H/505/9237-Managing Risk in Business Answers to Homework Questions
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You are employed in an organisation called Abacus Ltd which provides a range of business consultancy services. One of your clients is a new company seeking to understand risk management.
The client wishes all members of the senior team to have an understanding of the role of risk management in business and the different types of risk. Using presentation software, prepare a presentation with supporting detailed notes for distribution to participants in the training. The presentation and the notes must include an:
- examination of the role of risk management in identifying, analysing and controlling risk
- assessment of the function of risk management structures and activities
- analysis of the main types of risk facing businesses
- examination of the key operations which expose businesses to risk
- appraisal of the different types of security risk
- assessment of which business areas are particularly vulnerable to security breaches and fraud.
AC 1.1, 1.2, 3.1, 3.2, 3.3, 3.4
The client understood the concepts in your presentation and found the information directly relevant to the needs of the company. He has now asked you to prepare an information guide which will be available to all managers via the business’ intranet. The guide must include diagrams and examples and must provide:
- an explanation of how various methods and techniques are used to measure and assess risk
- a critical analysis of the actions businesses can take to manage risk
- an identification of the advantages and disadvantages of businesses having a risk management system
- a critical analysis of the role and responsibilities of the manager with overall accountability for risk management
- a critical evaluation of the role of monitoring and budgeting in risk management.
AC 2.1, 2.2, 5.1, 5.2, 5.3
The client wishes to understand the impact of the external environment on risk management and has requested a meeting which will also involve the Head of Marketing and Communications. Produce detailed notes for the meeting which will be shared with all participants. The notes must:
- assess the impact of external influences on managing operational risks
- explain how integrated risk management reduces the impact of external influences on businesses
- analyse the relationship between risk and marketing strategy
- critically examine the key areas in which businesses are vulnerable to marketing risk
- examine the use of benchmarking to reduce risk.
AC 4.1, 4.2, 7.1, 7.2, 7.3
Your client’s organisation has made good progress with its thinking and planning on risk. The client now needs to understand contingency planning and crisis management. Prepare a short report which provides:
- an analysis of the links between contingency planning and crisis management
- an explanation of why businesses are vulnerable to breaks in business continuity
- a critical evaluation of the contribution crisis management systems make to businesses.
AC 6.1, 6.2, 6.3