Hello there, I need someone to work with me on (discussion questions and some other files for just editing)
First, I need a discussion about 1 or 2 paragraphs with the original source (Hopkins book) and external source. Then, I need a reply to my college’s post. This is due on Sunday
Here is the question:
we will focus on Part 5 of the Hopkin text (Risk Strategy). Read Chapters 21, 22, and 23 in the Hopkin text (pages 244 – 284). Select one of the six Risk Management Responsibilities discussed on page 259. Briefly explain why your selection is critical to the risk management process. How would a risk manager go about implementing the elements of your selection? Are there other elements you would add? What kind of barriers would a risk manager face when trying to implement these elements?
Here is my collage’s post that I have to reply to:
For this week’s discussion board, I selected the main RM responsibilities for the location manager. Hopkin mentions the following responsibilities which I will then go into detail why each is critical to the risk management process and how the risk manager would go about implementing the elements of each responsibility.
- Build risk-aware culture within the location
- Risk culture is the set of encouraged and accepted behaviors, discussions, decisions and attitudes toward taking and managing risk within an institution. Developing and maintaining a strong and positive risk culture is importance for influencing attitudes and behaviors, organizational performance, and risk management effectiveness (DeLoah, 2015). A culture that is conducive to effective risk management encourages open and upward communication, knowledge and best practices, continuous process improvement and a strong commitment to ethical and responsible business behavior. This can be done through trainings and educational tools.
- Agree risk management performance targets for the location
- Performance targets or goals are a powerful management tool that can help deliver strategic changes that organizations need to make. Meeting these targets gives an organization an indication of problems that need to be addressed or even success. Goals should be measurable so that progress can be analyzed. This can be done through monthly to annual performance reviews.
- Evaluate reports from employees on risk management matters
- Evaluating reports enables management to understand and identify risk information on performance, strategy, and operations. Risk and performance are related. Performance reports can contribute to develop an awareness of emergent issues by highlighting performances that are changing unexpectedly. This can be done through performance reporting.
- Ensure implementation of risk improvement recommendations
- Implementation is the process of executing plans or policies, so concepts become reality. This is critical as it helps us assess risks and develop strategies. This can be done through monitoring, reviews, and records.
- Identify and report changed circumstances/risks
- This is critical to ensure that the likelihood of the hazard occurring again is minimized or preferably eliminated. Most importantly, it ensures that the hazard does not grow into a more serious risk. The reporting of hazards also allows quality data to be collected. This can be done through formal reports or even just by informing a manager who can take further action.
Other elements that I would add to this responsibility list are: Assessing and identifying risks that could impede the reputation of the location. Having a good reputation means more opportunities, higher company value, lower marketing costs.
Barriers that a risk manager may face when trying to implement these elements would be failure to involve or communicate with employees in all changes. A big factor is a resistance to organization culture shift, an unwillingness to adapt to altered circumstances. Employees may realize they don’t like or want a change and will resist. I think a good example of this is happening now with the mandate for employees to get the vaccine or if not they are terminated.
References
Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management. London, NY, NY: Kogan Page.
DeLoah, J. (May, 2015). The Importance of Risk Culture. Retrieved from https://www.corporatecomplianceinsights.com/the-importance-of-risk-culture/ (Links to an external site.)
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Now I need editing on 2-word files (4T Risk Matrix) and (Risk Index Paper) *This is due 4 weeks*
Here is the question for the 4T Risk Matrix (I’ve attached my paper with my teacher’s feedback)
Focus on the Risk Matrix in Table 15.1 on page 176 and Figure 15.1 on page 177. Based on your experience or on a risk issue you find in an external source (literature article, news event, website for example) give one example of a risk for each “T” in Table 15.1 and justify why you would select that “T” to manage a specific risk taking into consideration the impact and likelihood of each risk. So, you will identify one risk that you will transfer, another that you will terminate, etc. Each risk can focus on different situations, or you may be able to use one or more risk situation for all 4 Ts. For example: A flood in a grocery store may have certain risks, while a fire in a day care center may be associated with other types of risk.
And here is the question for Risk Index Paper (I’ve attached my paper with my teacher’s feedback)
Let’s revisit the FIRM Risk Scorecard this week. Review the elements and examples of dependencies listed in Table 13.1 on page 155). Then look at Table 14.2 (pages 164 – 166). These tables are used to calculate a Riskiness Index. Using the 0 – 5 scoring grid on page 166, briefly describe the type and purpose of an organization (you may select the one you are associated with or another you are familiar with – ex: ABC Dialysis Unit, 500 active patients, 1500 annual patient treatments, located in a lower socioeconomic area of an urban environment). Using the format Table 14.2, assign a score to each of the components (Financial, Infrastructure, Reputational, and Marketplace). Report your total “riskiness index” number for each component. Briefly discuss what you might need to do to mitigate the component with the highest score.
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The last thing is replying to my collage with an external recourse (only 1 or 2 short paragraphs) *This is due 4 weeks*
(I need a reply to my collages’ posts with external resources)
(Here is the question)
The importance of classifying risk relates to the duration of its impact on business continuity: short, medium, or long. Review the FIRM and PESTLE models of Risk Classification Systems in Chapter 11. How do you see each one contributing to organizational Risk Management?
(Here is my collage’s post)
The PESTLE model is a tool an organization should use to help evaluate external risks that may negatively impact the organization (University of Sydney, 2021). The PESTLE model is the preliminary tool to be used with information applied to the SWOT (Strengths-Weaknesses-Opportunities-Threats) Analysis and primarily focuses on hazard risks. The PESTLE model focuses on political, economic, sociological, technological, legal, and ethical/environmental factors that create the risk. Risk management teams should utilize this model as part of the risk management program because it addresses many external influences that could impact the organization. Its 360 views will limit the chance of overlooking an external risk factor (Hopkin, 2017). For example, consider an insurance company that issues homeowner insurance policies in California. The risk management team that employs the PESTLE model will want to evaluate environmental factors that will contribute to the frequency and strength of earthquakes. The team should also evaluate legal requirements for when policies could be canceled or not honored.
Conversely, the FIRM risk analysis tool evaluates internal and external risk factors. This tool looks at financial, infrastructure, reputational, and marketplace. Financial and Infrastructure items evaluate internal risks, and reputational and marketplace evaluates external risks (Hopkin, 2017). The FIRM risk analysis tool should also be incorporated into a risk management program. For example, a hospital may wish to add a thoracic surgery program to the services it offers. The entire team must evaluate the financial risks associated with program start-up and maintenance. Additionally, they must look at the infrastructure to make sure it can handle this new program. Are there enough CICU beds? Are there enough surgeons and nursing staff? What are the resources within the area that could back up this program? The team must also evaluate the reputation the organization has to know if it can handle the pressures of a new program. Additional consideration should be given to the current reputation within the community to entice new customers. Finally, the market should be evaluated to see if there is enough demand for this service, who the competitors are, and the successes and failures of those programs evaluated.
References
Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management. London, NY, NY: Kogan Page
The University of Sydney. (2021). Marketing: PESTLE analysis. Retrieved from https://libguides.library.usyd.edu.au/c.php?g=508107&p=5994242 (Links to an external site.)
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(Here is the question)
Controlling and preventing loss is a critical goal of risk management. Hopkin discusses two terms – likelihood and magnitude – that relate to this goal. Select one of these terms and briefly describe how it may be taken into consideration to successfully mitigate loss.
(Here is my collage’s post)
Hopkin (2017) discusses the terms likelihood and magnitude as a tool to discuss risk. These terms should be used when discussing the risk and helps to define what the potential ramifications are if that risk materializes. I will discuss the term likelihood as I believe this to be the first thing to consider when discussing a risky situation. Likelihood is the chance of something occurring. This concept is utilized when determining either a positive or negative outcome (Hopkin, 2017). For example, the gambler is deciding which lottery ticket to purchase. A lot of factors will go into this decision, but he will want to select a ticket based upon the chances of winning. In this example, the desired outcome is to purchase a ticket that wins the gambler a lot of money (the magnitude), but he may elect to purchase a ticket based upon how long since the last winning ticket was issued or how many tickets for that earnings have been purchased. The answers to these questions contribute to how likely the gambler is to purchase the winning ticket.
Wilson (n.d.) further clarifies that the likelihood refers to a qualitative measure such as low, medium, or high. Conversely, probability is a mathematical percentage that represents quantitative data (Wilson, n.d.). In the example identified previously, the gambler is more likely to purchase a ticket that has a 99% chance of winning over a ticket that has a 25% chance of winning.
References
Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management. London, NY, NY: Kogan Page.
Wilson, C. (n.d.). What is the difference between likelihood and probability in risk management. Retrieved from https://projectmanagers.org/management/risk/differ…
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(Here is the question)
Hopkin presents a diagram of types of controls for hazard risks (Figure 16.1, page 186). He then offers a description of types of hazard controls in Tables 16.1 (p. 187) and 16.2 (p. 188). Select one of the control categories from Table 16.2 and discuss how it contributes to risk control. Provide an example from your experience that reflects the effectiveness of the control you have selected. If you do not have such an example, discuss its potential impact in general terms.
(Here is my collage’s post)
Hopkin (2017) identifies four categories of hazard controls: Preventive, corrective, directive, and detective. Preventive seeks to eliminate the circumstances that are risky. Corrective risk control treats the risky situation, and directive control measures transfer the risk to someone other than the impacted organization. Finally, detective hazard controls tolerate the risk (Hopkin, 2017).
Corrective hazard risk control treats the items that create the risk without eliminating the event itself. For example, my daughter has cerebral palsy and a swallowing disorder. When she eats, she is at risk for choking and aspiration. We aren’t going to eliminate her eating, so we implemented measures that make eating as least risky as possible. For example, she eats largely a pureed consistency diet, and she only eats in the presence of an adult. We always have a drink ready in case she needs help getting the food down, and the only people who are allowed to babysit her are those who are trained in healthcare CPR. She also participates in swallow studies and sees a speech therapist weekly. While we can’t completely eliminate the risk every time she eats, we have modified “normal routines” so that it is as safe as possible.
References
Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management. London, NY, NY: Kogan Page
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That is all you need, and if you have any questions, please let me know.
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