Plan For Enterprise Risk Management - 1789 Words

! ! Project 1! ! Part 1 – Plan for enterprise risk management:†¨ ! ! ! †¢ describe the organisation’s current risk management policies, procedures and processes and comment on the strengths and weaknesses of these arrangements†¨ This organisation is a new online jewellery business which currently has no risk management policies, procedures and processes. Obviously this is a very big weakness for the company as they do not know the scope of the risks associated with running their business. Therefore this project will serve as creating a risk management plan for this business.†¨ †¢ describe the scope for risk management process that you will conduct – explain why you decided upon this scope. The scope for the risk management process will be†¦show more content†¦! EXTERNAL STAKEHOLDERS:†¨ Communication will be via a newsletter and online post on the blog, identifying each issue subtly to these stakeholders in a way that is engaging and informative. An online survey will also be posted to gather input and insight from these external stakeholders.†¨ ! †¢ describe what level and type of support you need in order for your risk management plan to be effective and discuss the strategies that you will use in order to obtain that support.†¨ I will need external help and support to accurately conduct this risk management plan effectively. This external support will be from licensed contractors to come and audit the business and its processes allowing an outside source to have good insight into each risk and make sure no issue is missed. ! ! Part 2 – Identify the risks:! †¢ Using a SWOT diagram, identify the risks that face the company! †¢ Make a list of the other tools and techniques you could use in order to generate a list of risks that apply to the scope! Other tools and techniques I could use in order to generate a list of risks that apply to the scope:! - Brainstorming! - Surveys! - Interviews†¨ - Experiential Knowledge†¨ - Documented Knowledge†¨ - Risk Lists†¨ - SWOT Analysis†¨ - Risk Trigger Questions†¨ ! Part 3 – Analyse the risks:! †¢ Assess the likelihood of the risks occurring! Risk: Not able toShow MoreRelatedRiordan Enterprise Risk Management Plan1294 Words   |  6 Pagesbeverage containers, plastic fan parts, and custom plastic parts. Riordan prides themselves on their industry leading research and development (University of Phoenix, 2009). The following Enterprise Risk Management (ERM) plan was developed for Riordan Industries, Inc. and its subsidiaries. The goal of this plan is to help mitigate any legal liability on the part of Riordan by implementing the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (Jennings, 2006). 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