Risk and Global Marketplace Activities Essay

Report and record outcome – the findings of the risk assessment must be recorded and all those involved and who need to know should be given explanations and information on how these risks can be prevented and/or controlled.

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

3.4 summarise the types of risks that may be involved in assessment in own area of responsibility.

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.

The purpose of a risk assessment (RA) is to identify the entire organization’s risks and quantify the

1.3- Explain what risk assessment is and how this is managed in the work setting.

Assess the likelihood of occurrence and the impact of the assigned hazard to where you live. Tell us your assigned hazard, the vulnerability of your area to that hazard, then the likelihood that the hazard will occur. Rate the risk assessment on a scale of 1 to 10, with 1 being low risk and low vulnerability and 10 being high risk and high

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

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

1.3 Explain why you do risk assessments? Get a copy of your work place risk assessment and see if they have the same reasons

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

date, and that a new risk management plan must be developed. Because of the importance of risk

Risk Response For each risk we have determined the action to be taken if the risk should occur: accept, shape, reduce, or transfer the risk. The following risk response table identifies a brief contingency plan for these risks. That is followed by a detailed delineation of the two risks with the highest expected values.

“Risk debate” is another way to minimize tort risk and is partly corrective and partly detective. It involves discussing all possible risks and developing a plan to deal with them (Lahnstein, 2004, p. 514). This might not prevent or minimize the risks themselves, but plans will help minimize the damage done to the company if something were to happen. Plans for each tort or regulatory risk would include defining the risk, coming up with all possible outcomes and corrective measures. In conjunction with coming up with corrective measures the organization needs to assess what impact

Make risk management an integral part of your organization’s management approach. Emphasize the need to communicate and consult with both external and internal stakeholders, Continuously monitor and review your organization’s risk management process (including SOC playbooks and CSIRT response scenarios).