Risk Assessment Plan

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

1RISK MANAGEMENT PLAN
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

2RISK MANAGEMENT PLAN
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.