Case Study Part III

 CASE STUDY PHASE 3 – FINAL PHASE
 

Your Case Study is due by the end of Week 8. There will be a penalty for late submissions (See Syllabus for Details).
 

The key to this assignment is to demonstrate your understanding of the  topics, not to re-word the text or reference material. Please see  Appendix A for the grading rubric on all written assignments.
 

Please complete the scenario below following these guidelines for your deliverable.
 

This portion of the Case Study assignment must be a minimum of 2 pages  double spaced; plus the existing information from Case Study 1 & 2,  plus a title page and a reference page for a minimum total of 8 pages.
 

Make sure you are using at least two (2) ADDITIONAL academic references for this phase.
 

This submission should be created following APA 6th edition guidelines.
 

The paper is to follow the APA style guide, Sixth Edition (available via bookstores).
 

Also refer to APA’s online resources: http://apastyle.apa.org/learn/tutorials/basics-tutorial.aspx
 

Submit your assignment as a MSWord attachment.
 

You will be required to run your paper through Turnitin.com, ensure  that your similarity index is sufficiently low, and submit an  originality report with your paper. 
 

A) DISCUSS POSSIBLE RISK MITIGATION STRATEGIES BASED ON YOUR FINDINGS AND DISCUSSIONS IN CASE STUDY 1 & 2
 

B) ENSURE YOUR REFERENCES PAGE CONTAINS AT LEAST 6 SOURCES.
 

Running Size of your deliverable should include the 2 Pages of content  for this phase, a title page, the references page, plus the 4 pages from  Case Study Phase 1 &2 for a total of 8 pages (including title and  references). 

I have attached both Case Study part 1 & 2.

Running Head: RISK MANAGEMENT 1

RISK MANAGEMENT 2

Risk Management

American Military University

Andrew Southworth

ISSC363

Business risk refers to the possibility of a business receiving fewer returns on investment than expected or having a loss instead of profit. It could be terms of profit that the investment is expected to give. This exposes risk to the business bottom line and the financial plans of an organization. Numerous factors influence these risks to an organization, and hence an organization should put in place strategies to avoid or reduce chances of the risks and even lower the effects of the risks in case they occur. The risk manager should help in identifying and assessing potentials risks in the organization and putting effort to protect the organization from them (Tsoury et al., 2014).

Tuskys supermarket is a business organization that is spread and well known. It offers goods including clothes, shoes, food among other services. This organization is exposed to many risks which include: strategic risk which occurs when the business lays down business plan and strategies and the business fails to function as per the model. This will eventually lead the organization to be less effective over time and fails to reach its goals and objectives (Tsoury et al., 2014).

Compliance risk is another type of risk which arises in the organization because the company is highly regulated by laws of the sector. These laws must be adhered to in production and in all functioning of the organization. It will, therefore, restrict its functioning, and hence the expected returns may be lowered due to this. An example is a restriction on the cost of a product by the government which could be against its plans (Tsoury et al., 2014).

Another is technology risk which could occur in the face of new technologies that evolve each day. Online buying and selling can easily overtake the supermarket. This is because many people will prefer to buy online and save time and travel charges. Another form of technology risk is in the form of payment where customers would like to pay in their preferable means. A form of security in the organization is also key in order to monitor and record the operations in the supermarket all day long. The organization should have strategies to upgrade to every growing technology (Hopkin, 2017).

Employee risk is also there where the company may need more trained employees. This could occur if new services are introduced in the market, and the organization needs to employ staff that has the skills. The risk also involves finding enough people to work in each of the branches. Transparency and trust of the employees is also a risk it is exposed to since the money is I the hands of the employees (Hopkin, 2017).

Market risk is exposed to the organization since the organization depends on the market in order to function. The risk here is about the satisfaction of the customer needs and how the organization is placed in order to offer their services and goods. If the customers are not satisfied, they will move to other providers. Economic risk is also another risk which involves the economy rising or falling. When the cost of living becomes high, the customers tend to reduce and hence the sales volume may be lowered (Hopkin, 2017).

This business organization has a great ability to function since it offers a wide variety of products and is reliable due to its operating hours. They offer goods and services essential in the society and hence cannot be avoided by customers (Hopkin, 2017).

Reference

Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Tsoury, A., Pnina, S., & Reinhartz-Berger, I. (2014, September). Detecting, Assessing and Mitigating Data Inaccuracy-Related Risks in Business Processes. In International Conference on Business Process Management (pp. 557-560). Springer, Cham.

RunningHead: RISK ASSESSMENT METHODOLOGY 1

RISK ASSESSMENT METHODOLOGY 2

Risk Assessment Methodology

American Military University

Andrew Southworth

ISSC363

Risk assessment methodology is comprehensive and well integrated steps Tuskys supermarket can use to assess the likelihood of a risk occurring and through this, the organization can make prior strategies to reduce its occurrence and the effect it can cause in case it occurs. The methodology should be practical and effective for the supermarket (Hopkin, 2017).

I will propose the below methodology for the organization: context setting as the first step which is the process of defining the objectives of the organization and putting into consideration all possible risks. This step helps Tuskys to understand in depth its operating and strategic context. This step involves the organization understanding its obligation, duties, points of interest and several sources of information that would help in informing the organization to identify its risks. Hence for this step to be effective, the organization has to examine, review and collect appropriate data regarding its operations. Each department can submit planning and reporting documentation, scan the environment of the organization both internal and external and revisiting the historical records of the organization (Hopkin, 2017).

Risk identification is the next step. This is the process of Tuskys supermarket finding, identifying and recording risks with the aim of recognizing vital risks that have a significant impact on the organization on occurrence. Thus, the organization is able to develop plans and preparations necessary to reduce, mitigate and prevent these risks from occurring. The organization can use scenario development to identify all possible risks (Hopkin, 2017).

Step three is risk analysis where the organization seeks to understand the nature and level of each risk, the likelihood and the impact of each risk and what could be contributing to the occurrence of the risk. After the organization has identified possible risks, it has a responsibility to analyze the frequency of occurrence and general consequence and the possible sectors the risk can affect in case it occurs. This comprehensive analysis is key in setting up effective strategies to prevent the occurrence of the risk and how to mitigate it (Haimes, 2015).

Risk evaluation is a process of comparing the results of risk analysis with the risk measures to determine whether risk and its consequences are tolerable. The organization is able to rank risks depending on their possibility of occurring, the frequency of occurrence and the magnitude of the effects. This step helps the organization find appropriate recommendations about the risks that may need mitigation or help the organization prioritize the risks. This should be done with no management measures in place (Haimes, 2015).

Finally is risk treatment which is the process of developing, picking and applying risk controls measures. This involves the development of recommendations on treatment alternatives from a perspective of an analyst, founded the risk evaluation results among other considerations. The recommendations are aimed at informing the risk manager and other decision makers in coming up with risk treatment measures. The measures could include avoiding the risk, getting rid of the source of the risk, reducing the likelihood of its occurrence, reducing the magnitude of the risk on the occurrence and reducing the exposures to the risks (Reason, 2016).

This methodology can help Tuskys supermarket handle its risks appropriately and avoid them from affecting its operation and output (Haimes, 2015).

Reference

Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Haimes, Y. Y. (2015). Risk modeling, assessment, and management. John Wiley & Sons.

Reason, J. (2016). Managing the risks of organizational accidents. Routledge.

Tsoury, A., Pnina, S., & Reinhartz-Berger, I. (2014, September). Detecting, Assessing and Mitigating Data Inaccuracy-Related Risks in Business Processes. In International Conference on Business Process Management (pp. 557-560). Springer, Cham.

CASE STUDY I

Business risk refers to the possibility of a business receiving fewer returns on investment than expected or having a loss instead of profit. It could be terms of profit that the investment is expected to give. This exposes risk to the business bottom line and the financial plans of an organization. Numerous factors influence these risks to an organization, and hence an organization should put in place strategies to avoid or reduce chances of the risks and even lower the effects of the risks in case they occur. The risk manager should help in identifying and assessing potentials risks in the organization and putting effort to protect the organization from them (Tsoury et al., 2014).

Tuskys supermarket is a business organization that is spread and well known. It offers goods including clothes, shoes, food among other services. This organization is exposed to many risks which include: strategic risk which occurs when the business lays down business plan and strategies and the business fails to function as per the model. This will eventually lead the organization to be less effective over time and fails to reach its goals and objectives (Tsoury et al., 2014).

Compliance risk is another type of risk which arises in the organization because the company is highly regulated by laws of the sector. These laws must be adhered to in production and in all functioning of the organization. It will, therefore, restrict its functioning, and hence the expected returns may be lowered due to this. An example is a restriction on the cost of a product by the government which could be against its plans (Tsoury et al., 2014).

Another is technology risk which could occur in the face of new technologies that evolve each day. Online buying and selling can easily overtake the supermarket. This is because many people will prefer to buy online and save time and travel charges. Another form of technology risk is in the form of payment where customers would like to pay in their preferable means. A form of security in the organization is also key in order to monitor and record the operations in the supermarket all day long. The organization should have strategies to upgrade to every growing technology (Hopkin, 2017).

Employee risk is also there where the company may need more trained employees. This could occur if new services are introduced in the market, and the organization needs to employ staff that has the skills. The risk also involves finding enough people to work in each of the branches. Transparency and trust of the employees is also a risk it is exposed to since the money is I the hands of the employees (Hopkin, 2017).

Market risk is exposed to the organization since the organization depends on the market in order to function. The risk here is about the satisfaction of the customer needs and how the organization is placed in order to offer their services and goods. If the customers are not satisfied, they will move to other providers. Economic risk is also another risk which involves the economy rising or falling. When the cost of living becomes high, the customers tend to reduce and hence the sales volume may be lowered (Hopkin, 2017).

This business organization has a great ability to function since it offers a wide variety of products and is reliable due to its operating hours. They offer goods and services essential in the society and hence cannot be avoided by customers (Hopkin, 2017).

 

Reference
Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Tsoury, A., Pnina, S., & Reinhartz-Berger, I. (2014, September). Detecting, Assessing and Mitigating Data Inaccuracy-Related Risks in Business Processes. In International Conference on Business Process Management (pp. 557-560). Springer, Cham.