Strategic Risk Management

1)Harish Sandela

Strategic Risk Management

Many factors expose an organization to some risk factors, and they should all be put into considerations. The actions that lead to the development of useful risk management capabilities include asking on the questions on risk management such as how we are expected to manage on the stakeholders and to what extent are the customers supposed to benefit from the new implementations (Hopkinson, 2017). After the questions are developed, ensure that you come up with a culture that will help and be clear to the workers and the managers.

For the best risk implementation management to be effective, the responsibilities and the rules in the organization should be clear. All the senior managers have the role of ensuring that all the responsibility of the individuals are well known to avoid issues of uncertainty where they might expose the organization to the risk factors (Andersen, & Sax, 2019). Besides, it is always good to focus on the business objectives. All the objectives that are set, if not well worked on, might fail to succeed; hence the business ends up facing some risks that might lead to business failures. Make sure that the leading team is aware of the limitations that exist on the risk assessments and focus on categorizing, weighing, identifying, and sorting all types of risks.

In conclusion, ensure that there are set rules that will be followed by everyone in the organization.it is good to ensure that the rules that are developed are enforceable. The best way to make them follow the rules is to ensure that you set standards that are

clear and realistic.

References

Andersen, T. J., & Sax, J. (2019). Strategic Risk Management: A Research Overview. Routledge.

Hopkinson, M. (2017). The project risk maturity model: Measuring and improving risk management capability. Routledge.

2)Veeru teja m

Risk management is a very important thing for any organization because there is always risk involved when there are certain things which cannot be controlled and there will be some due to human error or their capabilities in delivering a process or a product. The organizations will be more successful in implementing their objectives if they have an efficient risk management culture and system. Many organizations could not have a complete picture regarding the risks as they do not know what to study and whether the risk can be managed, monitored or aligned with the risk tolerance the organization is capable of. There are these requirements as well as the management priority that has to be taken into account for the risk management structure with the investments that are made into it and there must be additional consideration of its safety towards the market value and shares, the expectations from the customers and competitors with the connected risks and the need to be aware of the risks through awareness programs and the way the management is dealing with the risks which occurs rapidly as when the organizations are not up to the mark when in the cases of resources towards risk management there will a huge success when there are more resources allocated towards risk management framework in the organizations (Booker, 2005).

The actions which could lead to the development of effective risk management capabilities are firstly to have enterprise risk management framework being implemented and leverage the framework through evaluation of risks that are connected with the rules and see that there are consistent risk management approaches across the organizations. There must be more awareness among the resources and the enterprise wide so that there will be a new vertical towards the culture of risk being started and see how this culture will be supporting the organizations in effectively managing the risks that tend to occur in the organization. There must be confidence which has to be generated in the resources and understand what kind of risk can be controlled and what are the measures that will be taken in order to protect the organizations in terms of higher risks (alacergroup.com, 2020).

References

alacergroup.com. (2020). Developing An Effective Enterprise Risk Management (ERM) Framework. Retrieved from, https://www.alacergroup.com/whitepaper/developing-an-effective-enterprise-risk-management-erm-framework/

Booker, F. (2005). Developing Effective Risk Management Strategies to Protect Your Organization. Retrieved from, https://www.soa.org/globalassets/assets/Library/newsletters/risk-management-newsletter/2005/july/rmn-2005-iss5-booker.pdf

3)Anjani kumari m

I would like to discuss on different stages for implementing information management to move form general principles to specific applications.

Stage one: Develop an IM Policy: Explains the terms of reference to make decisions about a policy information. It provides the basis for corporate instruction and provides all institutions to promote the process, quality and instructions necessary to properly manage the information assets. Because the information is a corporate asset, an IM policy needs to be set up at a very senior management level and is approved by the Director Board. This policy should provide guidance for more detailed instructions on accountability, quality, security, privacy, risk tolerance, and efforts(Marchand, Kettinger, and Rollins).

Stage two: articulate the operational Components: IM framework works as a document to define the status and capacity of the IM and its width and capacity in the business. “The risk of IM is considered as a ‘technical item’, a manager said.

Stage three: Establish Information stewardship: Many roles and responsibilities associated with the IM must be clear. These are particularly important to clarify due to the nature of nature. However, inheritance, politics, and narrow budget means that in fact the duplicate version of this information and many parts of the fact are used by business parts.

Stage four: Build Information standards: The standards help ensure that the quality, accuracy and control objectives are met. When all organizations of an organization follow the same criteria, attention and group is relatively easy to simplify process and technology using a piece of information. On the contrary, the quality of different information used by different business groups will have to prevent effective IM. Participants have been mentioned that it may be difficult to solve the quality of information, and it is difficult to implement. In the past, in most organizations, large number of legacy applications are due to applications and that is why it is difficult to get funds for this work(Smith and McKeen).

Reference:

Marchand, D., W. Kettinger, and J. Rollins. “Information Orientation: People, Technology and the Bottom Line.” MIT Sloan Management Review4,no.41(Summer2000): 69–80.

Smith, H. A., and J. D. McKeen. “A Framework for KM Evaluation. ” Communications of the Association for Information Systems 16, no. 9 (May 2005b): 233–46.

4)Venkata Sandeep kumar

When an organization is implements an IT system, the primary objective is increase efficiency by exploiting IT applications. The first approach in this case, is to carry out problem analysis and specification design whereby the IT team needs to analyze and define all the problems that are facing the business in most accurate way(Maes,2013). In this stage, the users need to describe all the requirements and business needs to provide complete and precise specifications. Any incomplete information will cause the development of inadequate systems and this will disadvantage business in terms of resource allocation.

In addition, there is need to design and implement the application based on the specifications. In this stage, there is the component of architecture design, application implementation and testing. Besides, there is the component of system installation which looks into account all the feedback from users and make necessary changes that w drive the business forward(Moody,Moody & Wells,2016). At this stage, there is need to come up with defining principles which will to the heart of managing the entire program. It is the responsibility of the top management to translate all the guiding principles of the program by taking some of the proactive measures that will address the needs of the business. The last stage is now the maintenance approach that takes all the necessary business operations with a view of exploiting the system within the organization with few adjustments in the business.

References

Maes, S. H. (2013). U.S. Patent No. 8,533,773. Washington, DC: U.S. Patent and Trademark Office.

Moody, D. E., Moody, L. A., & Wells, C. W. (2016). U.S. Patent Application No. 14/884,624.

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