Assignment on risk at high speed railways
Added on 2021-01-01
9 Pages2491 Words92 Views
FinancePolitical Science
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RISK AND CRISIS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Fraud risk assessment..................................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONRisk assessment is referred as term used for purpose of describing overall method orprocess where hazards and risk factors are identified which has potential to cause harm. In thesimilar aspect, there is analysis and evaluation of associated risk with particular hazard such asrisk analysis and evaluation. The present report would discuss about procurement fraud risk athigh speed railways under construction in United Kingdom which is directly linked toBirmingham, Leeds. London, Manchester and East Midlands. In the same series, it will articulateabout risk integrated for overall features of risk appetite and exposure along with difficulties,complexities and challenges for expecting safety risk to show integration of assessment forpurpose of ERM. Furthermore, it will show implication about argument in which managers couldinterpret this integrated representation of risk exposure and appetite. Lastly, this would besupported with structure comparison along with prevailing methods of risk detection, assessmentand control.Fraud risk assessmentFraud risk assessment tool is replicated as invaluable resource for purpose of fraudexaminers to address and identify the vulnerabilities of clients or employers to internal fraud. AtHS2, fraud risk assessment directly forms with basis for method to manage fraud risk facedthrough organization (Berry‐Stölzle and Xu, 2018). The result through multiple fraud risksassessment for purpose of developing fraud strategy. Generally, fraud risks directly evolve withgrowth of HS2 project as at present, it is as transition phase by designing to build stage. In thepresent scenario, HS2 faces four major fraud risks such as procurement fraud, business orproperty valuation fraud, mandate fraud and staff Malfeasance. It has been articulated thatprocurement fraud is referred as greatest threat.Procurement process is replicated as process of agreeing and finding to terms along withacquiring goods, works or service through external source often via competitive or tenderingbinding process. On basis of fraud detection, process of procurement directly employmechanisms of competitive bidding could be reduced to four basic stages which are presolicitation, solicitation, evaluation and award and last is post award and administration phase. Inthis aspect, there is consideration of types of fraud risk linked with initial element of process ofprocurement as pre solicitation phase (The seven global procurement fraud challenges, 2019).Simultaneously, risk appetite is replicated as amount of risk on wide level where organization is1
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