Describe how risk management tools, frameworks, systems, methodologies, and standards can be used to manage risks effectively in programs. Provide sufficient detail when describing tools, methodologies, and standards to manage program risks. (Min: 150 words)
Risk management tools: Root cause analysis, SWOT analysis, risk register, and risk data quality assessment, these risk management tools are used to identify, evaluate, remove or reduce the risks so that they do not affect the individual.
Frameworks: The risk management framework criteria set how the government IT should work for a secured monitor. The framework steps include the categorized information system, chosen security controls, enactment of security controls, assessment of the security controls, authorizing the information systems, and checking the security controls (Lee 2021).
Systems: Most of the ‘risk management systems’ are used for aggregating risk data and to help the decision-makers appraise the business risks (Zimon and Madzík 2019). It includes exposure of risks ,protection measures of risks, and risk management.
Methodologies: The risks management methodologies include the process for identifying and analyzing the undesirable activities, results, and the processes to determine if the risks are acceptable or not (Halkos and Tsirivis 2019). If it is not accepted then the processes add the recommendation and assessments to control the risk measures.
Standards: Main risk assessment standard is ISO 31000, which provides the guidelines, principles, and a framework for managing the risks of the organization (American Diabetes Association 2019). It set the specific set of strategic processes with the properbjectives and aspirations of an organization.
Describe how a risk register can be used effectively across a program.
The risk register is one of the most effective tools in project management used to identify the risks and potential risks of an organization or a project. Sometimes it is used for fulfilling the regulatory compliances in a project. The risk register is a part of this project’s risk management plan (Wang et al. 2020). The project risk register will include all information about the identified risk like the type of risk, nature of the risk, and how much it will impact the project. The individuals will be able to anticipate the risks beforehand and will allow the individual to react and take action quickly. Once the risks are identified it will help in taking the next steps beforehand. The register will solve the risk issues by collecting, documenting, monitoring, and resolving them. Once the individuals are aware of the possible risks it becomes easy to plan the next activity and how to control and solve the potential threats. It will give the individual a path to mitigate all the risk-related issues (Raine 2021).
Candidate Instructions
This assessment is a portfolio of evidence, designed to assess your ability to manage risks in the program.
You are required to:
Develop a detailed risk plan for the program.
Develop a risk breakdown structure.
Identify risk levels for the program
Develop a program risk register
Develop a contingency plan
Address a case study
To develop your assessment, you can work on either of the following scenarios:
Scenario: Choose Go native project. Consider that go native project’s management hired you to manage a program to assist them with positioning themselves as a leading private provider of business and English courses to international students around the world in Australia.
This assessment comprises the following sections:
Details of the Program You Are Undertaking for This Assessment
The tasks included in this Workplace Assessment must be completed within the context of a program you are managing.
For your assessor’s reference, complete the table below by providing the required details and information of the program you are undertaking for this assessment.
Overview
In this section, you are required to address three assessment tasks:
Task 1: Risk management approach
Task 2: Risk management planning
Task 3: Program risk register
In the form of notes that you have written to yourself when developing the risk plan for the program, address the following creating cohesive paragraphs from your notes:
All points must be addressed
Describe what risk methodology was selected for the program.
The qualitative risk methodology has been used for this research as it will help in identifying the threats and opportunities of the project (Abdel-Basset et al. 2019).
Describe how the risk methodology was modified to match the context of the risk.
The methodology was modified by following the steps like identification of the risk, estimating the probability, and then estimating the potential impact of the risks on the project. Once the identification is done the matrix is created with a risk response plan.
Describe what stakeholders were consulted to identify, document, and analyze program risk levels and individual risks. Be specific when mentioning the stakeholders and the risks. It is recommended to use a table where each category of risk is matched with the stakeholders who were involved in the identification and analysis of each risk.
Risk Category Stakeholder
Market Competitions External Risk Project managers
Compliance and regulations Organizational Risk Compliance managers
Financial Managerial Risk Auditors
Resources Strategic Risk Board members
Complexity and performance Technical risk Chief officers
Describe what support and mentoring you have planned to assist the project managers in managing risks at their program level. Be specific and take into consideration the different risks in the individual projects.
The support will be provided to the stakeholders by regular feedback, adding new communication tools and motivation to the project managers (Baryannis et al 2019).
Describe how:
Risk management is made visible and dynamic across the program so that risks are assigned and managed promptly.
The proper team will be established for analyzing the risks, the team will ensure the clarity of the project risks to the individual stakeholders. The program ‘risk-management system’ was created to make the management effective and effective communication of controls, risks, treatments, and results for the stakeholders in the plan. Risk management focuses on the detailed governance framework for the plan or project, the communication strategy and the stakeholder’s engagement strategy for the organization (Choi et al. 2019).
Progress review, analysis of the variances, and the way of responding to the risks for achieving program objectives in a dynamic risk environment will be inspected, monitored, evaluated and documented. It also specifies the agreed intervals for monitoring the risks (Vilko, Ritala and Hallikas 2019).
Identifying and quantifying the potential risks of the project ad calculating the possible effect are documented.
Actuated risks (issues) will be managed. Include an issue escalation process.
The risk registers are created to inspect if the issues are identified monitored then escalated to ensure the time-to-time mitigation of customers (So et al. 2021.).
Develop a detailed risk breakdown structure (at least three levels) that takes into consideration risks at all program levels and appropriately categorizes them.
Populate the table below by identifying risks for each level of the program.
Business level Market competitions and financial crisis
Program level Complexity and performances
Project level Resources, Compliances, and regulations
Use the table below to document your program risk plan.
The main purpose of the risk management plan is to identify and analyze the risks of the project and mitigate the risks.
To plan the risk management process the qualitative approach has been taken in this paper which will help in identifying the issues and the cause of the issues. The risk register tool has been used to analyze the risks in the project. The different frameworks have also been used for the plan which will secure the policies and systems of the organization. Different strategies have been used to mitigate the issue like pre plain and risk acceptance, transference, avoidance, and reduction (Ezaki et al. 2021).
The specific categories are External, organizational, managerial, strategic, and technical risks
Roles Responsibilities
Project manager Prepares and manage the risk management plans
Senior manager Assigned to inspect and approve all the permissions that are needed.
Finance manager Manages all the expenses and costs of the plan
Chief Manager Inspects and supervises everything after the approval of the senior manager.
The probability of the risks is stated between 1-10. Market competitions have a moderate probability of 7 and impact 7, compliance and regulations issues have a low chance of happening so the probability is 5 but it may create the impact on the project so the impact is 8. The financial crisis is a serious issue that has a high possibility of happening so the probability is 9 and the impact is 9. Resource crisis is also common and has a high chance of happening but it may not create a high impact so the probability is 8 and impact is 6 and the complexity and performances have the probability of 7 but it will not affect the organization directly so the impact is 6.
Examining the total cost, determining the expenses for variables, setting aside a different fund for contingency, creating the list for profit and loss, outlining the business budget.
Task Date
Approval from the market managers 20.03.2022
Meeting with the compliance managers 01.04.2022
Financial expense calculation 05.04.2022
Estimating resources 10.04.2022
Training on performances and complexity 16.04.2022
Organization’s culture around risk management (risk management policies and procedures, relevant training of personnel, specific tolerance of key stakeholders.
The risk management policies and procedures that the organization follow are-
The commitment for implementing risk management effectively
The commitment to training the employee for knowledge development
Recognizing the need for planning the risk management
The commitment to monitor the process and progress in the risk management plan
The annual risk identification
The practice of the inclusion of risk management
Regular review of the Risk management activities
Quality assurance for risk management processes
Documentation of all the activities
The risk reporting will include-
Risk profile, risk tolerance level, risk capacity, KRI, and effective risk management ideas.
The process to monitor identified risks. It also describes how and when the identified risks will be audited. Include the process to document lessons learned based on the program’s risk management activities. The risk monitoring process or managing process includes-
Task Date
Identification of the risks and the risk triggers 28.03.2022
Classifying and prioritizing the risks
Ensuring the risk mitigation plan
Checking the risk triggers during the plan 01.04.2022
Implementation of risk mitigation for each risk 04.04.2022
Communicating the risk status throughout the project of risk management. 06.04.2022
After identification of each risk issue, approval from the assigned individual will be initiated. Once the risks owners identify the risks it will send to the person responsible for the approval and the approval will be done after inspecting the issue and plan.
Develop a detailed contingency plan for two high-priority risks that you have identified and assessed for the program. Use the tables below to document the contingency plans.
The main purpose of the plan is to take action for solving the market competitors’ risk. The resources and services will be provided in a wider way to compete with the competitors and the risk and quality will be controlled to provide a better service.
A sudden decrease in consumers can be consent as the symptom and the triggered risk will be the change in price and resources in other organizations
Cost impact $700
The main project will be delayed for 2 weeks.
Information and data about the competitor companies, proper availability of raw materials and human resources to support the plan
Market inspection to understand the consumer requirements; define the clear vision of the contingency plan, making a proper team that handles the activities (Salamai et al. 2019).
After identification of each risk issue, approval from the assigned individual will be initiated. Once the risks owners identify the risks it will send to the person responsible for the approval and the approval will be done after inspecting the issue and plan.
Purpose of the plan. Include a list of the risks the contingency plan has been developed for. Make clear reference to the risk register. The main purpose of the plan is to ensure the continuity of the risk management plan for the financial crisis. The plan includes the fast disaster recovery and mitigation of business risks.
Triggers or symptoms to watch for. Sudden deterioration in the debtor’s value, stock market price changes, and interest rates can be considered as the trigger point of risks.
$500
Schedule impact if the plan is implemented. The government activity schedule will be affected; The main risk management plan will be delayed for 4 days.
Financial risk management tools, human resources to support the plan.
The finance managers will be required to follow and inspect the expenses and make the plan accordingly (Hao and Kang 2019).
After identification of each risk issue, approval from the assigned individual will be initiated. Once the risk owners have identified the financial risks and triggered the approval will be done.
Consider the following scenario:
You are 6 months into the delivery of your program, consider that the following has happened:
One of the highest priority risks that were identified and assessed has occurred (specify which one when starting your discussion).
One of the lowest priority risks that were identified and assessed has occurred (specify which one when starting your discussion).
Based on your program and your risk management planning, address the following:
Based on the scenario (the above 2 risks have occurred), address all the following points:
Specify the high and low priority risks that have occurred based on your scenario
The highest priority risk that has occurred is the financial crisis in the organization and the lowest priory risk that has occurred is the complexity of technical difficulty in understanding the planning.
Describe how each risk will be managed according to your risk management plan
The financial risks details will be transferred to the finance manager for further inspection and planning. The complexity in learning risk will be confirmed by the training team and HR department and then it will be escalated to the chief manager.
Describe how the risks that have occurred (issues) will be resolved, escalated (if needed), and reported
The financial risks will be managed by the finance managers by making a new budget to handle the expenses and planning the cost for each activity.
The complexity in understanding will be solved by providing training to the staff and employees by the chief managers and the training team.
Describe how the risks were monitored, and at what interval, according to your risk management plan
The financial risk was monitored by the finance manager and auditors team within 4-5 days by inspecting the root causes and possible solutions.
The complexity in learning was resolved in 4-5 days. Training on each activity was provided to the individual by the HR team, training managers, and chief manager for solving the issue.
Describe how the occurrence of the risk was communicated to you (Program Manager) according to your risk management plan
The risk was identified by the auditors and the finance managers and escalated to the project manager for confirmation and further inspection.
Describe what support will be provided to the project managers affected by the risks that have occurred
The project manager will be provided with a proper plan to use the rest of the resources and will be provided support by the training team to train the employees about the organizational activities and goals (Willumsen et al. 2019).
Develop an issue register and populate it with information about risks that have occurred
The first risk was the financial risk that was identified by the auditors. To mitigate the issue the finance managers set the plan of making another new budget with the activities. The new plan for expenses was set and executed. And the complexity and performance risk was identified by the HRM and chief manager. The plan was set to train the employees based on the activities the individual needs training for. The training was provided by the training team to the individuals for understanding the activities and performances of the organization. The risk register tool was used for the identification and analysis of the issues. The risk management methodology assisted in having the proper documentation and analyzing the activities.
References :
Abdel-Basset, M., Gunasekaran, M., Mohamed, M. and Chilamkurti, N., 2019. A framework for risk assessment, management and evaluation: Economic tool for quantifying risks in supply chain. Future Generation Computer Systems, 90(1), pp.489-502.
American Diabetes Association, 2019. 10. Cardiovascular disease and risk management: standards of medical care in diabetes-2019. Diabetes care, 42(Suppl 1), pp.S103-S123.
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.
c The mean-variance approach for global supply chain risk analysis with air logistics in the blockchain technology era. Transportation Research Part E: Logistics and Transportation Review, 127, pp.178-191.
Choi, T.M., Wen, X., Sun, X. and Chung, S.H., 2019. The mean-variance approach for global supply chain risk analysis with air logistics in the blockchain technology era. Transportation Research Part E: Logistics and Transportation Review, 127, pp.178-191.
Ezaki, A., Hirakawa, A., Hanaoka, H. and Uyama, Y., 2021. Factors Influencing Classifications of Safety Specifications in a Risk Management Plan for Antineoplastic Agents Approved in Japan: A Review and Descriptive Analysis. Therapeutic Innovation & Regulatory Science, 55(5), pp.1075-1081.
Halkos, G.E. and Tsirivis, A.S., 2019. Value-at-risk methodologies for effective energy portfolio risk management. Economic Analysis and Policy, 62, pp.197-212.
Hao, J.P. and Kang, F., 2019. Corporate environmental responsibilities and executive compensation: A risk management perspective. Business and Society Review, 124(1), pp.145-179.
Lee, I., 2021. Cybersecurity: Risk management framework and investment cost analysis. Business Horizons, 64(5), pp.659-671.
Raine, S., 2021. Half of the National Risk Register is missing. RUSI Newsbrief, 41(1).
Salamai, A., Hussain, O.K., Saberi, M., Chang, E. and Hussain, F.K., 2019. Highlighting the importance of considering the impacts of both external and internal risk factors on operational parameters to improve Supply Chain Risk Management. IEEE Access, 7, pp.49297-49315.
So, M.K., Chu, A.M., Lo, C.C. and Ip, C.Y., 2021. Volatility and dynamic dependence modeling: Review, applications, and financial risk management. Wiley Interdisciplinary Reviews: Computational Statistics, p.e1567.
Vilko, J., Ritala, P. and Hallikas, J., 2019. Risk management abilities in multimodal maritime supply chains: Visibility and control perspectives. Accident Analysis & Prevention, 123, pp.469-481.
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.
Zimon, D. and Madzík, P., 2019. Standardized management systems and risk management in the supply chain. International Journal of Quality & Reliability Management.
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