Risk Management Strategies and Analysis: The Cleaning Company

This report provides a comprehensive analysis of risk management strategies for 'The Cleaning Company.' It begins with an introduction to risk management, defining its importance in identifying, assessing, and controlling threats to an organization's capital and earnings. The report then addresses the company's policies and procedures, emphasizing the importance of consistent service and employee treatment. It examines stakeholder relationships, outlining the concerns and roles of the general public, local authorities, project sponsors, emergency services, employees, and team members. The report details the company's risk management process, including a risk matrix to assess the severity of potential risks. It also discusses strategies for mitigating risks, such as transferring, buffering, and avoiding risks. Furthermore, the report covers the process of identifying, analyzing, and evaluating risks, as well as developing and reviewing a risk management plan. Finally, the report highlights the importance of documenting lessons learned, including system failures, causes, and countermeasures, to improve future projects.

Risk Management Student1
Student’s Name
Professor’s Name
Subject
25th November 2018
1

Risk Management Student1
Introduction.
Risk Management is the process where one can be able to identify, assess and control all the
threats to a given organization or company’s capital as well as the earnings. Some of the are
things like threats, risk which usually stem from many different varieties of sources which may
include the uncertainty in finance, legal liabilities and the errors in the strategic management and
thus risk management is usually applied when one is need of alleviating such threats or risks
(Cole, 2018). The purpose of a risk management will be providing a method which is formal for
communicating policies, procedures, guidelines and some other information which are pertinent
to the cleaning Company named. The company of case study will be a cleaning company called
“The cleaning Company”
Question One.
Organization policies and procedures are termed to be the all the written steps which must be
(WALKER, 2017)undertaken by the company so that it can provide them to the employees with
the least risk amount especially when they are performing their daily jobs (Baskerville, 2014).
The cleaning Company philosophy is realizing all the key to their success and fully customer
satisfaction in terms of consistency. To provide a service which is consistent in ultimately rest
with the men and women who are in the facility of each day performance of the actual tasks for
cleaning. The policy and procedures which has been set by the Cleaning Company are as
follows.
Cleaning for the health past, then the appearance will follow
Treating the workers as the 1st-class citizens
Being simple and simplifying everything
Utilizing the cleaning syndromes
Going beyond the compliances on the safety regulations
Minimizing the harm in the environment
Exceeding all the expectations
Question Two.
Your Answer
Stakeholder Relationship with project Concerns communication
General Public They are the people who will be
coming to seek for cleaning services
from the Cleaning Company
These are the persons concerned with
seeking of services as well as monitoring the
way the company does its services.
Local Authority This is the local government This is governing body from which the
cleaning company must adhere and patriotic
2

Risk Management Student1
to in terms of taxies.
Project
Sponsor
The people funding the project. These are the people who funds all the
projects implemented by the company
Emergency
Services
This are the people who gives
services which are urgent.
Employees This are the staff working in the
organization.
Individuals employed by the cleaning
company
Team members These are the people a person works
with the project manager.
These are the assigned individuals who work
together with the project manager.
Question Three
The cleaning company has recognized Risk Management as a very integral part for the practices
of good management (cleaning, 2016). In making it most effective, risk management has become
so effective for its need in being part of the culture. In this case the following is the risk
3

Risk Management Student1
management process for the cleaning company.
Question Four.
The following key indicates the level of risk:
 Red = Catastrophic
 Orange = High
 Yellow = Moderate
 Green = Low
Your Answer
Risk management matrix
4

Risk Management Student1
in this case each and every consequence and its probability which surrounds it is usually given a
numerical value. When they are multiplied together they usually result to a number which will
correlate with the certain level of the risk. In this case a hazard risk management assessment of
risks with a given value of eight will be considered to be moderate while that of twenty will be
catastrophic and thus requiring more drastic plans when doing the risk management.
Question Five.
1. Risk of occurrence will be mitigated by responding to the level of uncertainty.
2. To deal with the low probability risks which have some high impacts if they happen to
occurs.
3. Transferring of the risks and also contracting. Cleaning company can allocate risks to all
the parties who can be able to manage them (Delegation)
4. Doing the risk buffering. Establishment of reserves can help in absorbing all the effect of
the associated risks with having any jeopardy with the project.
5. Risk avoidance which will help in eliminating some of the risks or risk classes where one
changes the project parameters.
Question Six.
5

Risk Management Student1
The risk management plan of a business may be involving where one can identify, assess and
develop all the strategies used in managing risks. There are five processes which can be used in
monitoring the performance of the risk management process.
 Identifying all the risks which may impact the performance of the business. In this case
one has to look very close at the financials and ask this. What could cause the impact?
how serious is the impact? is it easy to reduce or eliminate the risk?
 Analyzing the risks so that they can help in assessing the immediate impacts.
 Evaluation of all the risks by prioritizing them in the management. This is comparison of
the likelihood and the impacts of each risk on the business performance
 Treating the risks so that the one can be able to minimize the associated impacts.
 Developing and reviewing the risk management plan which may be choosing the
strategies such as the risk identified, risk levels and the planned strategy among other
such as the time frame and all the required resources.
Question Seven
There are so many reasons to as why we document lesson learned in specific report as they help
one in.
 Defining the scope of the project and ensuring the agreement between the stakeholders of
the project and the project team members (Sabyasachi, 2017). In this case every
individual involved in the project always share the same expectations on what they are
expecting, what they are to do and when to do such.
 Helps in referencing towards the dispute’s resolutions between the various stakeholders
in case such situations may arise (Majid, 2013).
A lesson Learned report may contain the following content.
 The system and the associated
subsystem
 Events
 Failure Reports
 Causes of such risks
 The countermeasures of such
mentioned risks
 Summary.
References
Baskerville, T., 2014. Organisational Policies and Procedures for Risk Management. What are
Organisational policies and procedures for risk management?, 3(1), pp. 13-21.
cleaning, S., 2016. Risk Management. [Online]
Available at: http://sps-cleaning.com/index.php/business-practices/risk-management.html
[Accessed 25 November 2018].
Cole, B., 2018. Risk Management explanation. An IT security strategy guide for CIOs, 5(1), pp. 12-17.
Majid, F., 2013. Lessons of conducting a risk management system in IPDC. [Online]
Available at: https://www.pmi.org/learning/library/risk-management-projects-experiences-lessons-5830
[Accessed 25 November 2018].
6

Risk Management Student1
Sabyasachi, A., 2017. Best Practices For Preparing a Lessons Learned Document. [Online]
Available at: https://www.simplilearn.com/practices-for-preparing-a-lessons-learned-document-article
[Accessed 25 November 2018].
WALKER, J., 2017. FACILITY ISSUES: Management Edge The Philosophy of Cleaning. [Online]
Available at: https://www.cleanlink.com/hs/article/The-Philosophy-of-Cleaning--2189
[Accessed 25 November 2018].
7