Define and explain the terms risk and risk management

Assignment Help Risk Management

Reference no: EM132520081

Part 1

Question 1. Define and explain the terms risk and risk management.

Question 2. What is a risk management framework and why it should be linked to other business processes?

Question 3. When developing a risk management framework, what key questions need to be answered. Discuss in detail.

Question 4. Why is it important to document a risk management framework and what needs to be documented?

Question 5. Outline and discuss the key components of risk management strategy and policy document.

Question 6. List and explain key factors to consider when developing a risk management governance structure.

Question 7. 'A key component of effective risk management governance is to establish clear lines of risk and risk management accountability'. Explain the roles and responsibilities of various parties in a sample risk governance structure.

Question 8. How a risk management information system can help organisations to capture, analyse and communicate risk-related information.

Part 2

Question 1. Why is it important to understand the internal and external contexts of an organisation with reference to risk management?

Question 2. Risk tolerance is defined as '...an organisation's readiness to bear the risk, after treatments in order to achieve its objectives'. How would you establish risk tolerance for an organisation and will define its risk tolerance levels?

Question 3. Culture is defined as "the way we work around here". It is the collective way of doing things, through accepted behaviours and processes. Why risk management culture is important for a risk management framework? Discuss the main drivers of culture.

Question 4. ABC Limited is a construction company. Why and how ABC Limited should identify its risks?

Question 5. The Directors of ABC Limited identified organisations' risks in a risk identification workshop. How would you analyse and evaluate those risks?

Question 6. List and explain key risk treatment options.

Question 7. How would you communicate and report risk information to internal stakeholders?

Question 8. Why is regular review of risk management process necessary?

Part 3

Question 1. Why is it important to review a risk management framework?

Question 2. There are several approaches available to help organisations effectively review their frameworks, including reviewing the framework against:
• Risk management process components
• Risk management maturity models
How a risk management maturity model can be used to review and enhance a risk management framework?

Reference no: EM132520081

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