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risk-management-ass-question-5qqaturt.docx

Answered Same Day Oct 14, 2021

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Aanchal answered on Oct 15 2021

139 Votes

Running Head: ASSIGNMENT ON RISK MANAGEMENT    1
ASSIGNMENT ON RISK MANAGEMENT         2
ASSIGNMENT ON RISK MANAGEMENT
Table of Contents
1. Technical Experts Involved in Identification of Risks    3
2. Responsible Persons or Parties for Implementing Risk Action Plan in organisation    3
3. Six Step Process for Monitoring and Reviewing Risk    3
4. Meaning of term ‘Stakeholders’    4
5. Tools used for Risk Identification    4
6. Considerations while storing OHS Information    5
7. Basic Process used to establish the Context of a risk:    5
8. Process for Risk Identification    5
9. Steps to be taken for Risk Analysis    6
10. Methods for Selection and Implementation of Treatments for a Risk:    6
References    7
1. Technical Experts Involved in Identification of Risks
Identification of risks begin with identifying the sources of risk, that is whether it is related to finance, operations, technology, or anything else, which is done by some senior and experienced personnel of the departments within the organisation, by the outsourced consultants, who are risk management specialists or by the company stakeholders (Hopkin, 2018).
2. Responsible Persons or Parties for Implementing Risk Action Plan in organisation
The persons who are responsible for implementing the risk action plan within the organisation are the head of the department of every relevant department because they are the ones who manage the processes and activities related to their particular department on daily basis and are well aware about the issues and concerns that may arise and pose a risk. They do this with the coordination and support of quality and business process department of the organisation (Uhl & Gollenia, 2016).
3. Six Step Process for Monitoring and Reviewing Risk
i. Setting the timelines for the review of activities;
ii. Maintain a checklist of what needs to be checked and its frequency;
iii. Investigate and maintain the record of any incident that took place;
iv. Ask question related to the effectiveness of strategies on risk management, viability of the risk assessment process, how often and well are safety procedures being followed;
v. Maintain documentation of safe risk management practices;
vi. Produce a manual on risk management that includes the section of feedback to review the effective implementation of risk management techniques;
vii. Adopt the procedures framed and ensure their effective implementation (Choi,...

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