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Enterprise Risk Management PDF

   

Added on  2020-07-23

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ENTERPRISE RISKMANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Risk management process applied to Bauhaus HK Company................................................12. Identification, evaluation the nature and impact of internal and external risk........................23. Categorise the risks using the likelihood and impact grid......................................................44. Risk Mitigating Strategies to minimize internal and external risk..........................................5CONCLUSION................................................................................................................................6REFERENCES ...............................................................................................................................7
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EXECUTIVE SUMMARYThis project report is intended primarily to focus on risk management process which needto be applied by an organisation. It also covered internal and external risk which adversely affectthe performance of company. This project report also describes the importance of audit andmanaging financial, operating and other risks through implementing effective risk mitigatingstrategies which help company to run business operations smoothly.INTRODUCTIONEnterprise risk management minimizes the effects on business's capital and earningthrough planning, organising, leading, and controlling the activities of an organisation. Themanager of an organisation is held responsible to monitors the risk associated with accidentallosses as well as risk related to the operational, financial and others risk in effective and efficientmanner (Lin, Wen and Yu, 2012). Therefore certain steps need to be taken by companies such asBritish Airways, Tesco Plcetc.to identify and evaluate risk whether the risk is internal andexternal and later on certain strategies to be implemented for mitigating risk. TASK 11. Risk management process applied to Bauhaus HK CompanyRisk involve internal and external risk which adversely affect the strategic plan,operational and financial objective of an organisation. Therefore manager of an organisation isheld responsible to take various steps in order to identify and evaluate these risk and implementcertain actions which helps in minimising these risk in effective and efficient manner. So thereare five risk management process steps which helps in monitoring the several types of risk:
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Identify the risk: The manager of Bauhaus HK Company should need to recognize anddescribe the risks that adversely affect their fashion stores related project and itsoutcomes. Through Brainstorming the manager can able to look at a problem and createideas in order to minimize that problem. After identifying risk, the manager of BauhausHK company should assure that the risk that may arises during the completion of project,is noted in their risk register (Aebi, Sabato and Schmid, 2012).The manager should not beoverconfident and need to concentrate on the complex situation that affects needs ofproject.Analyse the risk: After listing the different risk that may arises in future in risk register,the next step is to determine how these risks affects the performance of an organisation.The nature of risk should also be mentioned in their risk register. The manager shouldneed to concentrate on avoiding potential litigation, addressing regulatory issues, andcomplying with new legislation so that the risk cannot affects their available resources,schedule and budget.Prioritize the Risk: The manager of Bauhaus HK company should need to be ranked theirrisk based on their consequences. Some risk required immediate attentions and some riskmade a little impact in the overall activities of an organisation. Therefore it is must forthe management to devote their time according to the nature of risk and theirconsequences.Assign an owner to the risk: To monitoring and handling the risk, certain person is needto be appointed who is responsible to listing the risk in risk register(Smith and Watkins,2012). Generally the manager of an organisation is authorised to take certain actions andstrategies in order to reduce the minimize the risk.Respond to the risk: The authorised person should need to develop strategies or somepreventative plan in order to handling the risk according to their consequences. Theemployees and manager should need to communicate with each other and decide theplans to implement to resolve the risk.Monitor and review the risk: This is the step where the authorised person should need tomonitor, track and review risks. It should be done through different means ofcommunication such as conducting face-to-face meeting, or through email or text or
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