, Michael Farrell, Deanna Cross, Troy D. Chinevere, Geoffrey S. Ginsburg, and Lori A. Orlando. "Protocol for the “Implementation, adoption, and utility of family history in diverse care settings” study." Implementation Science 10, no. 1 (2015): 1.

Reiffel, James, Atul Verma, Jonathan L. Halperin, Bernard Gersh, Selcuk Tombul, John Carrithers, Lou Sherfesee, and Peter Kowey. "Rationale and design of REVEAL AF: a prospective study of previously undiagnosed atrial fibrillation as documented by an insertable cardiac monitor in high-risk patients." American heart journal 167, no. 1 (2014): 22-27.

Qaseem, Amir, Robert Centor, Andrew Dunn, David W. Baker, Robert M. Centor, J. Thomas Cross, M. D. Hopkins et al. "Screening, Monitoring, and Management of Chronic Kidney Disease: Review of the Performance Measures by the Performance Measurement Committee of the American College of Physicians." (2014).

Kroman, Sarah L., Ewa M. Roos, Kim L. Bennell, Rana S. Hinman, and Fiona Dobson. "Measurement properties of performance-based outcome measures to assess physical function in young and middle-aged people known to be at high risk of hip and/or knee osteoarthritis: a systematic review." Osteoarthritis and cartilage 22, no. 1 (2014): 26-39.

Stefani, Lorraine. "Performance measurement for academic development: risk or opportunity?." International Journal for Academic Development 18, no. 3 (2013): 294-296.

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