University Risk Management Project: Assessment Tools and Analysis

This assignment focuses on risk management, encompassing both a project and a discussion component. The project involves researching and analyzing three automated risk assessment tools, including AuditBoard, ZenGRC, and Essential ERM. The analysis covers their costs, features, advantages, and disadvantages. The discussion aspect explores health insurance, considering various options and costs based on associated risks. The student explores the tools, their functionality, and applicability within a risk management framework, while also reflecting on personal insurance choices and the factors influencing those decisions. The assignment demonstrates an understanding of risk assessment methodologies and their practical applications.

Running head: RISK MANAGEMENT: IDENTIFYING AND ASSESSING RISK
Risk Management: Identifying and Assessing Risk
Name of the Student
Name of the University
Author note

1RISK MANAGEMENT: IDENTIFYING AND ASSESSING RISK
Table of Contents
1. Risk Assessment (Project)...........................................................................................................2
2. Discussion....................................................................................................................................3
References........................................................................................................................................4

2RISK MANAGEMENT: IDENTIFYING AND ASSESSING RISK
1. Risk Assessment (Project)
Risk assessment and management can be defined as a term used for describing the overall
method or process that would be used for identification of risks or hazards. There are different
factors used for analysis of risks, assessing them, evaluate them and removing that hazard from
the project. In the following part of the discussion, the focus would be put on discussing different
risk assessment tools.
The first tool is AuditBoard, which is a cloud-based platform that transforms the ways in
which enterprises would automate, collaborate, report and manage the critical risks, perform
audits and maintain the compliance workflows in real-time environment. AuditBoard supports
integrated solutions based on auditing needs (Qazi et al., 2016). Hence they would be easy for
management. However, the first time of setting up of the software is extremely time consuming.
The next tool for assessment is ZenGRC, which is an on-premise and cloud-based
governance platform. The purpose of the software is to support businesses of variant sizes. The
prime features of the software is to perform extensive form of audit management, contract and
policy management, compliance management, reporting and risk management. The advantage of
using this tool is to enable flexibility within the modes of working based on performing the
options of testing, development and tracking. However, the disadvantage of this tool is for the
risk audit manager for requesting templates based on audit frameworks.
The third tool for assessment is Essential ERM, which is a web-based ERM system. The
software solution provides innovative kind of visual features for engaging unit managers, board
members for tackling against risks that would approach within the network of the company. One
prime advantage of this software is that is extremely easy to implement and user friendly

3RISK MANAGEMENT: IDENTIFYING AND ASSESSING RISK
(Carvalho & Rabechini Junior, 2015). However, the disadvantage of this software does not
integrate with GRC systems and real-time customer support is also not present within this
software.
2. Discussion
In this discussion, there would be a consideration of health insurance. The selection of the
health insurance process is based on determination of emergency situations that are faced by
patients and they would call for the service. The services offered by the health insurance is based
on determination of the number of occurrences of such scenarios would occur when a patient
would need that service. Patients who would have a higher economic status would be able to
afford for the chosen service (Powles & Hodson, 2017). Certain scenarios of risks that would
have a likelihood of occurrence would be afforded at a certain less cost so that patients can apply
for the insurance.

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References
Carvalho, M. M. D., & Rabechini Junior, R. (2015). Impact of risk management on project
performance: the importance of soft skills. International Journal of Production
Research, 53(2), 321-340.
Powles, J., & Hodson, H. (2017). Google DeepMind and healthcare in an age of
algorithms. Health and technology, 7(4), 351-367.
Qazi, A., Quigley, J., Dickson, A., & Kirytopoulos, K. (2016). Project Complexity and Risk
Management (ProCRiM): Towards modelling project complexity driven risk paths in
construction projects. International journal of project management, 34(7), 1183-1198.