Examining Risk Management Strategies and Software Implementation

Part 1 Theory

 Part 1 Theory Consider the following statement: 'Risk managers should mainly focus on the consequences of an event rather than its likelihood as these consequences determine the impact on the business.' You need to: - Examine the interaction between likelihood and consequences and develop an argument either for or against the statement; - Your commentary should contain a critical argument with a brief introduction, stating where you stand and how you argue your case and then finish with a conclusion. - Include an analysis of the role of a business risk manager offer some conclusions as to how prominent the role of the business risk manager should be within the wider management of the business, i.e. when compared with other management functions such as strategy, governance, product development, marketing, finance, operations, etc. - With the support of academic literature, justify how you reached your conclusions. Part 2 Workplace ApplicationCompare and contrast the risk mitigation strategies of retain, transfer or avoid risk. Your discussion should include the key considerations a risk manager should take into account when making such decisions (e.g. cost versus benefit framework). Use your chosen work case problem to generate a working example for each of the three strategies. Recommend the strongest strategy for your chosen work case problem and justify your decision. Part 2  Technology is rapidly changing and improving how we can profile risk. Increasingly this is allowing more sophisticated modelling of risk. The Bowtie approach is set to replace some older methods. This means increasingly software applications such as BowtieXP are becoming available to expedite this process. Hence, your boss has asked you to trial the program and give a report in which you offer a recommendation as to go ahead and implement the program. Your brief is to: 1. Download the Bowtie XP program, enter all your current data and attempt to produce a series of reports in order to examine the software features; 2. Write a report detailing the: a. Background and theoretical foundations of the program; b. Provide Bowtie reports that discuss the features and benefits of the software (insert relevant Bowtie reports and then discuss them individually); c. A final recommendation stating whether the Bowtie analysis is useful and should/ should not be implemented. Part 3 Reflection (4 marks) Provide a reflective summary of your own perception of risk and how your understanding of risk, risk analysis, and risk management has developed over the session. Identify what you consider to be the three critical components of risk and risk management. Communication & Referencing Skills Presentation of the work including: structure, format, grammar and images. • The application of APA 7th referencing RATIONALE back to top SUBJECT LEARNING OUTCOMES This assessment task will assess the following learning outcome/s: be able to critically interpret the risk management concept and discriminate and appraise different definitions of risk and risk management. be able to assess and critically evaluate the role of the decision maker in risk and the influences of decision making heuristics, bias and risk preference in the risk management process. be able to interpret risk through modelling techniques. be able to determine the probability, frequency and consequences of a risk event occurring. design and implement strategies to diminish risk through the potential to self insure, or to transfer risk using different product solutions. This assessment is designed to reinforce the use of software in assessing risk. Additionally it will assist you to make appropriate strategy decision to manage the risks identified in the second assessment. In addition this assessment aims to bring together the work you have done during the session to a conclusion. You will be required to undertake a reflection of the subject that includes commentary on your risk preference and the development of skills in risk analysis and risk management over the session. GRADUATE LEARNING OUTCOMES This task also contributes to the assessment of the following CSU Graduate Learning Outcome/s: Information and Research Literacies (Skill) - Charles Sturt Graduates demonstrate the skills required to locate, access and critically evaluate existing information and data. MARKING CRITERIA AND STANDARDS back to top Marking Criteria High Distinction Distinction Credit Pass Fail Theoretical analysis This criterion is about defining, describing and evaluating the theoretical concepts. Specifically: - examine the interaction between likelihood and consequence of risk; - role of the business manager; - compare risk management to other management functions. 10 marks Exceptionally clear and accurate definitions and descriptions of likelihood and consequence (using examples to aid reader understanding). All terms and concepts thoughtfully investigated in detail. Clear knowledge, explanation and perceptive analysis of the role of the risk manager. Highly insightful comparison of the importance of risk management role to other functions as compared to other business managers. Overall presents an insightful, logical, well-constructed and well-articulated argument supported by accurate, thoughtful and well-stated justifications. Clear and accurate definitions and descriptions of likelihood and consequence (using examples to aid reader understanding). All terms and concepts have been well discussed. Clear knowledge, explanation and useful analysis of the role of the risk manager. Excellent comparison of the importance of risk management role to other functions as compared to other business managers. Overall presents a well-constructed and well-articulated argument supported by accurate and well stated justifications. Relevant definitions and descriptions of likelihood and consequence (using examples to aid reader understanding). Most terms and concepts discussed. Some knowledge, explanation and relevant analysis of the role of the risk manager. Some comparison of the importance of risk management role to other functions as compared to other business managers. Overall presents a good attempt to discuss the theory with some stated justifications. Limited definitions and descriptions of likelihood and consequence. Few/no examples to aid reader understanding. Not all terms and concepts investigated. Limited knowledge, explanation or analysis of the role of the risk manager. Limited comparison of the importance of risk management role to other functions as compared to other business managers. Overall presents an adequate, though not well considered constructed theoretical discussion. No or inaccurate definitions and descriptions of likelihood and consequence. No examples to aid reader understanding. Not all terms and concepts investigated. Inadequate/no knowledge, explanation or analysis of the role of the risk manager. Poor/no comparison of the importance of risk management role to other functions as compared to other business managers. Overall presents an inadequately considered, not well constructed theoretical discussion. Workplace Application Part 1 – Mitigation strategies This criterion is about: linking theory to a context, explaining how it relates to your chosen workplace case problem and making recommendations. Specifically: - compare and contrast strategies of retain, transfer and avoid; - key considerations; - working example of each of the three strategies; - choose one strategy as superior and justify why. 6 marks The three risk strategies are clearly identified and articulately described in a relevant and easily discernible manner supported with academic views. Key considerations of each strategies have been rigorously discussed with highly insightful examples to support the discussion. The workplace case problem is expertly and articulately linked to well-chosen risk theory in an accurate, succinct and meaningful manner that has outright appeal to the layman. The recommendations for a single strategy are highly relevant, realistic and very well supported. The three risk strategies are well identified and articulately described in a relevant manner supported with academic views. Key considerations of each strategies have been thoughtfully discussed with examples to support the discussion. The workplace case problem is well written and logically linked to appropriate risk theory in a meaningful manner that has much appeal to the layman. The recommendations for a single strategy are relevant, useful and well supported. The three risk strategies are identified and described in a relevant manner. Key considerations of each strategies have been discussed with limited examples to support the discussion. The workplace case problem is appropriate and attempts to link to theory. Some appeal to the layman. The recommendations for a single strategy are somewhat, useful and supported. The three risk strategies are only identified and/or described. Key considerations of each strategies have been poorly addressed. Limited/no examples to support the discussion. The workplace case problem is adequately written with sufficient links to theory. The recommendations for a single strategy are adequately useful and of some practical benefit. The three risk strategies are not identified nor described in any discernible manner. Key considerations of each strategies have not been discussed. No examples to support the discussion. he workplace case problem is indequate/missing with no reference to theory. The recommendations for a single strategy are inappropriate, unrealistic and not supported. Workplace Application Pert 2 - Bowtie approach This criterion is about: finding and examining a current software approach. Specifically: - download an appropriate software program - explain the theoretical foundations of the program - Produce a number of reports - discuss the features and benefits of the software - Make recommendations as to the possible implementation. 10 marks Bowtie software program has been explained in an exceptionally clear and accurate discussion as it relates to the Bowtie approach. Fulsome, accurate and clear discussion of the features of the software. A comprehensive set of reports and insightful analysis of the user-friendliness of the software including the advantages and disadvantages of the software and its potential usefulness from a both a user and company perspective. Detailed and rigorous final recommendations as to any future implementation of the software into your company. Bowtie software program has good detail in its explanation. Clear discussion of the features of the software. Well executed reports and a practical analysis of the user-friendliness of the software with a thoughtful appraisal of the advantages and disadvantages of the software and its potential usefulness from both a user and company perspective. Practical final recommendations as to any future implementation of the software into your company. Bowtie software program has some detail in its explanation. Some reports and some discussion of the features of the software. Some analysis of the user-friendliness of the software with some appraisal of the advantages and disadvantages of the software and its potential usefulness from a both a user and company perspective. Moderately good final recommendations as to any future implementation of the software into your company. Bowtie software program is adequately explained. Limited reports and discussion of the features of the software. Limited analysis of the user-friendliness of the software with adequate appraisal of the advantages and disadvantages of the software and its potential usefulness from a both a user and company perspective. Sufficient final recommendations as to any future implementation of the software into your company. Software not profiled. Reflection This criterion is about: Reflective on the learning outcomes of the subject. Specifically: - your own perception of risk - how your understanding of risk, risk analysis, and risk management has developed over the session - three critical components of risk and risk management. 4 marks An insightful and exceptionally clear reflection of how changes in risk perception, risk analysis, and risk management have developed over the session. Detailed and accurate profile of three critical components of risk and risk management. A well-constructed reflection of how changes in risk perception, risk analysis, and risk management have developed over the session. Well organised and useful profile of three critical components of risk and risk management. A moderately well-constructed reflection of how changes in risk perception, risk analysis, and risk management have developed over the session. Mostly organised and useful profile of three critical components of risk and risk management. An adequate reflection of how changes in risk perception, risk analysis, and risk management have developed over the session. Adequate profile of three critical components of risk and risk management. An inadequate/missing reflection of how changes in risk perception, risk analysis, and risk management have developed over the session. Inadequate/missing profile of three critical components of risk and risk management. Communication Skills This is about the presentation of the work including: structure, format, grammar, including images Referencing Skills This criterion is about the application of APA 6th referencing and the depth of research. 5 marks Free of spelling and grammatical errors. Structure and format were clear, logical and consistent. Sentences were well constructed. Exceptional use of diagrams, images and tables, clearly relevant, explained and insightful links made. Both the in text and end reference list are exemplary in terms of style and application of APA 7th. An exceptional number of relevant sources were applied in a highly academic manner demonstrating extensive research. Free of spelling and grammatical errors Structure and format were clear Sentences were well constructed. Language was concise. Excellent use of diagrams, images and tables that are both visually appealing as well as clearly relevant and explained. The style is consistent with APA 7th throughout the text and end reference list. Few points remain unreferenced. An excellent number of relevant sources were applied in an academic manner demonstrating wide research. Minor spelling and grammatical errors, sentences were mostly clear and complete. A good structure and format were used to aid the reader including diagrams, tables and images which were relevant to argument, (although still not fully explained or described). There is consistent style, but application is not consistent with APA 7th. Some errors. A good number of relevant sources were applied demonstrating a reasonable research effort. Some spelling and grammatical errors, sentences were not always clear or complete. Adequate structure and formatting with limited use of headings, sub headings, some illustrations and diagrams, but not explained and only decorative. There is an attempt to apply APA 7th referencing, but style and application are inconsistent. Many points remain unreferenced. A limited number of sources were applied demonstrating a adequate research effort. Inadequate spelling, grammar and punctuation. Concepts were not clear, no paragraphing or formatting- no images, tables or illustrations. There is limited or no attempt at in text or end of text referencing. An inadequate research effort. Total marks /35 PRESENTATION back to top Report style It is expected you will follow a formal business report style. Below are guidelines for your report: Begin with an executive summary followed by a table of contents. An introduction is then written before the main body of your report. The end of your report should include a conclusion. The report should finish with your references (not a bibliography) followed by any appendices you may have used; Headings and sub-headings should be used; Be consistent in your layout and the use of font sizes and spacing between paragraphs; Your reference list should contain all source documents that you refer to, quote or paraphrase from. It must conform to the APA referencing style referred to in the assessment information section. The font should be between 10-12pt size and be an open faced type such as Arial or Calibri; The line spacing should be 1.5; Left-justify the text; Most importantly, always proofread your work using a spell-checker and remember this does not pick up all errors. Do not submit PDF's. These will be returned without feedback REQUIREMENTS back to top NB:To be eligible for an Additional Assessment on a margin fail grade at the end of session (i.e. cumulative mark is between 45-49.5), all assessments must be submitted.