Manage Risk in Biz Ops Enterprises: Key Risks and Risk Management Strategies

Running head: MANAGE RISK
Manage Risk
Name of Student:
Name of University:
Author’s Note:

1MANAGE RISK
Table of Contents
Part A...............................................................................................................................................4
Answer to Question 3..................................................................................................................4
Answer to Question 4..................................................................................................................4
a) Political....................................................................................................................................4
b) Economic.................................................................................................................................4
c) Social.......................................................................................................................................4
d) Legal........................................................................................................................................5
e) Technological..........................................................................................................................5
f) Policy.......................................................................................................................................5
Answer to Question 5..................................................................................................................5
Answer to Question 6..................................................................................................................5
Answer to Question 7..................................................................................................................6
Answer to Question 8..................................................................................................................6
Answer to Question 9..................................................................................................................6
Answer to Question 10................................................................................................................7
Answer to Question 11................................................................................................................7
Answer to Question 12................................................................................................................7
Answer to Question 13................................................................................................................8

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Part B...............................................................................................................................................8
Introduction......................................................................................................................................8
Key risks faced by the organization.................................................................................................9
 Political.................................................................................................................................9
 Economic..............................................................................................................................9
 Social..................................................................................................................................10
 Legal...................................................................................................................................10
 Technological.....................................................................................................................10
 Policy..................................................................................................................................11
Review and list of the organization’s current policies and procedures which relates to the current
risk management standards............................................................................................................11
Conclusion.....................................................................................................................................12
Part C.............................................................................................................................................13
List of options commonly used in risk treatment process.............................................................13
The most appropriate options for treating each of the identified risks..........................................14
Proposed action plan to treat the risks including...........................................................................14
-What actions are required.........................................................................................................14
- Who is taking the responsibility..............................................................................................14
- Timelines.................................................................................................................................14
- The monitoring processes........................................................................................................15

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- Proposed folder structure for storing the information relevant to the risk management process
...................................................................................................................................................16
- Key factors in implementing, monitoring and evaluating the risk treatment action plan.......16
References......................................................................................................................................17

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Part A
Answer to Question 3
The main purposed of the risk management is based on evaluating the potential problems
which may be planned and invoked across the life of the project and prevent the project from
adverse impacts throughout the life of the project. This is ensured by planning of the risk
management process, identification of the risk, risk analysis, risk response planning, risk
monitoring planning and implementing additional risk analysiss tools and techniques
(Hub.globalccsinstitute.com. 2018).
Answer to Question 4
The scope of risk management process is explained below as follows:
a) Political
The scope political risk factors are seen with risk management of the political decisions
effecting the business activity.
b) Economic
There may be several risks pertaining to regional instability, Misuse of funds,
Misappropriation of funds, Delegations and Currency fluctuations.
c) Social
There may several instances of the risk which may arise as a result of the community
perceptions.

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d) Legal
The legal scope of the risk management comprises of Fraud, Breach of statute, Breach of
contract, Outsourcing and Negligence.
e) Technological
E-commerce, Obsolescence, Information security, IT infrastructure and Innovation are
identified as some of the main areas of risk associated to technology.
f) Policy
These may include Inadequate safety measures, Noise, Poor safety management,
Contamination, Breach of procedure and Inappropriate project objectives.
Answer to Question 5
The CSF are conducive in attracting new customers for the business. It has been further
identified to be conducive for sustaining a successful dealership with the local suppliers. In
addition to this, the critical success factors are father seen to be based on retaining of the staff
and keeping up with the customer focused training. It is also beneficial in securing financing for
expansion (Omsar.gov.lb 2018).
Answer to Question 6
It is important to review and analyse the existing risk management process, requirements
and procedures before updating to define the constraints and the gaps in the resources,
automation and build effective communication among the departments or certain areas like
technology. This is seen to be conducive for the organization for defining the organizational
policies which govern the processes and policies (Statswiki.unece.org 2018).