Management Risk

Running head: MANAGEMENT RISK
Management Risk
Name of the student:
Name of the University:
Author note:

1MANAGEMENT RISK
Assessment Task 1
Part A
1. The process of identification of the challenges and the threats to an organisation’s
economy and accessing to control them is termed as risk management. The risk
management of any company includes safeguarding its assets including the corporate
data, intellectual property and the personal information of the employees.
The seven steps that the risk management process involves are outlining the
objectives, having a risk management plan, identification of project risks, valuation of
them in an objective manner, having strategies, management of the risk mitigation plans
and finally receiving feedbacks. According to the International Standard for Risk
Management, CIBT is very much aware of the travel risk management and they annually
revises their risks, security policy and along with the emerging threats. They have
effective risk management plans and strategies which include data protection laws and
regulations.
2. i. The organisations apply the duty of care when the actions of the people of the
organisations are expected to harm the others. It is an obligation that is applied over
the people so that the responsibility is taken to avoid injury to any other employees.
ii. The directors and the managers of an organisation have the laws and rules of
environment, which aims at the protection of environmental. The management of
corporations and the managers have a lot of duties to their organisation including not
to pollute and save the environment from hazards.
iii. The organisations have different laws of privacy and confidentiality that they need
to apply in order to ensure that the organisational data and the personal information of
the customers, clients and the employees are kept private.

2MANAGEMENT RISK
iv. The organisation has a risk management policy and the people with disability in
the organisationenjoy the social security disability insurance, along with the veterans
administration disability benefits.
3. The Risk Management in the organisation is extremely important and it is easier for
the organisation if it gets the backing support of the levels of organisation which
include the Board of Committees. Winning the support of everyone in the
organisation is very important since they are the one who is associated with the work
and have a proper idea about the risks involved. If they support the organisation,
proper strategies can be implemented to manage the risks. CIBT requires to take care
of the travel risks which involve providing information about the health issues, travel
security issues.
4. The risk management process should be communicative and there must be effective
risk communication because it would help the organisation to ensure the objectives of
the company and it helps to make a management decision. The understanding of the
information of the risks help the company’s stakeholders to reach to a conclusion.
Template for a communications plan that could be used in the workplace
5. It is important to prioritize risks for the company so that the business remains stable
and the organisational business strategy helps to reach the goals. The risks must be
prioritized in order to ensure that the company faces no more risks in future, and that
the business environment is risk free leading to the company’s productivity.

3MANAGEMENT RISK
The main steps that are included in prioritising risks are identification of risks,
determining their probability and impact and also calculating the priority of the risks.
6. a) the four categories of risk present in the organisation are market risks, credit risks,
liquidity risks and operational risks.
b) the market risks in the organisation can be mitigated by capital requirement s,
foreign exchange programmes and by increasing the equity values. The credit risks in
an organisation can be treated with the help of credit insurances and establishing
credit limits. The liquidity risks can be maintained by monitoring and controlling the
liquidity regularly. Operational risks can be managed by reinforcing organisational
ethics and by having evaluations at regular intervals.
c) the treatment scan be improved with the help of proper strategies and evaluation
and monitoring process of the organisational operations and its market scenarios. The
employees should be involved in the processes and try to improve them.
d) implementation of these improvement scan be advised with the help of a strategic
communication plan and by explaining to the employees about the proper plans of
risk management (Lundgren & McMakin 2018).
7. a). the participants in the risk management would have been the managers and the
employees of the organisation, along with the choir participants and the viewers or the
audiences.
b). they will be prioritized as in they will be treated as the primary stakeholders of the
choir group and they are upon which the community will be depended on.
Part B
1. The scope in risk management process involves the basic assumptions of the
organisation’s external as well as internal environment and the objectives of the Risk