Management plans

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Information Systems

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Nov 24, 2024

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1 Risk Management Project Institution Affiliation Name Date of submission

2 Outlining the Risk management plans In order to solve the problems plaguing the coke company as a whole, it is essential to take precautions. Existing hazards may be evaluated using the information gathered during mitigation. It's vital to remember that the healthcare network can only achieve its objectives if it employs risk reduction tactics, including acceptance, avoidance, restriction, and transference. The risk mitigation strategy will be the primary emphasis of this report so that Health Network's upper management can provide sufficient funding for it ( Fani & Subriadi, 2019). These management plans for the risk will help encompass the team's request, creating a specific form of the mitigation plan that comprises the recognition. As issues may arise in even the most meticulously planned projects, executives create risk management plans to anticipate business risks, estimate consequences, and outline actions. At times, the team members that managers relied on may be unavailable; they may either be ill or resign. Uncertain events or circumstances that might impact a company's initiatives are risks ( Fani & Subriadi, 2019) . Since risk events or conditions that might harm a company can be eliminated or mitigated with proper risk management, firms must have such strategies. These involve identifying the existing threats, exploring the project scenarios, and facilitating the production delivery process in the early project stages (Swanson et al., 2010). The main areas that I will discuss in these management plans include the introduction, defining the scope and the boundaries of the plan, identifying the key roles and responsibilities, developing the proposed schedule program, and drafting the risk management plan. Project management plans Avoidance

3 By making it more challenging for the recognized risks to materialize, "avoidance" refers to eradicating the actions with a high possibility of loss ( Fani & Subriadi, 2019) . To further mitigate the risks identified, the project will be carried out in a new fashion that still yields the expected outcomes and accomplishes the set goals but does so in a way immune to their negative effects. Transference The procedure involves the movement or the transfer of a portion, which causes the risk or the entire identification process. These involve the other stakeholders who can manage the activities of the risk occurrences with a probability of occurring at a lower rate (Swanson et al., 2010). This risk management procedure occurs mostly in larger companies with huge financial processes and their impact. Scope and boundaries plan In order to better manage risks and capitalize on opportunities presented by change, Coca-Cola has adopted a tactical enterprise approach. This comprehensive risk management strategy provides a unified framework for doing so. For businesses, having a well-thought-out strategy for mitigating risk gives them a strategic edge by allowing them to more quickly and effectively embrace opportunities when they arise. For the Coca-Cola Company, risk management is an integral part of the company's culture and the fabric of society as a whole (Swanson et al., 2010). The plan's primary purpose is to continuously recognize risks, analyze them, deal with them, and escalate them using a thorough procedure that evaluates against all potential threats. Law Compliance

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4 The Coca-Cola company law compliance is managed by the Group chief officer, who manages the 30-day discussion to safeguard the key approaches of the risk ranges and emerging trends. The company Coca-Cola causes CRO to meet quarterly with the leaders of the various company functions to review tactical hazards and evaluate any new risks that may have emerged since the last review (Swanson et al., 2010). The Company Risk and Compliance Committee meets quarterly to compile, assess, and document these as an independent risk review meeting and tactical think-tank on risk and compliance comprised of top executives from the company. Coke employs a tactical enterprise, or comprehensive risk management approach, to manage risks and capitalize on developments throughout the whole organization in concert. Companies get a strategic edge from well-thought-out risk management strategies because of the aid they provide in seizing opportunities that arise due to the advances made in the fight against hazards ( Al Fikri et al., 2019) . Risk management at The Coca-Cola Company is deeply ingrained in the company's culture and the fabric of society. The primary goal of the risk management strategy is to continuously discover, analyze, manage, and escalate risks using a thorough procedure that evaluates against all risks. Role and responsibilities of individuals The company's employees must play a key role in participating in the risk assessment process, which helps the organization create a detailed form of duties that can be performed. Risks are identified, monitored, and managed by the Project team in conjunction with subject matter experts. The two then collaborate to analyze the entire risk management strategy and provide recommendations to the project manager based on what was learned ( Maclean, 2017) .

5 The application of SMEs helps the project team and the manager to monitor, identify, and make the risks. Key roles and responsibilities Professionals in the field of risk management also make important contributions by overseeing and mentoring the many actors in the risk management process. The experts' facilitation of all steps in the process significantly contributes to the overall risk management strategy ( Fani & Subriadi, 2019) . The project's functional managers are responsible for preserving technical consistency and providing input into the project's risk management systems at the operational levels. Scheduling The Coke company applies the following process of doing business threat assessment to reduce the amount of hazards. This evaluation process is conducted to prevent the high effects on the business operations of the company workers when threats and hazards strike business operations ( Al Fikri et al., 2019) . The main scheduling process includes Identifying the threats The company should develop a mechanism to identify the threats occurrences. Some of the threats can cause an impact on the company by either internal or external effects. Access the risk The company should evaluate the impact and the likelihood of the threats and hazards that will be used in determining the overall risk occurrence level in the company ( Maclean,

6 2017) . When determining the degree of risk a company faces, factors such as the nature of its assets, the expertise of its employees, and its location are crucial. Developing the mechanism to control threat occurrences It is necessary to take steps to reduce the risks associated with the identified hazards. It's a good idea to provide your staff with risk management training, template creation, and threat monitoring ( Al Fikri et al., 2019) . Risk mitigation plans The company can achieve these processes by creating specific areas of development that require improvement and creating mitigation plans ( Al Fikri et al., 2019) . The company should identify the methods that increase the potentiality of the plan execution based on the identification factors and the key development plans.

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7 References Al Fikri, M., Putra, F. A., Suryanto, Y., & Ramli, K. (2019). Risk assessment using NIST SP 800- 30 revision 1 and ISO 27005 combination technique in profit-based organization: Case study of ZZZ information system application in ABC agency. Procedia Computer Science , 161 , 1206-1215. https://nvlpubs.nist.gov/nistpubs/Legacy/SP/nistspecialpublication800-30r1.pdf Fani, S. V., & Subriadi, A. P. (2019). Business continuity plan: examining of multi-usable framework. Procedia Computer Science , 161 , 275-282. https://www.ready.gov/business/planning/impact-analysis Maclean, D. (2017). The NIST risk management framework: Problems and recommendations. Cyber Security: A Peer-Reviewed Journal , 1 (3), 207-217. https://www.nist.gov/system/files/documents/2018/03/28/vickie_nist_risk_management_f ramework_overview-hpc.pdf Swanson, M., Bowen, P., Phillips, A. W., Gallup, D., & Lynes, D. (2010). Contingency planning guide for federal information systems. NIST special publication , 800-34. https://nvlpubs.nist.gov/nistpubs/Legacy/SP/nistspecialpublication800-34r1.pdf

Management plans

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