Wgu Risk Management Risk-Register Report Essay

Decent Essays
State Farm Risk Register
Xavier Smith
Western Governors University

State Farm Risk Register
State Farm has chosen to further to its already-existing operations in Canada, with the result of capturing millions of new customers. These customers will require both brick-and-mortar and telephonic support. Brick-and-mortar locations number in the thousands and continue to grow. With the acquisition of a greater number of customers, these locations will be able to absorb and support a respectable number of these new customers. Yet internal analyses indicate that the younger customer base, that is, customers in their 20s and 30s, prefer virtual or telephonic interactions and will actively shun brick-and-mortar locations. It is these
…show more content…
If this event were to occur, State Farm would suffer extreme exposure, as every customer would be somehow affected by such an event and would demand recompense, understandably so. Government collapse would also affect call-center and brick-and-mortar operations in the country, leaving customers without recourse to file their claims.

This risk is an obvious threat and, certainly, poses a very high risk. Fortunately, the likelihood of such an event happening is very low, since Canada’s society has no history of collapse and is governmentally well managed.

Still, in the event of such an event’s occurrence, State Farm must have a mitigation strategy in place. The primary focus of this strategy is to remain connected to the Canadian government, possibly through lobbying efforts. Doing so could provide the company notice of impending government issues. State Farm can also bolster its American division through premium increases and the institution of greater policy limitations to bolster coffers to support meeting this Canadian risk.

Due to the likelihood of this event, annual monitoring would only be required.

Clearance for Call-Center Construction

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
Get Access