This article discusses the importance of risk management and workplace operations in an organization. It covers various tools and techniques for identifying risk factors, stakeholder paradigm, risk evaluation, and key performance indicators.
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Running head: LEADERSHIP AND MANAGEMENT LEADERSHIP AND MANAGEMENT Name of the Student: Name of the University: Author note:
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1 LEADERSHIP AND MANAGEMENT RISK MANAGEMENT ASSESSMENT 1 (PART A) (1)Effectively recognizing the context of defines the scope and volume of risk management procedures and further determines the criteria against which risks will be evaluated. Selection of primary purposes within the business enterprise must be determined by proper review of both external and internal factors at the emergence of risk evaluation approaches for identifying the procedures which may have the propensity to impact the company (Kendrick 2015). There can be witnessed several tools and techniques for identifying risk factors within the organization: Documentation Evaluation: This tool primarily involves factors like Information gathering techniques, Brainstorming Delphi technique Interviewing Assumption Analysis Checklist Analysis Influence Diagrams(Bessis 2015) Delphi techniqueprimarily facilitates the allocation of proficient, responses and further re- circulates among the experts for relevant responses (Markmann, Darkow and von der2013). This form of technique is mainly be implemented in order to attain a consensus of proficient,
2 LEADERSHIP AND MANAGEMENT skilled base and aids to obtain unbiased data. This technique however ensures that no individual will have unjustified impact on the consequences related to risks. Assumption analysis- This form of technique tends to reveal unpredictability of statements and theories and further expose challenging form of assumptions (Lam 2014). Influence Diagrams- The digital and graphical representation of scenarios revealing the casual impactorassociationsamongvariablesandresultsareexplicitlyobservedthroughthis technique. Governing policy effectively identifies the process of risk management that is consistent with S/NZS ISO 31000:2009 Risk Management – Principles and Guidelines. Significant policies and standards are affiliated with distinct policies and further aim to define lower level procedures such as quarterly job functions (Pareet al.2013). Comprehensive policies, standards and legislature aim to provide effective strategic vision, distinguishing the degree of risk and regulate the organizational environment from the current to the proposed state. 2)The stakeholder paradigm is based on the principle that individuals are not coherent when perceiving risk but are further impacted by certain cultural and social associations in which they are imbedded (Yuanet al. 2013). It has been noted that risk managers have developed to be more rational and technologically proficient in their strategies to regulate and evaluate risk factors whereby the major proportion of public tend to rely on the factors related to cultural and social understanding of risk events which result to vital perceptual variations between community and organizational sector.
3 LEADERSHIP AND MANAGEMENT As risk evaluation is regarded as an important compilation of risks and challenges associated with several potential threats events there can be witnessed an explicit estimation of risk levels (Ness 2015). Risk levels are generally calculated as the entity of Likelihood and Effect of the critical potential threat occurrence or threat occurrence category: IMPACT NegligibleMinorModerateVitalSerious Very LikelyLowModerateHighHighHigh LikelyLowModerateModerateHighHigh PossibleLowLowModerateModerateHigh UnlikelyLowLowModerateModerateModerate Very Unlikely LowLowLowModerateModerate LIKELIHOOD Recognized as a generalized rule, networked system that generate information secured by federal or state regulation (HIPAA, FERPA,FISMA) along with other industry standards have been regarded as high risk mechanisms. Furthermore, the risk level for individual category is then evaluated (Wallace and Webber 2017). Few risks tend to remain static whereby the factors may have the propensity to influence the probability and effects of outcomes as the factors, which may influence the appropriateness, or expenditure of various treatment options (Singh 2013). Thus risk management is identified as an essential part of all core business functions, thus should be wholly incorporated into operational as well as management procedures at every significant of the organization, thus must be determined from the top level. PART B
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4 LEADERSHIP AND MANAGEMENT Immense turmoil at fire exits, aisles along with the emergency exit path is recognized as a vital housekeeping hazard for an organization that deals with global marketing services (Wallace and Webber 2017). Even if the clearance between stored supplies as well as circuit breakers is suitable, the lack of employee accountability tends to emerge these hazardous situations. Effective communication with both internal and external stakeholders such as employees, shareholders and management along with other parties is necessary during process of risk management (Singh 2013). As supervisors and stakeholders are highly accountable for poor housekeeping hazards it is vital to expand the awareness while evaluating the risk event. Certain observations revealed that the storage rack utilized was hazardous as it revealed a significant lack of diagonal bracings and thus has been susceptible to malfunction or collapse. Further findings reveal that storage rack comprised only horizontal bracings and was neither attached to the wall of warehouse floor (Markmann, Darkow and von der 2013). It is immensely vital to explicitly identify the various occurrences of risks which tend to cause harm. These identified risks further can be recognized as Chemical hazard(utilized in the task that is being executed such as liquid nitrogen Materials- Toxic, radioactive, blood, aggravation, injury Equipment- Electric shock, vibration, fire (Yuanet al. 2013) Biological-Potential contact with blood borne infections and germs along with highly contaminated wastes. Environment-Hotorsearingsurface,lowtemperature,disposalareas,staffand information
5 LEADERSHIP AND MANAGEMENT West Moonah CommunityHouse Inc Policy has revealed utmost involvementto the prevention and harm by further providing a secured and healthy working environment (Chartieret al.2014). The policy further purposes to regulate the procedures in the workplace in order to guarantee that all indignant and ill-treated employees attain the important area of avenue to recover and commence work by offering appropriate duties for an injured employee as an essential part of the rehabilitation procedures.
6 LEADERSHIP AND MANAGEMENT WORKPLACE OPERATIONS ASSESSMENT 1 (1)Toxicology observers, health care investigatorsare examples of outside parties a manager may consult in a contingency plan for removal of asbestos from their company (Ness 2015). (2)Well established contingency plan primarily incorporate any vital event which might cause disruptive operations such as natural disasters like fires, hurricanes and earthquakes along with crises like alternative site of operations, causing threats to employees or customer as well as workplace settings (Lam 2014). (3)While recruiting a new staff managers must followBottom Line policyfor justifying employees to Reduce additional expenses Increase level of productivity or proficiencies Raise revenue or sales growth (Yuanet al. 2013) ThePositionJustificationForm-Informationconstitutingthisformischaracteristically required by finance as well as senior management for explaining the reasons for additional employees and further incurring the costs of supplementary headcount (Chartieret al.2014). (4)Performance Management Planis often considered as an effective practice in order communicatetypesofperformancemanagementsystemanorganizationimplementsfor employeesduringinductionprocess(Bessis2015).Theprimarypurposeofperformance
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7 LEADERSHIP AND MANAGEMENT management is to evaluate and ascertain proper execution of work by the employees which have been assigned to them. Outcomesof an effective Performance ManagementPlan can be regarded as immensely constructive which aids the management level to distinguish specific employees who require proper knowledge development for proficiency development (Kendrick 2015). (5) 3 ways to measure and evaluate operational performance data Graphic rating scales-Graphic rating scales implements sequential numbers such as 1-5 or 1-10 in order to rate an employee’s comparative performance in distinct areas. 360-degree feedback-Such a system considers reviews, feedbacks and evaluation of the performance level of any employee and further engages colleagues, supervisors, managers and significant others. Self- Evaluation-Inquiring staffstoreviewtheirown performancewhich provestobe immensely productive(Kendrick 2015). (6)Technologicaladvances,consumersatisfactionrate,globalizationarestrategiesfor improving business productivity. Smart inventory regulatory systems facilitate organizations to reduce inventory levels and enhance rate of productivity and further augment the response frequency of customers. Introduction of advanced systems can further aid the business productivity. (7)Factors related to both coaching and mentoring posses the competence level in order to improve the efficiency to the employee. Furthermore, mentoring serves an essential role for
8 LEADERSHIP AND MANAGEMENT career growth especially while moving onto new roles or evaluating performance(Yuanet al. 2013). However coaching can be effective tool for acknowledging an individual to take ownership for their individual professional path. (8)Five qualities of proficient mentor Competence and willingness to establish communication ground Flexibility and preparedness Effective approachability, accessibility and compliance to be responsive Sincerity with high degree of diplomacy Inquisitiveness (9)All digital confidential information must be successfully stored in protected storages such as firewalls, encryption and passwords. Organizations should further restrain the limitation of vital confidential data such as social security numbers unless it is regarded to be essential for business transactions. (10)Key performance Indicators aim to exhibit the level of proficiency of the company in attaining fundamental business purposes (Yuanet al. 2013). ASSESSMENT 2 (1)Planning facilitates managers to comprehend the fundamental priorities of the organization and further ensures which the accessible resources can accomplish the most vital processes iowth utmost adequacy.
9 LEADERSHIP AND MANAGEMENT (2)There can be identified key components which help in proper implementation of operational plan such as Distinctive objectives Activities to be effectively allocated High quality standards Fundamental aims and key performance management Implementing timetables Process of regulating development (3)Factors involved for the achievement of key Performance Indicator mainly incorporates the reduction of web traffic or congestion along with high rate of accessibility of consumer data, business oriented data as well as knowledge related to product and services. (4)In most cases, organizations need for developing contingency plan due to the emergence of thorough evaluation of risks and threats such as natural disasters. Furthermore, contingency planning is not specifically significant for major disasters but also for sudden loss of data, customers, distributors as well as other disruptive unknown risk events. (5)Formally solicited project proposal sourced from project request forms are recognized as effective ways to directly present to senior management. This form of proposals tends to be effectively responsive to specific demands and desires of the organization. (6)Interviewer belonging to renowned organization whether large or small must avoid asking questions related to ethnicity, religion, racial background or religious practices (Markmann,
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10 LEADERSHIP AND MANAGEMENT Darkow and von der2013). Furthermore, these interviewers must further adhere to the anti- discrimination laws and circumvent areas such as sexual preference any religious affiliations. (7)The effective purpose of employee induction primarily emphasizes on the obtaining insights related to organization’s policies, procedures and practices. Furthermore it should incorporate the overall procedures whereby new employees may regulate or acclimatise to their assigned roles and responsibilities as well as the working environment (Bessis 2015). In addition to this new employees must further be informed regarding the foundation gateway of the organization. (8)While monitoring the department’s budget, the initial budget must be compiled with my important involvement to control and performance. Furthermore, the outcome of the budget decision making must be effectively communicated to relevant base of employees. (9)The primary causes of a budget deficit of any organzition can be both simple and crucial. At the most rudimentary level it has been identified that government expenditure can cause deficit in budget rather than tax collection. Furthermore, reducing tax rates may also act as a factor fir discrepancy or insufficiency of budget. (10)As a proficient supervisor, I must acknowledge a comprehensive dialogue in order to share stresses with management in a more sincere manner. Furthermore, an effective dialogue with a struggling employee would restrict them to hold on to their areas of concerns which would eventually hamper his or her performance as well as well-being. (11)While altering operational plan, new processes must be revealed to all the staffs who might be or have been impacted by the change (Bessis 2015). This however involves all individuals
11 LEADERSHIP AND MANAGEMENT who tend to provide participation to the procedures and strategies and the section who are the recipient of a result of the process. (12)One of the primary outcomes of inaccurate financial reporting can be high rate of taxation fees, penalties and audits (Chartieret al.2014). If a general ledger comprise inaccurate information and the company uses it in order to file returns, severe consequences might occur in the form of penalties.
12 LEADERSHIP AND MANAGEMENT References Bessis, J., 2015.Risk management in banking. John Wiley & Sons. Chartier, Y. ed., 2014.Safe management of wastes from health-care activities. World Health Organization. Kendrick, T., 2015.Identifying and managing project risk: essential tools for failure-proofing your project. Amacom. Lam, J., 2014.Enterprise risk management: from incentives to controls. John Wiley & Sons. Markmann, C., Darkow, I.L. and von der Gracht, H., 2013. A Delphi-based risk analysis— Identifying and assessing future challenges for supply chain security in a multi-stakeholder environment.Technological Forecasting and Social Change,80(9), pp.1815-1833. Ness, A., 2015. Lessons learned from recent process safety incidents.Chemical Engineering Progress,111(3), pp.23-29. Pare, G., Cameron, A.F., Poba-Nzaou, P. and Templier, M., 2013. A systematic assessment of rigor in information systems ranking-type Delphi studies.Information & management,50(5), pp.207-217. Sadgrove, K., 2016.The complete guide to business risk management. Routledge. Singh, G., 2013. A study of encryption algorithms (RSA, DES, 3DES and AES) for information security.International Journal of Computer Applications,67(19).
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13 LEADERSHIP AND MANAGEMENT Van Dooren, W., Bouckaert, G. and Halligan, J., 2015.Performance management in the public sector. Routledge. Wallace, M. and Webber, L., 2017.The disaster recovery handbook: A step-by-step plan to ensure business continuity and protect vital operations, facilities, and assets. Amacom. Yuan, Z., Khakzad, N., Khan, F., Amyotte, P. and Reniers, G., 2013. Risk-based design of safety measures to prevent and mitigate dust explosion hazards.Industrial & Engineering Chemistry Research,52(50), pp.18095-18108.