Concept of Risk Management | Report

Running head: RISK MANAGEMENT
Risk Management
Name of the Student
Name of the University
Author Note

RISK MANAGEMENT1
Introduction
Risk management is the process or the practice that is engaged in for the identification of
risk or potential risks, well in advance, after which these are analyzed and a number of
precautionary steps are taken to mitigate the risks (Almeida et al. 2017). This assignment will
prepare a risk register by identifying and discussing a number of effective treatment options and
strategies for risks on the basis of a case study analysis. The assignment will also prepare a risk
action treatment plan on the basis of the scenario that has been provided.
1. Risk Register
There are a number of potential risks associated with hiring Stewie as the new plumber at
Whizbang. To begin with, though enthusiastic about the job and ready to take up the challenges
that come with it, Stewie is a person with very limited experience. He has only recently
graduated from plumbing school and most of the knowledge about plumbing and related works is
through his friends, who appear to be experts or quite good at what they do. Stewie is also likely
a person without insurance. While his father has promised to lend him money for insurance
coverage, there is no sure guarantee that he will actually go ahead and lend him the cash. In that
event, Stewie is going to be without coverage and will not have the financial means to defend
himself legally should a client sue him for not being able to adequately perform his services
(Aven 2016).
Another important risk in the given scenario, that comes with selecting Stewie as a
plumber for the company is that he gets to write down the details of his services quite randomly
on a piece of paper and then invoice it to the company. The company has not hired personnel to