Determine and Manage Risk Exposure Strategy Doc

Added on - 11 Jan 2021

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Determine and manage riskExposure strategy
Table of ContentsINTRODUCTION...........................................................................................................................11. Presenting the risk management strategy................................................................................12. Presenting what type of business is target and not target........................................................13. developing risk management...................................................................................................2a. All relevant legislation............................................................................................................2b. Organizational policy..............................................................................................................2c. Relevant risk............................................................................................................................2d. Financial principles and process related to risk......................................................................2e. Relevant business hazard.........................................................................................................2f. Relevant risk exposure.............................................................................................................3g. Determining compliance factor...............................................................................................3h. Risk mitigation strategy..........................................................................................................3i. Risk assessment criteria...........................................................................................................34. identify and collate all up to date information........................................................................35. Factors and evaluate risk acceptability factors........................................................................46. a Risk acceptance and rejection criteria..................................................................................4b. high and low hazard................................................................................................................4c. risk mitigation strategy............................................................................................................47. documents...............................................................................................................................58. Feedback.................................................................................................................................69. Necessary things......................................................................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
INTRODUCTIONRisk management strategy is helpful to protect a business from any risk. For this reportthe chosen company is Common wealth bank in Australia who provide insurance to the people.Report provides risk factor for financial investment service and identify appropriate riskexposure management strategy and different types of laws, organizational policy or informationneeded which are applicable for developing risk management strategy.1. Presenting the risk management strategya)there are many factors that affect the insurance service which is provided by a companysuch as data Breaches in which many business are faces problem in cybersecurity and the same isalso faced be Common wealth bank in Australia (Sachlis and Haslem, 2015).b)In order to mitigate the risk of data breach, company has to take a review that thecompany is compliance with a Payment Card Industry data Security Standards and if foundfailure then it can result in a form of penalty.c)There is a need to communicate such type of strategy with customers as well asintermediaries because by understanding this strategy will be helpful for them to overcome fromrisk (Lister, 2017). For communicating this, owner of the company will hold up a meeting andstate their employees regarding the strategy which needs to be implemented and as a result, itwill be helpful to mitigate the problem.d)In order to manage this strategy at personal level, manager of a company will implementthis into workplace (Zhang and et.al., 2016). Every member as well as customers are bound touse such digital technology and complying with this security standards against a digital datasecurity and breaches their entire payment network system.2. Presenting what type of business is target and not targetThe banks which provided the insurance services to their customers are targeted becausethis business mostly faces high risk related to offering insurance services. On the other side,1
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