Explain the following key factors that can affect the risk management process identified in the scope

Every business in the world no matter how big or small needs to plan for the unexpected. This could be economic down turn in the market of a natural disaster like flooding. As an organisation there is a need to know how to best manage risk. It is also a requirement by law. Part of managing risk is evaluating risk in a business opportunity and identifying the risk so they can be managed and to develop a contingency plan when things go wrong. The problem is not everything goes to plan when running a business and when the unexpected happens it can threaten your business opportunities and your business outcomes, and you may even lose your business.

The Public Authority company Jones has been in business for more than 30 years and have won many awards for their work. As a larger Public organisation they have a high reputation within the business sector and their work ethic. Recently though their standards have come into question when breaching a contractual agreement and has put the company’s reputation in jeopardy and other businesses are now thinking it is a risk to tenure to the company.

The Jones Public Authority has awarded its most recent building contract to Company Homes at Large. Company Build it Rite, a competitor of Company Homes at Large, has forwarded a written complaint to the Jones Public Authority alleging that one of the Jones Authority’s staff gave notice of the tender to Company Homes at Large and also disclosed confidential information to Company Homes at Large about them.

The Jones Public Authority handles the allegations to the satisfaction of Company Build it Rite; however, the Authority’s CEO realizes the Authority faces the risk of its staff engaging in improper dealings. Compromising communication and improper arrangements in relation to fees for services with companies tendering for building contracts.

Things came to a head when the employees came to the CEO. They were quite angry. They first wanted to know why the breach had happened and what risks the company was now facing. They felt that they were responsible when dealing with Company Homes at Large and didn’t understand why they had been warned over their actions they carried out especially when they thought they were doing a good job.

The CEO has instructed your team of the Public Authority’s to identify the potential risks and prepare a list of recommended actions to eliminate or minimize the risks imposed on the organisation from future dealings with contracts. Your team has been asked to identify Five (5) or more key risks form the breach of contract (Minimum 5) relating back to the organisation.

Your team is required to answer the following questions on risk and how to manage the risk management process in the organisation for now and the future.

Adapted from ;Reference: Dwyer, J. & Hopwood, N. (2013) ‘Management: Strategies and skills’ (Second Edition), McGraw Hill Education, Australia.

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Also posted onApril 10, 2020 @ 6:12 am