Plan For Enterprise Risk Management

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

7.2 Describe how to carry out a risk assessment and risk management in line with policies and procedures

Whilst promoting independence and choice is key to good working practice maintaining a safe and secure environment is also important. Processes to allow risks to be taken include Planning, risk management; monitoring and recording of outcomes by not allowing risks to be taken consequently can lead to institutionalisation and an increase in dependence.

For this task you are required to determine the risk context associated with establishing a new business outlet, within the existing business structure. They will be required to review internal and external environment factors and liaise with all stakeholders to generate a list of risks.

* Estimate the risk level and probability and then determine the severity using the risk assessment matrix

All risks should be identified on a risk assessment so they can be monitored and review

At the end all the risk are finance related, because the liability’s cost money and this will have an effect in the company’s earnings, so what is important is not only to try to avoid such events but also to be prepare in case they happen and have a plan, is like the saying “Hope for the best but be prepare for the worst”.

Identify the potential risks which affect the company and manage these risks within its risk appetite;

Write an initial draft of the risk management plan as detailed in the instructions above.

This task requires you to carry out a risk assessment in a work environment. Include the full risk assessment as part of the information you include in your submission. A Care Plan for a service user based on the information will be provided and you will be required to evaluate the risk and make recommendations on improving the Care Plan.

Receiving effective information to allow the right information to assist with analyzing the risks involved. The effective information can be broken down in a work breakdown structure and tracked through a checklist. The tools and techniques that will assist in the accurate tracking and monitoring include an activity information checklist, interview methods that involve personnel with their direct work responsibilities. Additional techniques include studies conducted throughout the organization on processes and producers to include lessons learned from past projects. In analyzing risk there are two methods such as qualitative and quantitative risk analysis to assist in making the analysis process straightforward.

• Identify potential problems or risks so that they can be resolved at an early stage.

The risk management plan defines what activities within the organization are critical to operations. During this stage of planning, Wilma Stone, Margie Nelson, Gary Thomas and other Sunshine Machine Works Management personnel will need to determine how much of a risk the organization is exposed to and create a plan to minimize the amount of damage the exposure could have. Other stages of the risk management planning process will include the likeliness of the risk happening, what the consequences will be, and which risk are considered priority.

There are many areas to focus on when it comes to risk management, depending on your company’s infrastructure; risk management is going to be different. The areas of risk management will include compliance risks, financial risks, operational risks, and strategic risks.

Examine and discuss each step below which forms part of the risk management process followed within an enterprise. Explain the reasons behind each step, what each step achieves for the enterprise and give examples.