Risk Management and Stakeholder Assessment

This article discusses the importance of stakeholder assessment in risk management plans and how IT managers play a crucial role in maintaining the efficiency of operations. It also enumerates the different risks that might be faced by the concerned organization and the strategies that might be undertaken by the IT managers to enhance the operations of the same.

Running head: RISK MANAGEMENT AND STAKEHOLDER ASSESSMENT
RISK MANAGEMENT AND STAKEHOLDER ASSESSMENT
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RISK MANAGEMENT AND STAKEHOLDER ASSESSMENT
Introduction
Risk management plans aims at maintaining the efficiency of the operations that are
undertaken by organizations through the integrated involvement of the different stakeholder
groups. In this relation, the identification of the different stakeholder groups helps an
organization in delineating the different layers of risk that are associated with the same. As per
the case of Woolworths, one of the major stakeholders that has been selected is the IT managers.
The IT managers play an important role in maintaining the efficiency of information systems
through planning, coordinating and directing modifications in the systems of the business.
Therefore, the research will undertake an assessment of the position of the IT managers relating
to the risk assessment plan.
Provisions of the risk management plan
The identification of different risk elements play a major role in framing the different
activities that might be undertaken by businesses. In this relation, the IT managers play an
important role in maintaining the efficiency of the operations while operating in diverse
international markets. The IT managers contribute to the different system modifications and
implementation of new software for the smooth functioning of the processes at Woolworths. It
has helped the business in designing and establishing the operations in accordance to the needs
of gaining a competitive advantage. However, there are different risks that arte faced by the
concerned organization relating to data breach and cyber attacks. Therefore, the identification of
the risks is one of the major provisions in a risk management plan which enumerates the different
uncertainties that might be encountered by the IT managers while developing the different
software programs. In this relation, the improper design of the software or the IS processes

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might challenge the organizational capabilities of safeguarding the data from being breached. On
the other hand, the IT managers act as a link of communication between the different
departments through the development of the Information Systems. Therefore, the IT managers
play an important role in empowering the organization through development of the different
systems to maintain the efficiency of the operations of the business. The identification of the
uncertainties that might be faced by the organization will help in empowering the activities of the
IT managers while operating in accordance to the needs of the company.
The probability or uncertainty of the risk occurrence holds the next provision of the risk
management plan. The identification of the probability of the risk occurrence will help the IT
managers in developing and designing the different systems as per the needs of the organization.
The probability of the uncertainty or risk occurrence related to lower sales of the organization or
cyber attacks might affect the interest if the IT managers through threatened employment. The
impact of the risks is again an important provision in the risk management plan, which helps an
organization in identifying the level of uncertainty that might affect the interests of the IT
managers. The major impact of the risks on the IT managers is dependent on the threat of losing
their employment in the organization due to the cyber attacks or the depreciating sales volume.
The organization might layoff employees in order to reduce the cost of operations for enhancing
the rate of profitability in a crisis situation. In this relation, the risk of losing the employment in
the organization threatens the interests of the IT managers.
The prioritization of the risks act as an effective provision for the risk management plan
as it emphasizes on identifying and segregating the risks in accordance to the needs of achieving
organizational sustainability. The different changes that are undertaken by the organizations are
dependent on the smooth functioning of the processes as per the delineation of the risk factors. In

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this relation, the IT managers might take steps to develop certain processes in order to adhere to
the market trends and thereby help the concerned organization in gaining a competitive
advantage. Firstly, the IT managers might create suitable software for establishing sound
communication with the different stakeholders in order to address the risk of decreasing sales
volume of the organization. The adherence to the technological reforms in the market will help
the IT managers in adhering to the needs of the concerned organization. On the other hand, the
second priority that is being faced by the organization is related to the data breaches and cyber
attacks that might affect the goodwill of the same. In this relation, the IT managers might take
steps to develop relevant block chain technology in order to ensure the transparency of
information systems and prevent data breaches. The prioritization of the risks will be helping the
concerned organization in fixing targets for the IT managers in accordance to the sustainability
needs of the same.
The next provision of the risk management plan is the mitigation strategies that will be
helping the concerned organization in empowering the activities of the IT managers while
resolving the issues. Mitigation of the issues and the development of alternative course of action
will help the organization in avoiding the different uncertainties that might be encountered by the
business. The different mitigation strategies will be helping the concerned organization in
reducing the rate of uncertainties. The IT managers must take steps to review the different risks
that might be encountered by the organization and thereby plan and develop processes which will
help the business in avoiding the uncertainties.

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Conclusion
Therefore, it might be concluded that Woolworths must take steps to identify the IT
managers as their core internal stakeholder while developing the risk management plan. The
design of the different systems on which the organization operates is facilitated through the IT
managers. The research discussed the importance of the stakeholder group based on the
delineation of the different provisions of the risk management plan. The research enumerated the
different risks that might be faced by the concerned organization and the strategies that might be
undertaken by the IT managers to enhance the operations of the same. The identification of the
risks, measurement of probability, prioritization according to the impact and mitigation are the
different provisions that are being discussed as a part of the research.