In my past job, the company mandates risk assessment before doing for any business transactions, so that we are in compliant with relevant regulations and do not do any risky deals that end up with litigation or incur losses to our business. The guidelines also apply for non-business transactions and any internal decisions. The strategy is to take a risk that is known and manageable or spread, so that we add value to the company's profit and shareholders. The task was to scale the current information system, so that we can comply with regulatory requirement which always has time commitment.
The challenge is some of the past development work was done by a consultant. We have option to scale the current work which is not an industry standard and end up paying more money and band aids fixes or develop a new program that we can design and manage for our future growth knowing future growth is inevitable. The risk of continuing the current information system program is low for now, but it will be a major replacement issue for the future growth that could cost the company millions and lost business opportunities. Developing a new information system program is a risky choice from time
…show more content…
The probability of making the new program success is the expected outcomes and the standard deviation of the probability distribution for developing the new program is larger with few uncertainty, hence the greater risk. However, we take lower risk particularly exposed to uncertainty, so plan risk adverse selection and attempt to reduce that uncertainty by carefully evaluating the risks and expected returns of the projects. We documented the evaluation based on the risk appetite guidance. This way we can provide evidence that based on the information available at the time and concluded risk derived the decision using mean-variance
Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.
To end the stereotyping and doubt that police officers have toward African Americans, the participants of the event should incorporate Xavier students, personnel and staff, Xavier University Police Department, and randomly chosen African Americans and police officers in Cincinnati. The random selection will be done online, where African Americans who are interested in attending the event would sign up online. Afterward, they will be chosen at random and will be later informed that they have been selected. Similarly, the names of the Cincinnati police will be selected at random. The random selection will eliminate bias. It is also essential that Xavier students and Xavier Police be available in order to construct a bond between the two. Their presence is important in the dialogue so as to prevent incidents like that of Tamir Rice from happening at Xavier. Furthermore, in order to guarantee full participation, I recommend that the Xavier Administration make this event a no class day and make it mandatory. Students should likewise be given some sort of encouragement to attend the event. For example, Xavier can sponsor for every student who attends the event to have a free dinner at the
Xander L. is a 17-year-old African American male and documented gang member. His prior juvenile adjudications include purse snatching, breaking and entering, and drug possession. His first juvenile adjudication occurred when he was 13 years old. He has served a year of custody in the juvenile correctional facility and has been placed on probation twice
Effective planning & execution of risk assessment procedure in all financial & operating sectors to identify potential risk to organization.
Responsiveness to Identified Needs: Standard is met when FPO assists in negotiating or clarifying appropriate performance and operational goals, as demonstrated in LMI grant activities such as, but not limited to, the following:
Discuss the considerations necessary to address the possible security requirements and the possible risks associated with the Benefits Elections Systems being requested by the Service Request.
This section will introduce the serviceability’s own user interface (UI) functionality, system (network traffic), and connectivity tests along with quality accessibility reporting. The QA team must document result finding from testing UI, system and connectivity outcomes and report all metrics for a good test outcome.
Insurance needs. Most livestock hauling companies offer no employee benefits as all drivers are contract labor. Helm Livestock does have trucking, collision, and liability insurance for the company, purchased through Owner Operator Independent Drivers Association (OOIDA). This is an estimated monthly cost of $1,100. OOIDA also provides assistance with setting up the Limited Liability Company, and legal assistance, which is included in the monthly charge.
State Farm must receive the appropriate clearance from Canadian authorities to complete the construction of the call center. Building codes are mandated by the local and national authorities to verify undue pejorative influence on
Preventable infections regardless of the causative agent, have become major triggers of unintended patient outcome, increased morbidity, and mortality (Arias, 2010). Methicillin Sensitive Staphylococcus Aureus (MSSA) and Methicillin Resistant Staphylococcus Aureus (MRSA) are the most common causes of healthcare associated infections (HAI) and outbreaks in acute care hospitals and community settings (CADTH, 2010). The widespread infection with the MRSA pathogen is believed to have increased from 2.4 percent in 1975 to 29 percent in 1991 and 2003 in hospitals across the United States (U S) (CADTH, 2010). The prevalence is even greater among Intensive Care Unit (ICU) patients at 53 percent (CADTH, 2010) and continues to rise due to the widespread
You make a valid point; event planners are better equipped to deal with the constant changes required for risk management planning. “The risk management plan should detail your strategy for dealing with risks specific to your business” (Identify risks to your business, 2014, para.2). Therefore, putting together a solid risk management plan will take careful planning and foresight. However, foresight will not stop the risks from changing over time, so it is important to have a risk plan that can be adapted to fit the constant changes that can happen. Additionally, the ability to think about the about the worst case scenario will assist the event planner, and stop them from having to make too many changes to the risk management
The use of pesticides is an important decision that thousands of communities face each year. Nobody likes dealing with mosquitos and the diseases they bring so using chemicals and pesticides is an option but with other consequences. Mosquitos carry West Nile Virus that affects the city of Genericville every year with 50 cases projected this year in the city and two fatalities as well. On the other hand, the chemicals proposed for controlling the mosquito population has its own risks. The pesticide Malathion is also dangerous to people if they come in contact with it before it degrades. The potential for citizens of the city being exposed is almost a certainty
Do you want to have fun this summer without being in danger? You're going to learn 6 summer hazards and how to avoid them! There are a lot of hazards in summer, like Rip currents, swimming with germs, and shark attacks! A few more are heat strokes, zika viruses, and tick bites. All these hazards are scary, but there are easy ways to overcome them.
3. Develop at least three (3) project risk recommendations based on the analysis from criteria number 1 and 2 of this assignment.
Niccolo Machiavelli, the author of The Prince, said “Never was anything great achieved without danger.” This could be rephrased to “Nothing great is achieved without taking on risk”. The definition of risk is as an “act or failure to act in a way that brings the possibility of an unpleasant or unwelcome event”. And even though risk has a negative connotation, all risk is not bad. Intelligent businesses understand they must take on calculated risks to be competitive in the marketplace. However, taking on risk without regulating it is not a smart business decision. Deciding when or when not to accept risk is the basis of risk management. Generally speaking “risk management focuses on likely risks” (IT Governance Policies and Procedures). Types of business risks include political, environmental, planning, market (demand, customer satisfaction, etc.), economic, natural (fire, earthquake, flood, etc.), technical, criminal, financial risks, IT risk, safety/policy/legal and security risks, regulatory risks, risks to reputation, HR risks, and operational risks.