Risk Management Assignment - Grocery co

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Added on 2020-11-23

Risk Management Assignment - Grocery co

Added on 2020-11-23

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Risk & TechnologyManagement

Risk Management Assignment - Grocery co_1

Table of ContentsINTRODUCTION...........................................................................................................................11. Critically evaluate the 5 techniques for identifying risk and select most appropriate method.....................................................................................................................................................12. Identify, assess and analyse, using the appropriate techniques, risk factors which impact onmanagement of FISH company...................................................................................................33. Recognise business risk associated with corporate failure and inability of seniors andintroduce effective measures.......................................................................................................44. Propose a Risk Management plan for identifying various factors..........................................55. Suggest the process which are follow by an organisation to get key factors as Risk Appetiteand Tolerance..............................................................................................................................96. Recommendations for executing Risk Budget........................................................................9CONCLUSION..............................................................................................................................10

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INTRODUCTIONIn modern time period, the technology play an important role in bearing with major riskfactors. Technology has been changing the way that need to be done effective business. Risk isthe identification, evaluation and management of effective risks which has been followed byeconomical and coordination of application for resources to maximising, monitoring andcontrolling the probability and this will directly impact on events to increasing the income andprofitability in better manner (Haimes, 2015). This report is based on Grocery co. whichacquired FISH company that is gathering and distributing fish. In this report, the company needto evaluate five major techniques which help in analysing actual position of business at the largemarket place. Also they required to determine main factors of business concerns which reducingthe failure elements and components. 1. Critically evaluate the 5 techniques for identifying risk and select most appropriate methodIn modern time period, the technology play an important role in bearing with major riskfactors. Technology has been changing the way that need to be done effective business. Forensuring the adequate and timely risk need to be identification is perform is the mainresponsibility of business owner, so the business owner is the first member participant in thecompany project. There are various techniques and method which are used for analysing themajor risk factor and this will directly effect on FISH company management system. It isnecessary for company is to identifying the risk factors which are related with corporate failuresand this will lead towards losses to the company. In addition to this, the common method andtechnique is using existing technologies for adopting new techniques which show the betterperformance and lower costs (Ling And et. al. 2011). The procedures which assist in recognisingthe risks, assessing the risks and also developing schemes for managing risks that are known asrisk management. For FISH co. they require to evaluate five major techniques which identifyingrisk in easy manner, these are described as under:Five Whys – Five ways is an interactive interrogative method which can be used toexplore the effect and measure of relationship of a specific issue and problem. The major goal ofthis technique is to considering the cause by which issues has been created by repeating thequestions. According to the case stud, Grocery co. has developing effective strategies and1

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practices which are continuously adopting major changes that will increasing the competitivearea in the international environment. Fish bone analysis – This analysis is also known as major reason and effect which isvisual image method and technique for categorize the desired causes of specific issues andproblems for distinguishing or recognising their root grounds. The fish bone analysis help theiremployees for confronting the resolution which mainly highlights the signs and symbols ofgreater issue (Martins, Oliveira and Popovič, 2014). Along with this, it is also useful in groupaction sessions to concentrate on interactions with each other. After that the group hasunderstanding whole session so all the major required causes for particular problems and theprovider assist the group to give them rate regarding possible reason as per the level ofimplication and hierarchy in diagram. Pareto chart – This is that type of chart which consist both line graphs and line in whicha person values can be represented in decreasing order by bars, on the other hand cumulativetotal is presented by the line. This will also help in determining the actual cost of companyproducts which need to be represented in better manner. The lengths of the specific barsrepresents the cost and this will arranging the longest bars and on the left towards the rightmanner. Fault tree – The fault tree analysis was introduced by Bell Laboratories and it is one ofthe most useful technique and method in the system dependability, safety, maintainabilityanalysis within an organisation. This is deductive process which can be used for determining thedifferent integration of hardware and software failures that can understanding the major cause ofevents. Risk registration and assessment – Risk register is the representation which containshuge list of all the major risks aspects that will identified by the firm and give priority among all(Arena, Arnaboldi and Azzone, 2010). On the other hand, risk assessment is that procedureswhich help in identifying risk, evaluate and analyse the risk factors that includes risk actionplans, control activities, risk maps and communication rule. As per the case analysis, the company will select risk register and assessment methodbecause by this tool, the company can develop register in which all the major risk factors list arerecorded, then they evaluate all the identified risks which occurs within an organisation andcreate various issues and problems in effective manner. 2

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