Reflective Report on Risk Management

This reflective report details the author's experience in a team project focused on enterprise risk management at Airbus Group. It discusses the process of risk assessment, the importance of teamwork, and personal growth in skills such as communication and time management. The report emphasizes the significance of risk management in business operations and outlines an action plan for future improvements in risk assessment processes.

REFLECTIVE
REPORT
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TABLE OF CONTENTS
REFLECTIVE REPORT .................................................................................................................3
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REFLECTIVE
What happened at key points of the process?
In the present assignment has been performed by me in a team which also assisted me in
amending my knowledge regarding various aspects of enterprise risk management procedure. In
order to progress with the study, Airbus Group was selected. It is a big corporation that deals in
aerospace industry (About us. 2016). In this report, different components related with risk
assessment process were studied. At the initial stage of this report, my team has emphasized on
dividing the task in equal manner and planning the various functions so that objective can be
attained in desirable manner. In this respect, group discussion was conducted where the provided
topic was talked about. Therefore, brief overview of significance of risk assessment for the
Airbus group was provided. Thereafter, presentation was conducted for detailing out the steps of
risk assessment procedure prior to final execution process. Hence, I came at conclusion that risk
management is important process that facilitate risk, identification, evaluation, assignment,
threshold and mitigation. With the help of this assignment it has been identified that risk are
categorized broadly into 20 segments. Further, it has been ascertained that risk map is effective
tool that can be used to transmit specific risk that are faced by Airbus Group.
Feelings
At the initial stage of the assignment, I was unsure as it was my first experience to be a
part of team having competent and skilled members having more knowledge than me. However,
due to strong support from my team members my confidence was built up. As mentioned, my
team was equipped with qualified members who provided me with positive direction in the
course of risk management process. Team working further amended by communication skills as
I participated in group discussions, gave my suggestion, feedback etc. I also gained knowledge
about time management skills which facilitated me to complete the assigned work within
prescribed time frame. By completing my work on time, I got good remarks from my superiors
an other experienced members of team which further improved my confidence and morale level.
Overall, It has developed positive attitude within me and I don't hesitate and accept new
challenges. The present knowledge has also furnished me information regarding different areas
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that stimulate my performance in positive manner. Therefore, I am able to thinking critically
about various aspects of business and thereby ascertain risk associated with it. I have gained
knowledge about risk audit, risk map that are very important for overcoming potential threats
and assuring different modifications within the environment. I have gained the feeling of
cooperation and collaboration and give my best performance within team so as to sup[port
mutually defined goals. It further provided me opportunity to showcase by caliber and skills and
use the same for the good purpose that benefits me as well as my team. Therefore, team working
and positive support from members is beneficial for improving my motivational level. As per my
view, Team building is effective approach that facilitate management in identifying the risk
related with various operations and thereby designing strategies to master hem in best possible
manner. In addition to this, I have identified that for proper risk management procedure a
enterprise need strong support of the members conducting it.
Evaluation
On the basis of critical evaluation of my own work it can be stated by me that risk
management involves significant stages which are like, determination of risk, its evaluation,
threshold, elimination and observation. I have performed various task jointly with my team that
further assisted me in ascertaining the risk that can impact the smooth functioning of Airbus
Group. It can be stated that these risk can obstruct the growth of company in unfavorable way
(Quélin and Duhamel, 2009). Further, for the risk identification there were various techniques
and tools that were considered by me as well as my team members. Some of the tools were used
for the first time of which I had no prior knowledge therefore, I have gained new learning and
experience. Thereafter, I also prepared daily report by using risk register that provided summary
of major risk and their impact on the operations of business. After, the identification of risk I
helped my team in performing next step; risk evaluation. For this aspect, ave focused on
different magnitudes that are composed with probability and consequences.
Overall, team working was a great experience for me as it not only helped me in amending
my knowledge related to risk but also improved my confidence and motivation level. Therefore,
it provided me advancement in career as I am prepared to learn more in future. Further, the team
working has been beneficial in developing understanding about the attributes of risk and the
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ways they can be mitigated. I was also part of decision making process as I gave my opinion
regarding risk that can should be considered and those which are not much important. The
outcome of this decision were basis of the preparation of my risk register. Apart from this, I also
took part in planning procedure that help in mitigating the risk. Therefore, it has been decided by
me and my team members that with proper consideration of various risk it can be easily
avoided .However, I also encountered a negative experience were small conflict between team
members affected the overall efficiency of team and resulted into serious disruption in risk
assessment process. Likewise, some members were not giving their maximum contribution and
avoiding additional responsibility by shifting the work burden on other members.
Analysis
It can be analyzed that team working has strengthen my learning regarding ISO 9001
which is effective quality standard. I have understood not only the important aspects of this
benchmark but significance of it within business. Therefore, I can adhere the main requirements
of company in best possible way. This has further boosted my confidence and motivational level
that assist me in attaining my individual as well as organizational objectives. Team working
facilitated me to complement my team members and support them in tough situation. I have also
learned from experience and skills that are possessed are best in my team members. Like, due to
lack of technical skills I was not sure of using techniques for assessing risk. In this respect, my
co workers guided me and helped me attaining my goal. However, I had strong communication
and presentation skills in the contrast to my other team associates. Hence, functions that required
these skills were majorly performed by me. Therefore, audit procedure was completed by me in
effective way. This further helped me in giving my best outcome as individual in team. Overall,
I can say that with strong trust and confidence of my team members in me and with their
positive support I was able to attain the desired objectives. Still, some of the executives of board
of director were not in support of me and my team and therefore they didn't furnished us with
proper guidance and support which was expected from them. Thus, unaccommodating behavior
on the part of board of director was major hindrance of audit. Due to team working we were able
to overcome this issue also. Overall, it can be stated that team working had affirmative impact on
my as well other members performance.
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Conclusion
Summarizing the reflection statement, it can be concluded that on emphasizing on risk
management process, Airbus Group can identify various uncertainties that can impact the overall
progress of firm. It can be concluded that business can consider various cultural and
environmental aspects through this process. Therefore, it facilitate use of important standards
that are important for managing the uncertainties in effective way. The effective working will
provide synergy effect and thus help in attaining the desired goals in smooth manner. It can also
be concluded that there must be effective sharing of data and information within the entire
company as it will further facilitate decision making process. On the basis of self assessment, I
have identified I have weak technical skills therefore I must work upon it for future
improvement.
Action Plan
To conduct such process in another organization if require, I will consider on various
functions that can follow risk management process
 I will assure strong communication between me and my team members using effective
techniques. I will use social media as source of transmitting information I most
innovative manner. For example, video conference, skype, etc.
 I will conduct brain storming session so that creative ideas of members can be employed
within business.
 I will ensure that new members of team are provided with proper support and motivation
so they feel encouraged. Also, I can provide them proper training and development as per
their needs.
 I will also have effective consideration of various activities that will help in identification
of diverse issues that may influence overall risk assessment process.
 I have also attended meeting with my team members in order to accomplish the task.
Second meeting has been conducted on 10 April, 2016.
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REFERENCES
Journal
Quélin, B. and Duhamel, F., 2009. Bringing together strategic outsourcing and corporate
strategy:: Outsourcing motives and risks. European management journal. 21(5). pp.647-
661.
Online
About us. 2016. [Online]. Available through:<http://www.airbus.com/>.[Accessed on 26th April,
2016].
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