Comprehensive Risk Management Plan and Analysis for Smart Tech Company

This report provides a comprehensive risk management plan for Smart Tech Company, encompassing various aspects of risk identification, assessment, and mitigation. It begins with an introduction outlining the scope and objectives of the project, followed by an assessment that includes stakeholder a...Read More

MANAGE RISK

Table of Contents
INTRODUCTION...........................................................................................................................1
ASSESSMENT 1.............................................................................................................................1
SECTION 1......................................................................................................................................1
1.1 Description on risk management scope and plan.............................................................1
1.2 stakeholder analysis with external and internal scope......................................................2
1.3 Draw statement on industry analysis................................................................................3
1.4 find out the strength and weakness of current arrangement of company.........................4
1.5 The success factor after adopting risk management.........................................................4
1.6 communication plan in relation to managing the risk......................................................5
1.7 Draw conclusion about initial meeting with CEO............................................................6
SECTION 2......................................................................................................................................6
2.1 Explanation on tools and techniques to identify the risk..................................................6
2.2 The interim meeting with CEO........................................................................................7
SECTION 3......................................................................................................................................7
3.1 Draw analysis and evaluation on risk...............................................................................7
SECTION 4......................................................................................................................................8
4.1 Draw risk treatment and action plan.................................................................................8
ASSESSMENT 2.............................................................................................................................9
TASK 1............................................................................................................................................9
Email to CEO about implement, Monitor and evaluate the action plan. ...............................9
TASK 2............................................................................................................................................9
Draw evaluation report to CEO..............................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
Journal & Book.....................................................................................................................11
Online...................................................................................................................................12

INTRODUCTION
The identification of risk management refers to the terms like analysis, assessment,
control, minimisation and eliminating risk of market. With the help of this kind of activity
business can grow their activity in large manner. In this manner various firm use methods like
risk retention, transfer or other kind of strategy in relation to maintain the future working of
organisation (Khakzad. and et.al., 2014.). This firm work in manner to provide service related to
developing smart board interactive whiteboard so that they can have access of computer
application. In this project following activities are to be designed are as risk management plan,
analysis and proper evaluation, implementation and activities related to monitoring etc.
ASSESSMENT 1
SECTION 1
1.1 Description on risk management scope and plan.
The scope statement of risk management plan is very essential tool in manner to achieve
this object. It helps in understanding the purpose of project by having communication between
stakeholders (Poolsappasit, Dewri and Ray, 2012.). Boundaries of the risk management plan.,
assumption, plan which is to be implemented etc.
The boundaries of the risk management is to define the clear purpose of framing the management
plan in regard to this context.
Purpose behind this-
The scope statement of the risk management plan is very essential in relation to clear define
the objective of the making the assignment. The main purpose is to have necessary development
in criteria of their assessment or to define it in corrective manner (Bolton, Chen and Wang,
2013). The deliverables of this assignment are as-
 The scope of risk assessments
 List of risk criteria
The idea if having identification and managing the risk is the system which allows the firm to
minimize the effect of risk. In this manner the effective approaches is to be taken so that object
of the firm can be achieved. The plan in relation to risk management is frame at every level of
the firm. It is very helpful to minimize the effect of risk so that future goals of the company can
be easily achieved.
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1.2 stakeholder analysis with external and internal scope.
They play crucial role which can influence the activities of firm in large manner. The
stakeholder may be termed as customer, supplier, employee and any other.
The analysis can be done in following manner are as-
Stakeholders Employees Government Customer Supplier Managers
Role They play the
crucial role in
relation to
done their
obligation and
duties of firm.
They work in
manner to
framing laws
and legislation
of the
enterprise.
They are
treated as
assets to the
organisation
(Ibelings. and
et.al., 2014.).
They are the
mediator who
creates the
link between
company and
their customer.
The loyal
customer
contribute
maximum to
organisation.
Their work is
in relation to
manage the
whole working
of the firm in
manner to
achieve the
goal of entity
(Christoffersen
, 2012)
Internal/
external
Internal External External External internal
Contribution By fulfilling
the firm
obligation they
contribute
profitability
and
productivity to
firm.
Their
contribution in
relation to
implementing
the policies
and
procedures
(Poolsappasit,
Dewri and
Ray, 2012.).
Their
contribution in
manner to
enhance the
profit as well
goodwill of
organisation.
Provides link
between firm
and customers.
In this manner
the object of
the firm can be
achieved.
There provide
larger
contribution in
firm by
managing all
the activities
of firm.
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Level of
importance
High high Medium Medium high
Level of
interest
Medium high Medium Low high
Priority 3 4 3 4 5
Method of
communicatio
n
Email,
telephone etc.
Faxes Through social
media
Email,
telephone
Meeting,
Email etc.
Frequency Medium high Medium Low Medium
Issues if not
involved
Without their
involvement
the working of
the company
can get
affected.
The policy
cannot be
implemented
in effective
manner.
Without their
intervention
the company
cannot work in
the effective
and efficient
way.
With their
impressive
role company
cannot carry
day to day
oppression
smoothly
Without heir
active
performance it
is hard for the
company to
service in
market for
longer period.
1.3 Draw statement on industry analysis.
The working of industry can be known with terms of industry analysis are as-
It is very helpful in relation to analyse the frame working of the organisation in large manner are
as-  Political- The political factor are as intervention of government are largely affected the
working of firm. They are rapidly changing the law's legislation can impact on
oppression of the entity. Economy- There impact can be on the activities like are as inflation rate, rate of interest,
various policies are as fiscal and monetary and foreign exchange rate can be influenced
(Poolsappasit, Dewri and Ray, 2012.). The smart tech company build the strategy so that
they can survive their oppression during this time.
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 Social factor- These all are related to the culture implication, social life style of the
company can largely get affected with the change in social factor. The smart tech
company can largely influence with social factors. Technological factor- This kind of component can be change in rapidly manner. The new
trends in the company can be introduce with the changes in technology factor. It is really
very hard for smart tech company to fast changes with factors of technology. Legal- if the regulatory body like government make changes in legal framework then
their impact may be in large manner (Bromiley and et.al., 2015. ). The various
development have to be taken in environment.
 Environmental factors- These factor are inclusive of terms like the variation in
demographic, climate, whether and other. It may be in amount of choices and preferences
of consumer.
1.4 find out the strength and weakness of current arrangement of company.
These can be analyse in the following manner are as-
Weakness Recommendation
Risk of human resource With having skilled and effective employees
company can survive for longer period.
Scheduling risk The method of scheduling work is to be
adopted in manner to opt breakdown culture
(Coleand et.al., 2013.).
Scope of risk To frame clear objective for project.
Strength Contribution
Skilled employees They contribute in manner to enhance the
productivity and profitability of company.
Sufficient financial resource With good amount of funding company can
make more investment.
Effective working culture The good working condition always motivates
employees to perform their best (Bolton, Chen
4

and Wang, 2013).
1.5 The success factor after adopting risk management.
The critical success factor which are taken in order to mitigate the risk in entity are as-
11 The management should have their eyes on working of firm on continue sly basis so that
they can have idea about the profitability of company.11 They organisation should be managed centrally with the help of one common strategy.11 The firm should provide effective tanning to their employees so that they ignore the use
of disciplinary measures, policies and military practice (Gnabo and Moccero., 2015).11 The risk identification should be done on regular basis.11 The focus is need to be given only on necessary task and steps is to be taken in order to
ignore over control and wastage of valuable resources.
1.6 communication plan in relation to managing the risk.
Communicatio
n plan
Employees Government Customer Suppliers Managers
Outcomes To coordinate
the function of
business
smoothly
They work in
alteration into
policies and
procedures
(Christofferse
n, 2012).
To enhance
the
productivity
and
profitability.
To be a better
link between
customers and
employees.
They work in
manage the
whole
organisation.
Key message To do the
things is well
and effective
manner.
There is
timely
implementatio
n of whole
policies.
They satisfy
with quality of
product and
services.
Provide better
service to
customers and
employees
(Khakzad. and
et.al., 2014).
To coordinate
whole work in
one manner.
Channel Better
coordination
Through faxes
etc.
With help of
social media
Email,
telephone
Meeting, email
etc.
Responsible To enhance For framing To give them To provide To manage
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profitability. rules and
regulations
(Pollard,
2016.).
chance to
prefer their
services.
better
communicatio
n.
whole
activities in
effective
manner.
When/
Frequency
medium high low medium high
1.7 Draw conclusion about initial meeting with CEO.
To.
Chief executive officer
Smart tech
Canada, UK
Respected sir,
We have conducted the whole strategy towards making identification in relation to scope,
purpose, risk manage plan, industry and stakeholder analysis and tool of making proper
identification. It is cost effective process in order to analyse the risk factor. The strength
and weakness and suggestion in manner to overcome with it defined in properly
manner. Please arrange a meeting in relation to have proper guideline about this aspect.
Kindly give approval for having proper identification of risk.
Thanks and regards
ABC
SECTION 2
2.1 Explanation on tools and techniques to identify the risk.
The smart tech company are facing mainly risk in relation to finance and technology
field. The cost of the products and expenses are increasing day by day in this context the
operation of the company are highly affected. With low amount of capital the production of the
company is also influenced. In order to overcome this company is taking root cause technique so
that problem of funding in the company can be improvised (Vilko, Ritala and Edelmann, 2014.).
The manager can have idea about cause of the problem and in this manner he can take effective
steps to cope up with it. Another area of risk is technology. In this present scenario company
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should use high technology products to welcome the innovative services. In most of time it is
tough to aware each worker about the way that how to use this modern equipment and current
market is highly upgraded with various changes in technology. It is cost and timely consuming
process. In order to overcome from this company should opt qualitative scenario analysis (Risk
Management Plan: Example, 2017). So they can make effective comparison in outdate and
updated techniques.
2.2 The interim meeting with CEO.
To,
Chief executive officer
Smart tech
Canada, UK
Respected sir,
This is to inform you that after conducting the research it is analysed tat company is
focusing two kinds of risk are as Technology and financial risk. This two are affecting
the oppression of firm in large extent. In order to overcome from this company have to
take two kinds of tools which are as route cause and qualitative analysis scenario. In this
manner we are looking forward to having meeting session of 15 minutes for you
valuable advice.
Thanks and regards
ABC
SECTION 3
3.1 Draw analysis and evaluation on risk.
This can be ascertained in following manner are as-
Risk ID Risk Risk area Likelihoo
d
Impact Conseque
nces
Risk
ranking
Risk level
1 cost Financial
risk
3 Operation
of the
company
largely
Low
production
output
high 4
7

affected.
2 Employee
s
Work and
health
safety
4 The
worker get
dissatisfie
d (Vilko
Ritala,
and
Edelmann,
, 2014. ).
Employee
retention
is main
cause.
Medium 3
3 No
innovation
Technolog
y
5 Cost and
time
consuming
The
profitabilit
y and
productivit
y of
company
decreased.
high 5
SECTION 4
4.1 Draw risk treatment and action plan.
These prepared in following manner are as-
Risk ID Risk Risk
area
Risk
ranking
Root
cause
Risk
treatme
nt
Risk
control
measure
s
Monitor
ing
procedu
res
Respons
ible
plan
Timelin
e
1 Cost Financi
al
4 Producti
on
reduced
To find
effectiv
e
methods
to
eliminat
Cost
eliminat
ion.
With
better
support
of
employ
ees it
Employ
ees and
manage
rs of
compan
Within
stipulate
d time.
8

ing the
cost.
can be
monitor
(Webb
and
et.al.,
2014.).
y
3 No
innovati
on.
Technol
ogy
5 Producti
vity and
profitab
ility
decrease
d.
To take
step in
order to
have
innovati
ve
product
s so that
compan
y can
invent
new
innovati
ons.
New
equipm
ent’s.
Have
better
innovati
ve
product
s
Manger
s
As per
market
forces
of
upgrade
d
technolo
gy.
ASSESSMENT 2
TASK 1
Email to CEO about implement, Monitor and evaluate the action plan.
To,
CEO
Smart tech
Canada, UK
Respected sir,
We have prepared risk treatment plan on the basis of implementing and monitoring the
9

risk. This is to be done in effective manner so that company can reduce the risk of
uncertainty in future events. For having your valuable advise we want to have meeting
session with you. In this manner the following plan can be implement and monitored in
effective manner.
Thanks and Regards
ABC
TASK 2
Draw evaluation report to CEO
To,
CEO of Smart Tech's organization
London
Subject: Regarding risk management plan
Respected sir,
I have gone through risk management plan of Smart Tech's company. It has been
analysed that risk management plan of the cited firm is quite effective. But still there are
some loop fall if these things are improved then company will be able to minimize its
risk soon. Financial, technology and health issues are the biggest risk in the
organization. Management has to make refinements in its existing plan in order to
reduce level of these problems. It needs to make changes in technological areas and
have to give training to its staff members. That will support in making them understand
with the importance of health and safety and they will take care of themselves while
working in the corporation. Training can be beneficial because by this way employees
will be able to operate machines properly. Use of advanced technologies will increase
production capacity and errors will be minimized by this way cited firm will be able to
make effective control over its cost.
Thanks and regards
ABC
CONCLUSION
The term risk is very essential part of business activity. Without taking this business
cannot survive for the longer period in market. In order to make proper identification the
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effective measure is to be taken in order to overcome from it. In this project the major focus is
given on activities like are as framing of risk management plan, the industry and stakeholder
analysis. The smart tech company is defining various measure to manage they risk of the
business enterprise.
11

REFERENCES
Journal & Book
Bolton, P., Chen, H. and Wang, N., 2013. Market timing, investment, and risk management.
Journal of Financial Economics. 109(1). pp. 40-62.
Bromiley, P. and et.al., 2015. Enterprise risk management: Review, critique, and research
directions. Long range planning. 48(4). pp. 265-276.
Christoffersen, P.F., 2012. Elements of financial risk management. Academic Press.
Cole, S. and et.al., 2013. Barriers to household risk management: Evidence from India. American
Economic Journal: Applied Economics. 5(1). pp. 104-135.
Gawande, M.B. and et.al., 2014. Solvent‐Free and Catalysts‐Free Chemistry: A Benign Pathway
to Sustainability.ChemSusChem. 7(1). pp.24-44.
Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press.
Gnabo, J. Y. and Moccero, D. N., 2015. Risk management, nonlinearity and aggressiveness in
monetary policy: The case of the US Fed.Journal of Banking & Finance. 55. pp.281-294.
Ibelings, B. W. and et.al., 2014. Current approaches to cyanotoxin risk assessment and risk
management around the globe.Harmful Algae. 40. pp.63-74.
Khakzad, N. and et.al., 2014. Risk management of domino effects considering dynamic
consequence analysis.Risk Analysis. 34(6). pp.1128-1138.
Pollard, S., 2016.Risk management for water and wastewater utilities. Iwa publishing.
Poolsappasit, N., Dewri, R. and Ray, I., 2012. Dynamic security risk management using Bayesian
attack graphs. IEEE Transactions on Dependable and Secure Computing. 9(1). pp. 61-74.
Rampini, A.A., Sufi, A. and Viswanathan, S., 2014. Dynamic risk management. Journal of
Financial Economics. 111(2). pp. 271-296.
Teller, J., Kock, A. and Gemünden, H.G., 2014. Risk management in project portfolios is more
than managing project risks: A contingency perspective on risk management. Project
Management Journal. 45(4). pp. 67-80.
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