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KEY FOR RISK REGISTER 3 RISK MATRIX 3 THREAT4 OPPORTUNITIES 21 REFERENCES 24 KEY FOR RISK REGISTER 3 RISK MATRIX 3 THREAT4 OPPORTUNITIES 21 REFERENCES 24 KEY FOR RISK REGISTER 3 RISK MATRIX 3 THREAT4

   

Added on  2020-02-05

24 Pages6901 Words162 Views
Enterprise Risk Management1

TABLE OF CONTENTSKEY FOR RISK REGISTER..........................................................................................................3RISK MATRIX................................................................................................................................3THREAT..........................................................................................................................................4OPPORTUNITIES.........................................................................................................................21REFERENCES..............................................................................................................................242

KEY FOR RISK REGISTERLikelihoodImpact-1Positive impact0No impact1Very Unlikely 1Negligence impact2Unlikely 2Low impact 3Likely 3Moderate impact4Very likely4High impact5Almost certain5Catastrophic impactRisk ScoreClassificationMitigationx<1Opportunity NoIf score is 1 or under 1, then as perVolkswagen system, the factor willbe considered as the seriousopportunity. It will provide strategicadvantage to the organization andlead business to impressive level ofsuccess. 1 to 5Negligence RiskNoAny risk which is scored under 15will not be referred as high risk so itwill not require any mitigation. Inthis, Volkswagen system will haveacceptance of threats and negativerisks, if they are under acceptable ortolerable standards (Aebi, Sabato,and Schmid, 2012). 5 to 10Low RiskNo10 to 15Moderate RiskNo15 to 25High RiskYesIf risk is equal to 15 and or above itthen it will be considered as the highrisk so it will require mitigation plan.Risk will be considered as anintolerable aspect.3

RISK MATRIXRelativeImpactCatastrophic impact High impactModerateimpactLow impactNegligibleimpact No impactLow Mediumlow Medium Mediumhigh HighRelative impactTHREATRiskExplainedLikelihoodImpactRisk Rating Mitigation1. Researchanddevelopment riskIt has beennoticed in riskevaluationprocess ofVolkswagenGroup that riskand developmentrisk may affectthe business in adiverse manner(Bartak andGhosh, et.al.,2015). Customer5420In order to overcome therisk, management ofVolkswagen Group caneffectively identify themarket trends andcustomer needs byfocusing on customersurveys and scoutingprocess. It is significantfor the management toensure about user needswhile developing newproduct so that issue can4

needs arechanging on therapid basis so itis one of risk fordivision whiledeveloping newproduct. Forexample, thecompany islooking forwardto introduce newproduct but thecustomer needshas changed. Itwill forcemanagement ofVolkswagenGroup to changeits process inregard toresearch anddevelopment. Italso increases thecost of operationso it isconsidered asone of the vitalrisk whichaffects thebusiness ofVolkswagenbe overcome in anappropriate manner(Chitakornkijsil, 2010).Along with this, theeffective monitoringprocess also needs to bedeveloped so that markettrends can be monitoredon a regular basis. It isalso necessary formanagement ofVolkswagen Grouptomake sure that the changesin process are being takeninto account as per theoriginal target. Companycan also have effectiveinvolvement of customersin process by allowingthem to visit theassembling plant.Collective working withcustomer views is alsobeneficial to improve theeffectiveness of processwhich will help inovercoming risk in respectto research anddevelopment program(Aebi, Sabato, andSchmid, 2012). Further5

Group. activities like 360feedback and videoconference meeting withloyal customers may alsoprovide information inregard to theirexpectations. Experts’consultation is alsobeneficial in order toovercome the risk. 2. CyberCrimesIn current era,the risk regardingcyber crime isincreasing so it isalso one of thecritical risks forVolkswagenGroup (Andersenand Schrøder,2010). It hasbeen noticed thatwith a highinvolvement oftechnology, therisk is becomingmore popular somanagement isrequired toconsider it in anappropriatemanner (Kalvet4520In order to overcome suchkind of issues, it issignificant for themanagement ofVolkswagen Group toeffectively identify thekey factors which maycreate cyber crime issue.In addition to this, it canbe stated that themanagement ofVolkswagen Group needsto find the cyber crimethreats which are presentwithin environment (Hu,and Hsu, 2010). It willassist in analyzing the keyissues in an effectivemanner so that strategiescan be designed in anappropriate manner.6

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