MODULE Risk Management Framework and Measuring

Posted: April 4th, 2019

MODULE Risk Management Framework and Measuring
INTAKE January 2023
YEAR One (1)
TOTAL MARKS 100
FORMATIVE ASSESSMENT 2 [100 Marks]
Select an organisation of your choice and analyse the business from a Risk and Risk Management perspective. Assuming
that you are the Risk Management Consultant answer the questions below.
Answer ALL the questions in this section.
Question 1 (20 Marks)
Name the selected organisation and describe the organisation in terms of the following:
Nature of the business (1)
Business maturity (1)
How does the organisation operate and what is its
competitive strategy? (3)
Does the organisation have a risk and risk
management strategy and explain why? (5)
Categories of risks it faces and give examples (10)
Question 2 (20 Marks)
Discuss the Risk Management Framework for this organisation if they have or propose a Risk Management Framework for
this organisation if they do not have one?
Student may tabulate your response.
Response must be less than 2 pages
Question 3
Students must tabulate their responses and must be less than 2 pages.
Propose and discuss an appropriate risk classification system for the organisation to identify
pertinent risk facing the organisation?
3.1 (10 marks)
Identify the organisation’s objectives, stakeholder expectations & key dependencies using an
appropriate risk identification structure?
3.2 (10 marks)
Question 4
Students must tabulate their responses and must be less than 2 pages.
Identify at least 5 risks, classify them and plot them on an appropriate risk matrix. (10 marks)
Please list the following for each risk:
4.1
1. Risk ID
2. Risk Category
3. Risk description
4. Risk Cause
5. Risk Impact
Propose and discuss the most appropriate risk response for each risk identified? (10 marks)
Students must tabulate their responses and must be less than 2 pages.
4.2
Question 5
Justify your responses and response must be less than 2 pages
Establish the risk appetite of the selected organisation and present the relevant risk appetite
matrix?
(10 marks)
Justify your responses
5.1
Determine if the selected organisation will benefit from an Enterprise Risk Management system? (10 marks)
Justify your responses and response must be less than 2 pages
5.2

_______________

Question 1:

Name of the selected organization: [Organization Name]
Description:

Nature of the business: Briefly describe the industry or sector in which the organization operates.
Business maturity: Assess whether the organization is a startup, established, or mature organization.
How does the organization operate and what is its competitive strategy?

Write My Essay | Papers Writing Service Online by Essay Hub Experts- Describe the organization’s operational model, including its core processes, value chain, and business model.
Explain the competitive strategy employed by the organization, such as cost leadership, differentiation, or focus.
Does the organization have a risk and risk management strategy, and explain why?

Assess whether the organization has a formal risk management strategy in place.
Explain the importance and benefits of having a risk management strategy.
Categories of risks faced by the organization and examples:

Identify the major categories of risks that the organization faces, such as strategic, operational, financial, compliance, or reputational risks.
Provide specific examples of risks within each category, relevant to the organization’s industry or sector.
Question 2:
Discuss the Risk Management Framework for the organization, or propose one if it does not have an existing framework. You can present your response in a tabulated format, considering the following elements of a risk management framework:

Risk Identification: Write My Essay | Papers Writing Service Online by Essay Hub Experts- Describe the process or methods used to identify risks within the organization.
Risk Assessment: Explain how risks are assessed and evaluated, including the criteria used and the tools or techniques applied.
Risk Treatment: Discuss the strategies or measures employed to mitigate, transfer, or accept risks.
Risk Monitoring and Reporting: Write My Essay | Papers Writing Service Online by Essay Hub Experts- Describe the processes for ongoing monitoring, measurement, and reporting of risks.
Risk Governance: Discuss the roles, responsibilities, and accountability of key stakeholders involved in the risk management process.
Integration and Review: Explain how the risk management framework is integrated into the organization’s overall management processes and how it is regularly reviewed and updated.
Question 3:
3.1 Propose and discuss an appropriate risk classification system for the organization:

Identify and describe an appropriate risk classification system, such as a qualitative or quantitative approach.
Explain how the classification system helps in identifying and categorizing pertinent risks.
Align the risk classification system with the organization’s specific objectives, stakeholder expectations, and key dependencies.
3.2 Identify the organization’s objectives, stakeholder expectations, and key dependencies using an appropriate risk identification structure:

List the organization’s objectives, considering financial, operational, strategic, and other relevant goals.
Identify key stakeholders and their expectations from the organization.
Identify critical dependencies or interdependencies that the organization relies upon for its success.
Question 4:
Identify at least five risks, classify them, and plot them on an appropriate risk matrix:
4.1 Risk ID, Risk Category, Risk Description, Risk Cause, Risk Impact:

Create a table with columns for Risk ID, Risk Category, Risk Description, Risk Cause, and Risk Impact.
Identify five specific risks faced by the organization and provide relevant details in each column.
Propose and discuss the most appropriate risk response for each risk identified:

Evaluate each identified risk and propose a suitable risk response strategy.
Discuss the rationale behind each proposed risk response and how it aligns with the organization’s risk appetite and objectives.
Question 5: