MURILO RISK MANAGEMENT ASSESSMENT 2

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Maseno University *

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Management

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Nov 24, 2024

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RISK MANAGEMENT –ASSESSMENT 1 1. a) Explain why you ( representing the organization) would review its existing risk management practices ( policy,procedure,process). (3 marks) I would recommend that you review your existing risk management policies again because, after a period of time, the policies you have in place will no longer be relevant to the organization. Additionally, as time passes, new legislation becomes effective, which the organization must take into consideration. Policy: This document explains the organization's commitment to risk management and clarifies the general actions taken by the organization. All employees who work for the company are required to be familiar with the company's policies. Procedure: When you identify a risk, there are a number of steps you must take, which are then followed by a plan of action. Process: Is the method by which the strategy will be implemented, which can be identified, analyzed, treated, monitored, and communicated. As an illustration, consider the (AS/NZS ISO 31000). b) Provide the rationale for the review. (2 marks) Management reviews that are based on rational risk can show you how to review all of the work you have to do, such as your activities, their status, and their outcomes, in order to achieve higher management standards. When you examine your activities, you can determine if they are beneficial to you, adequate, and the most effective method of achieving your goals. c) List the benefits of doing the review. (2 marks) The following are the advantages of conducting the review: -A picture of the risk can be seen by all of the organizations. -When a risk is discovered through a controlled management process, the audit process can be used to document it in the system. -Contingency planning helps to reduce the number of mistakes made while also increasing the number of lessons learned. -One of the benefits of risk reviews is that they help to define the best way to deal with risks. 2. a) Provide 3 examples of the scope that risk management may cover; and, (2 marks). Deviation: is the action of determining the validity or accuracy of something by checking or providing evidence of it. Validation: is the process of determining the validity or accuracy of something by checking or providing proof of it. Qualification: is a quality or skill that a person possesses that allows him or her to achieve better results. Environmental monitoring: is a system of measurements that can collect samples of air, solids, and water in order to observe and study the environment in which they are used.

b) Provide a brief explanation of what it is within the scope that risk management will be applied. (2marks) Risk management is a system that provides a disciplined and structured process for integrating information security and risk management activities into the system development life cycle. Risk management can be defined as follows: There are several components to this cycle: Define: Define what the risk looks like, and what you're looking for when you say "what am I looking for?" Identify: Determine the nature of the danger. Analyze and evaluate: Determine the level of risk by asking, "Is this a real risk?" What is the frequency of occurrence? Damages that it has the potential to cause. 3. In your own works summarize: a) 11 principles of the AS/NZS ISO 31000 Risk Management- Principles and Guidelines. (2marks). 1. Value: is created through the company's process, which is reviewed on a regular basis. 2. Be a vital part of the organization's process by integrating with the agency's governance framework and participating in planning processes. 3. Participate in decision-making: contribute to the development of better decisions and the identification of priorities. 4. Explicitly deals with uncertainty: once a risk has been identified, the agencies can put in place treatments to improve the results and reduce the likelihood of a loss occurring. 5. The risk management should be done by the agency in a systematic, structured and timely manner to ensure better results. 6. Based on the most up-to-date information available: It is critical to understand the information available and to be aware of the fact that it may have some limitations in order to better manage risk. Then consider how this contributes to the risk management process. 7. Customized: A risk management agency must take into account their risk profit as well as their internal and external operating environments. 8. Consider the human and cultural aspects of the situation. When it comes to achieving objectives, risk management must take into consideration the importance of people and culture. 9. Communication and consultation are essential for identifying, analyzing, and monitoring risks in the transportation and inclusive sectors. 10. In order to be dynamic, the risk management process must be adaptable, allowing the risk manager to identify new risks that previously existed but no longer do. 11. Organizations with a good risk management culture have invested resources in it over time and can demonstrate that they have achieved their objectives. This helps to facilitate the continuous improvement of organizations. b. Three objectives of the AS/NZS ISO 31000 Risk Management Principles and Guidelines. (2 marks)

-Assist businesses in minimizing their risks. -Streamline the process of risk management. -Improve your chances of getting better results. 4. How would you ensure that your risk management processes take into account the following legislation, codes of practice and national standards? Briefly describe each legislation. Provide a practice example for each legislation of what risk action you would take that takes into account legislation. (2 marks each) a) Duty of care. The term "duty of care" refers to the obligation on the part of the company to do everything possible to ensure the safety of its employees and customers. Practical illustration: mark every potential hazard and attempt to resolve it. b) Company law. Company law is the body of law that governs how a company is organized and the responsibilities of its employees. c) Environmental law. Environmental law provides a guarantee that the organization will not pollute the environment or will reduce pollution to a bare minimum. Use reusable water, conserve energy, or install solar panels, among other things. d) Contract law. Contract law provides a guarantee that both parties will adhere to the terms of the agreement. Contracts between companies and suppliers, between companies and customers, and so on. e) Freedom of information. Information freedom: some information should be kept secret from the general public. Which ingredients were used in the manufacturing of the product? f) Industrial relations law, privacy and confidentiality. Industrial relations law, privacy, and confidentiality: Information gathered from consumers and employees may be treated as confidential under certain circumstances. Explain to them how this information will be used and ask if they agree with the terms of the agreement. 1. Disability law.

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In accordance with disability law, a company cannot refuse to hire someone because of their disability. Hire people who have some form of disability. 5. a. Give an example of a risk management activity: and, (2 marks). One of the most important activities in risk management is the development of a strategy for dealing with a discovered risk. These are some examples of strategies: Accept: Acknowledge that nothing can be done or that the effort is not worth it. Reduce: To make the risk effect as small as possible. Avoid: to avoid or eliminate a risk. Transfer the risk to someone who is capable of managing it. b. Explain why it is important to gain support stakeholders. (2 marks) Risk management will have a direct impact on the company almost all of the time, and everyone involved in it should be up to date on the most recent information available. c. Explain one method you can use to gain support; and, (2 marks) To gain support, we must involve our employees in everything that takes place at the company and consult them for information because they are the ones who put in the most effort. We must also recognize those employees who have been actively involved. d. Why do you choose this particular method? (2marks) My selection of this method is based on the assessment risk management principle that the company's employees must identify problems before they occur in order to handle activities through planning, develop strategies to solve problems, and mitigate obstacles to the achievement of the objectives. 6. a. Discuss three ways of how you will communicate with relevant stakeholders about the risk management process. (3 marks). -Staff meetings are extremely important for communicating with and informing all members of the organization about what is going on. -Email correspondence is something you have access to at all times. -Intranets and newspapers of the company. b. Justify why you chose these. (2marks)

-Staff meetings: You can hold meetings by department, by area, or by the entire company's staff, in which you can discuss the priorities and objectives that the company has established and that have become new for the company. -Email correspondence: you have access to it at all times, 24 hours a day, 365 days a year. You can communicate with anyone at any time, and you can send it to a single recipient or to multiple recipients. 7. a. Explain how you would encourage stakeholders to participate and assist in risk identification activities. (2marks) Management, supervision, and stakeholder participation in the process of risk assessment is the most effective method of ensuring that employees have a thorough understanding of their jobs and risks in which they are exposed. This can also result in a safer and more pleasant workplace environment for everyone. b. Justify the benefit of this approach. (2 marks). When you work in a safe and happy environment, you are less likely to be involved in an accident. This means that you should protect yourself from injuries and illness, reduce the costs associated with those, and reduce absenteeism and turnover. A better way is to increase productivity and quality while raising employee morale.

MURILO RISK MANAGEMENT ASSESSMENT 2

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