University Finance Module: Reflective Essay on Risk Management

This reflective essay details a student's experience preparing a report on risk management, utilizing the Gibbs reflective cycle to explain their journey. The project involved a team of four to five members, with the student taking a lead role in assessing the risk management planning process used by firms, specifically HSBC. The essay outlines the four stages of risk management: risk identification, assessment, risk threshold, and mitigation, highlighting the student's evolving confidence and experiences in each phase. The author discusses both positive aspects, like the benefits of group work and skill development, and negative aspects, such as handling conflicting opinions within the group. The essay also references challenges faced, like assessing risk mitigation strategies, and how the student overcame them through consultation. The student concludes by reflecting on the effectiveness of HSBC's risk management process and suggests improvements for future research, such as incorporating primary research to gather more insights. The assignment enhanced the student's presentation, research, and analytical skills.

REFLECTIVE ESSAY

Reflective essay on risk management process
The whole process of preparing the report on risk management process has helped a lot in
terms of improving my knowledge and understanding regarding the topic which is being
associated with the given field. However, with an aim to explain the experience which I have
gained while preparing the given project I have taken help from the Gibbs reflective cycle. With
the help of this cycle I will be able to explain my whole journey of preparing the project upon the
given topic in an effectual manner.
The project is prepared by four to five members. In this context, with an aim to complete
the given project within specified time limit and to make sure the involvement of each members
in team I have directed my efforts in terms of specifying the roles and responsibility of each team
members in an effectual way. Here, some team mates has given responsibility with regard to
gather the data relating to the meaning and importance of risk management for the firms. In
addition, some individuals were given tasks with respect to explore the strength and weakness
which are associated with the risk management planning process (Frenkel, Dufe and Hommel.
2005). In addition to this, I have taken major and most important task in this report. Here, I have
taken the responsibility with regard to assess the risk management planning process which is
being used by the many firms.
In accordance with the given context, I have identified four basic stages of risk
management planning process. In each phase, I have carried out different type of work. In the
first stage of risk planning process, I have to identify the risks which is being faced by the
selected company for this project and it is of HSBC bank. At this phase, I have the work to carry
out the thorough analysis of the company and on the basis of this assess the possible risks for the
same. Furthermore, risk assessment is the another phase. In this phase, I have to make the
selection of that particular risks which leads to cause major impact upon the cited company. This
process has helped in improving my analytic skill. In addition to this, after assess the probable
risk for the company, in the next phase I have carried out my efforts in terms of segregating the
assessed risk into two categories such as risk threshold and mitigation.
There are some risk assessed which can be accepted by the company. However, there are
some risk which needs to be mitigate by the company. In this phase also, I have used my analytic
skill. I have gained very different feeling in each stage of risk management planning process. At
the first stage in which I have to assess the risk which is being faced by HSBC I felt very less

confident. This is because, at this point of time I am not pretty much sure about that the risk
which I am identifying is real or factual. This is because, it was my very first experience of doing
report upon the given topic. In addition to this, in the risk assessment phase also I felt very less
confident. However, my this feeling has changed as I proceeded to the other phase. In the other
phases, I have realized that the risk which I have assessed are real and has been impacting the
operation of company. Thus, on working at the different stages I am feeling highly confident.
Moreover, I have gained both positive and negative experience during the risk
management planning phase. For example, the group in which I am working possess different
type of individuals who acted and behaved in a different way. There are some members in group
are very much influential. Thus, they think that whatever risk which they are recommending is
correct and has to be included in the report. I have faced much difficulty in handling the given
type of individuals. But, at last I have managed them somehow.
Besides this, I have also faced some difficulty in the risk management planning process.
In the first stage I have to gather the information about the different type of risks which leads to
influence the operation of HSBC bank. In the given phase, I have not faced any kind of problem.
However, in the next phase also I have not faced any difficulty as here I have to carry out the
selection of different risk among available alternatives. However, the major problem which I
have faced is at the risk threshold and mitigation phase. In this stage, I have faced the difficulty
with regard to assess the possible ways with an aim to mitigate the risk being faced by the cited
corporation. However, with an aim to resolve the given issues I have consulted with my tutors
and senior officials of HSBC.
It was not my first experience of working in group activity as I have also written many
other essays in the different other activities also. From my experience of group working, I can
confidently say that there are varied benefits associated with the group working and I have also
realised the same. Getting many solutions with respect to one specific problem is being consider
as one of such type of benefits (Hoag, 2011). Here, while making the decision about the type of
risk which needs to be used by us, we have faced many problems. Here, the basic problem which
we have faced is to make the selection of appropriate risk for HSBC bank. This problem has
been resolved by us through consultation.
In addition to this, completing the project within specified time limit is another benefit of
group activity. We have gained this benefit. Here, we have to complete the assignment on risk

management planning process within the very limited period. Thus, in order to complete the
same I have used the prioritizing type of time management tactic. In this regard, I have assigned
priority to each risk management phase. Here, I have given first priority to the risk identification
phase. In this regard, I have assessed the different type of risks which is being faced by the
company. Thus, here assigning priority to the different stage of risk management planning, the
whole work of this assignment is completed by us within particular tenure. In addition to this, the
given assignment has not only improved my understanding related to risk management process
but it has helped in developing different type of skill in me. In this regard, I have enhanced my
presentation and research related skill. Here, with an aim to assess the risk which is being faced
by the selected company, I have taken help from number of sources such as books and online
articles etc. These sources have helped in terms of selecting the suitable risk with respect to my
project in an effectual way. In addition to this, I have also improved my analytical skill.
When doing this project, I have to make the selection of some suitable risk among given
alternatives. On doing so I have improved my analytic skill. In addition to this, I totally believe
that the risk management process which is being used by HSBC is effective. This is because,
with the help of given process firm can get the information about the risk which leads to affect
the operation of company in the future. Thus, by formulating the appropriate tactic with regard to
the same, firm can maintain its competitive position in market. Furthermore, I also believe that
with the help of risk management process, firm can assess the ways with regard to mitigate the
risk in an effectual manner. Overall, the risk management process which I have analysed is
effective and can be used by any firm like HSBC (Lee, Yeung and Hong, 2012).
Besides this, I still believe that the project would have been improved further if some
extra time will be allotted to me. Here, due to the limited availability of time I have make use of
secondary sources only with an aim to assess the type of risk which is being faced by the firm.
However, if given opportunity then I can also carry out the primary research upon the given
topic. In this regard, I can directly ask the managers of bank regarding the type of risk which
they face. Thus, it is the major thing which I will perform if my tutor again gives an opportunity
with regard to carry out the study upon the same topic.

REFERENCE
Frenkel, M., Dufey, G. and Hommel. U., 2005. Risk Management: Challenge and Opportunity.
Springer.
Hoag, L. K. D., 2011. A strategic risk management program for agriculture. China Agricultural
Economic Review. 3(4). pp. 505–517.
Lee, M. K. C. Yeung, C. Y. and Hong, Z., 2012. An integrated framework for outsourcing risk
management. Industrial Management & Data Systems. 112(4). pp. 541-558.
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