Risk Management Planning Process - Assignment
Added on 2020-01-15
6 Pages1977 Words205 Views
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Enterprise Risk Management
The strengths of risk planning process is that it gives good knowledge, it improves theanalytical skills and team work of the group. But the biggest weakness of the process is lack ofcoordination and more time was spent in guiding others to do the work as per the next person inthe stage. This was the are of weakness while carrying out the assignment in a group.What happened at key points of the process?How did your group break down the work for the assignment? The assignment was divided as per the stages of the Risk Management planning process.The different stages of the essay like risk management practice in place, risk registration andRisk map was done individual and later it was complied together (Banerjee, 2016). It hasenabled each member of the group to focus on his part of the assignment and analyses it in adetailed manner. So, the assessment was broken down as per the stages of the Risk Managementplanning process. Think about the stages of risk identification, risk assessment, assigning the risk thresholdand risk mitigation.At the risk identification all the factors that could affect the business of Airbus were identified.From this, all the major risks were evaluated for the assessment stage. Each risk was divide asper its probability of happening and the risk associated with it (Bromiley and et.al., 2015). Thisgives an idea about the rare and frequent risks in the business. Once the risk are bifurcated as pertheir probability and impacts on the business. The next step is to take measures to reduce theireffects on the business.Describe what you did at each stageIn the risk identification stage all the risks that are important for the business of Airbus areidentified (Brustbauer, 2016). These risk are then associated with different operations of thebusiness to see their impacts (Paape and Speklè, 2012). In the next stage they are dividedaccording to their probability and impact. The risk thresholds are assigned and risk register ismade. At the final stage, a risk map is formed to see the effects and consequences of thebusiness.FeelingsHow did you feel at different stages of the process?The identification of different risks related to the Airbus was an easy and the group wasconfident in it. But as the assignment went further into the analysis stage it became more
complex for the group (McNeil, Frey and Embrechts, 2015). Risk assessment was a stage wherethe group was not sure about the major risks and their impacts on the Airbus company. Thetoughest part of the assignment was risk register and risk mapping. It was complicated anddifficult to understand. There was lot of confusion in allocating the risk factors according to theirprobabilities and impact on the business. So, the initial stage was easy and the group was happywith the assignment. But the later stages became more and more complex.Did your feelings change as the process progressed?The feelings of the entire group changed as the process progressed. It was bit confusing in thelater stages of the process. But when it was completed it gave good learning experience to theentire group. The group felt the importance of risk management in the organization. All thesestages are based on the risk factors of a particular company and industry (Whitney, Whitney andGeorge, 2015). As such, it is difficult to understand and analyses the risk management process ofa particular company.Evaluation – what was good or bad in your experience of the risk management planningprocessWhat was successful, and what didn’t work well? The first stage which was identification and risk association as per the business operations ofAirbus was a successful stage. The group was able to find out most of factors that may affect thebusiness of the company. But the risk register and risk map was the most toughest and confusingstage of all (Bromiley, Rau and McShane, 2014). Lot of efforts have to be put in order to get thedesired result. Furthermore, it was difficult to categorize the risks according to the likelihood ofhappening and its impacts on the business. Think about group working strengths and weaknesses.The strengths of the group was that each member was given his own task to perform. After thisall everything was complied together to achieve the final result. This was beneficial as eachmember had the detailed knowledge about their own part and during compilation they learned lotof things in the assignment (Moon, Mo and Chan, 2014). Team work and communication wasgood. The group has some weaknesses as well while carrying out the project. There wasconfusion, some found it difficult to complete their task and there was lot of problems in theteam work during the compilation of the project.
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