Business Risk Management Assignment 2022

Running head: BUSINESS RISK MANAGEMENT
BUSINESS RISK MANAGEMENT
Name of the student:
Name of the university:
Author Note:

BUSINESS RISK MANAGEMENT1
Table of Contents
1.0 Introduction..........................................................................................................................2
2.0 Risk Context.........................................................................................................................2
2.1 Scope................................................................................................................................2
2.2 Stakeholder Analysis........................................................................................................2
2.3 Industry Analysis.............................................................................................................4
2.4 Weakness and Strength of the Current Arrangements.....................................................5
2.5 Critical Success Factors...................................................................................................6
2.6 Communication Planning.................................................................................................7
3.0 Risk Identification................................................................................................................8
4.0 Risk Analysis and Evaluation..............................................................................................9
5.0 Risk treatment and Action Plan..........................................................................................10
6.0 Evaluation Report...............................................................................................................11
7.0 Conclusion..........................................................................................................................12
8.0 References..........................................................................................................................13

BUSINESS RISK MANAGEMENT2
1.0 Introduction
The risk management of a business is depicted to carry out the effective evaluation of
the risks that are associated within a business, which significantly involves the changes that
may occur within the operations of the business, processes as well as systems. This concept
involves the identification of the risks, prioritizing them as well as addressing them in regards
to the fact that the penalties are minimized in respect to the incidents that occurs suddenly
thus maintaining them to be on the right track. This report will be dealing with the overall
risk management processes within the organization of SmarTech.
2.0 Risk Context
2.1 Scope
The primary scope of the risk management plan is to deal with the overall business
risks that are associated with the consistent business risks as well as within the organizational
levels present within the bounds of the SmarTech (Olson and Wu, 2015. The scope of the
report will also focus on the risk mitigation strategies as well as an effective risk management
plan that will tend to mitigate the risks happening in the environment of the stated
organization (Hopkin, 2018).
2.2 Stakeholder Analysis
The significant stakeholders that are primarily identified are stated within the table
provided below:
Stakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder 5
Role Board of Directors Shareholders Executive Team National
Managers Staff
Internal/
External Internal External Internal Internal Internal as well
as external
Interests Policy and risk
mitigation plans
Vital support
as well as
resource
requirement
for managing
risks
Identification and
reporting the risks,
risk awareness
culture in the
organization
Timely
maintenance of
the identified
risks in
association
with the
executive team
Using effective
methodology
regarding the
identification,
managing,
controlling as
well as reporting
of the risks
within the
organization
Contribution Safeguard the
overall business
External
support to the
organization
Ensuring risk
management
strategies and
policy frameworks
Maintaining
the timely
track of the
overall
processes of
the
Effective interest
in the overall
execution of the
processes within
the organization

BUSINESS RISK MANAGEMENT3
organization
Level of
Influence High Medium Medium Medium High
Level of
Importance High Medium High Medium Medium
Level of
Interest High Low Medium High Medium
Priority 1 2 2 3 2
Communicati
on Method
Meetings, Emails,
Phone calls
Email, Text
Messages
Meetings, Text
Message
Video
conference,
meetings
Meetings, Phone
Calls
Frequency
Meetings to be
held per 15 days of
a month
Emails on a
daily basis of
per transaction
Daily basis face to
face interaction is
needed in order to
identify the risks
Once in a
quarter for
adhering the
risk reports
Carried out in a
regular basis
Issues if not
involved
Failure of overall
running of the
organization
Decrease of the
market value
of the
organization
If proper
identification is
not done the risks
might get skipped
out (Van Staveren,
2018)
Proper
communication
gap as well as
not carrying
out the timely
maintenance of
the risks
Proper reporting
is to be done for
future
references.
2.3 Industry Analysis
The overall Industry Analysis regarding the organization of SmarTech is provided in
the table below:
Dimension Details
Social
The societal factors being highlighted with the growth of the market will
be very helpful in regards to the exposure that the organization will be
providing to their consumers, thus making its significant profit within
the country (Aven, 2016).
Technological
The technological approach that is adhered by the organization to take a
leap forward as well as the investments depicted in the different fields
for the technological innovation is stated to be very significant for the
growth of the company (Almeida, Hankins and Williams, 2017).
Economic
The financial budget planning as well as the areas of the investment that
are stated by the organizational budget-planning department is said to
provide a great positive impact in regards to the organizational profit as
well as growth (Sadgrove, 2016).
Legal Political
Party
The areas of the implementation in regards to the adhered technology is
depicted to be aligned with the government as well as organizational
policies of the country and SmarTech simultaneously (Rampini,