Question:
First read Zawoyski, Hooper and Chagares (2015), which was released onto ilearn on 1st
October 2017. You will need to have read more widely on the issues it raises. Based upon
Zawoyski, Hooper and Chagares (2015) and your wider research you should answer the
following questions.
• Outline a possible risk scenario facing an organisation with which you are
familiar
(10%)
• Discuss the benefits that could be generated by applying a method of risk
scenario analysis such as those shown in the article above. Critically evaluate
the methodologies for risk scenario analysis discussed in the article with
respect to your chosen organisation.
(20%)
• Identify different stakeholders with an interest in the risk scenario you outlined
above. Discuss their different interests and likely responses to the risk
scenario and consider how far these interests and responses conflict or
coincide with each other.
(15%)
• Zawoyski, Hooper and Chagares (2015) suggest that risk assessment
should be the basis of risk scenario analysis. Critically discuss two
models or techniques, which can be used to assess risks. Briefly discuss
how the outputs of each might contribute to a risk scenario analysis.
(30%)
• Zawoyski, Hooper and Chagares (2015) also refer to management
capabilities and the need to integrate risk scenario lessons into
operational plans. Outline and critically discuss the human resource and
organisational culture implications and constraints confronting the
effective management of risks within a large organisation.
(25%)
Solution/Answer
Executive summary
This paper focuses on the risk scenario analysis process. This has been
identified as a tool that includes
a plausible involvement of management in
assisting in setting progressive efforts that scope beyond traditional annual
enterprise risk management practices. In this regard, a risk scenario
involving Emirates NBD organization has been
identified and used as a case study of determining
the effectiveness of risk scenario analysis in its context. Notably, the best practice in data collection
and analysis, mapping and modeling,
workshop business planning and surveying of the scenario has been identified exhaustively. The scenario is hedged on the increased integration
of technology in the organization operations as they venture in new markets and
randomizing their current operations and
strategies. In regard to The benefits
accrued from adopting a method of risk
scenario analysis has been identified as overcoming organization resistance, stakeholder’s
involvement and engagement, improved decision making taking care of all
potential overlapping and ineffective responses by entities, business partners, and clients. The stakeholders have been demonstrated as the parties that are
affected by a risk scenario, involved in its management and benefit from a successful control of a risk
scenario. To understand their roles and effectiveness of the risk scenario
analysis, Hazard and operability study (HAZOP) and structured “what-if” technique
(SWIFT) have been identified as the best risk assessment techniques to inform
on risk scenario analysis. Lastly, the
implications and constraints emanating from HR and entity culture to a
successful risk management in a large organization have been identified and
evaluated in-depth. These have been defined
as human elements as part of the system design and assessment, adoption of
relevant principles and standards and inaccurate management approaches
impacting on a corporate business system, processes and risk management
frameworks.
Table of Contents
2.0 Risk Scenario in an Organization. 4
3.0 Methodologies for Risk Scenario Analysis. 5
4.0 Stakeholders Interests on Identified Risk Scenarios. 6
5.0 Risk Assessment and Risk Scenario Analysis. 7
5.2 Business Impact Analysis (BIA). 8
6.0 Human Resource and Organizational Culture Implications and Constraints. 9
1.0 Introduction
Currently, organizations are opting out on rules-based risk management due to its incapacity of holistically mitigating the likelihood or the impact of risk occurrence. According to Abkowitz and Camp (2010), risks can be managed through rules-based model or alternative approaches model. Hence, it is ideal to evaluate the individual and organizational challenges attributing to the generation of an open, mindful conversations regarding risk management linked to strategic choices. This ought to be inclusive of the decisions of anchoring the risk management issues through a strategy formulation and implementation. One of such approach is a risk scenario analysis. As noted by Zawoyski et al. (2015), this is a structured process that elicits an improved contemplation of an approach involving integration of multiple elements to develop vulnerabilities and opportunities. This process is adopted to expand perceptions before formulating particular business plans through a strategic focus on factors that are often dismissed or shortchanged in other risk management practices. This focuses on risk scenario analysis concept. In particular, a risk scenario will be enumerated with the ideal methodology provided. Additionally, different interests and portable responses will be evaluated with the models used to assess risks enumerated. Lastly, management capabilities and the need for integrating risk scenario lessons to operational plans will be assessed.
2.0 Risk Scenario in an Organization
The organization of interest in this paper is Emirates NBD. Started in 2007 through a merger between the Emirates Bank International and national ……………………………………………………………………………………………………………………………………………Please contact our team to receive guidance, support and tutorial services on this assessment in full
Email adress: rankedtutorials@gmail.com