Risk Assessment Plan

This report discusses the risk identification and assessment plan for Corwin Corporation, including major risks and their impacts. Strategies for managing and avoiding risks are also discussed. The report emphasizes the importance of risk management in business operations.

Running head: RISK ASSESSMENT PLAN
Risk assessment plan
Name of the student
Name of the university
Author note

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Introduction
In the current business scenario, identification and management of the risks is much
important for the business entities because based on these risks, the future viability will be
determined. Moreover, the contemporary business organizations are facing different sets of risks
in their business from different perspectives. Thus, the importance of risk identification and
assessment is more in the current business state of affairs (Teller, Kock & Gemünden, 2014). In
the given case study, it is identified that Corwin Corporation is also facing diverse sets of risks in
their business operation. There are number of risks relevant in their daily business operation,
while some of them are having adverse long term implications. Furthermore, risk identification is
not enough rather proper strategies should also be initiated in mitigating them.
In this report, the risk identification and assessment plan of Corwin Corporation will be
extensively discussed. In doing so, this report will discuss major risks for them and the extent to
which these risks are having impacts in the business operation of Corwin Corporation. On the
basis of these risks, a few strategies for managing and avoiding them will also be discussed.
Risk
Category
Risk Description Risk Cause Impact Likelihoo
d
Rating
Commercia
l
commercial risks termination of contracts 4-
Major
3-Possible High
Commercia
l
brand value risks ineffective management
of the customers
4-
Major
4-Likely High
Safety health and safety
risks
no expertise in R&D
based jobs
4-
Major
3-Possible High

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Finance financial risk lack of fund 4-
Major
5-Almost
Certain
Extrem
e
Risks identification
The most important risk for Corwin Corporation is the commercial risks, which refers to
the termination of contracts by Peters. As stated in the given case, the contract with Peters was
going to be the biggest for Corwin Corporation but termination of it caused risks. This will also
have long term impact because the risks associated with termination of the contracts will be
remained with Corwin Corporation as it can again happen with other future clients as well.
Another risk identified is related to their brand value (Guo et al., 2014). Termination of the
contracts and the ineffective management of the customers took a toll in the brand value of
Corwin Corporation. Their goodwill and reputation in the market got reduced and affected.
Health and safety risks are also associated with Corwin Corporation. This is because of the fact
that Corwin Corporation is not having any prior knowledge and experience regarding the jobs in
the research and development sector (Yurievna, 2013). Hence, the employees are also not trained
enough and the infrastructure is also not proper enough to ensure the highest level of safety for
the employees. This will led to the risks for the employees going to work in this area. The last
risk that is identified is the financial risk, which refers that the cost involved in developing the
new product for Peters got beyond the allocated budget for Corwin Corporation (Langenhan,
Leka & jain, 2013). This is creating the crunch for fund for different business activities. Hence, it
can be concluded that all these are the major risks identified for Corwin Corporation in their
current business operation.

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Impact of the identified risks
The major and most important impact for Corwin Corporation will be reduction of the
attractiveness among the potential client bases. This is because termination of the contract will
convey the message that Corwin Corporation is not being able to meet the expectations and
requirements of the customers and thus the future and potential customers will not get attracted
for Corwin Corporation. This will affect the long term business viability of Corwin Corporation.
In addition, with the affect on the brand value of Corwin Corporation, it will get more difficult
for Corwin Corporation to tap the new customers (Wu, Chen & Olson, 2014). It is also identified
that the health and safety factor will affect Corwin Corporation in terms of demoralization and
reduction in the performance of the employees. It is because if the proper infrastructure cannot
be offered to the employees in working in the new project, then they will less likely to get
motivated in working. Moreover, any types of hazardous incidents will further affect the brand
value and identity of Corwin Corporation (Bekaert, Hoerova & Duca, 2013).
Thus, with the adverse impact on the brand value and reduction in the performance and
effectiveness of the employees, the entire organizational productivity of Corwin Corporation will
be affected. This will be coupled with the financial risks. Lack of fund will restrict Corwin
Corporation in developing the infrastructure for research and development activities.
Risk management strategies
Corwin Corporation should initiate customer driven approach in their business operation.
With the help of the customer driven approach, Corwin Corporation will be able to determine the
expectations of the customers and design the business strategies accordingly. Hence, the chances
of dissatisfaction of the customers will get reduced. Extensive branding activities can also be

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beneficial for Corwin Corporation because this will increase the reach of the brand to larger
customer segments along with increase in the brand exposure (Teller & Kock, 2013). Moreover,
Corwin Corporation is also suggested to adhere to the universal safety standards in their research
and development activities. This will ensure that employees are getting the desired level of
health and safety benefits.
Treatmen
t Strategy
Treatment Description Treatment Resources Risk
Owner
Deadline
Avoid customer driven approach effective training process marketing
manager
4 weeks
Avoid branding activities advertisements tools and channels marketing
manager
4 week
Accept safety standards employee training and infrastructure
improvement
Operations 2 weeks
Accept proper service standards customer feedback HR
personnel
4 weeks
Communication strategies
The involved stakeholders should be informed via personal email communication
channel. Each of the stakeholders in the workplace is having access to official email services.
Hence communicating them through email will be beneficial in reaching out to the entire
stakeholder group and not missing out any. Email communication channel will also be beneficial
to provide the detailed information about the risk management activities including all the factors

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(Verbano & Venturini, 2013). It will be beneficial for the involved stakeholders also in having
the proper understanding about the risk management plan.
Conclusion
Corwin Corporation is facing various sets of business risks with most of them are having
adverse impacts for the organization. A proper risk management, identification and assessment
plan is prepared. Based on this plan, the probable impacts of these risks are also analyzed in this
report. A huge challenge will be faced by Corwin Corporation in terms of managing these risks.
On the basis of these risks, different strategies are identified in this report and these strategies
can be effective for Corwin Corporation to overcome the risks. Lastly, it is recommended that
email communication strategy will be effective for Corwin Corporation to communicate with the
involved stakeholders.

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Reference
Bekaert, G., Hoerova, M., & Duca, M. L. (2013). Risk, uncertainty and monetary policy. Journal
of Monetary Economics, 60(7), 771-788.
Guo, F., Chang-Richards, Y., Wilkinson, S., & Li, T. C. (2014). Effects of project governance
structures on the management of risks in major infrastructure projects: A comparative
analysis. International Journal of Project Management, 32(5), 815-826.
Langenhan, M. K., Leka, S., & Jain, A. (2013). Psychosocial risks: is risk management strategic
enough in business and policy making?. Safety and health at work, 4(2), 87-94.
Teller, J., & Kock, A. (2013). An empirical investigation on how portfolio risk management
influences project portfolio success. International Journal of Project Management, 31(6),
817-829.
Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more
than managing project risks: A contingency perspective on risk management. Project
Management Journal, 45(4), 67-80.
Verbano, C., & Venturini, K. (2013). Managing risks in SMEs: A literature review and research
agenda. Journal of technology management & innovation, 8(3), 186-197.
Wu, D. D., Chen, S. H., & Olson, D. L. (2014). Business intelligence in risk management: Some
recent progresses. Information Sciences, 256, 1-7.
Yurievna, L. E. (2013). Problems of SME Risks' Identification and Systematization. World
Applied Sciences Journal, 23(11), 1548-1554.

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