Question:
AC 1.1: Discuss the meaning of risk to an organisation
AC 1.2 : Define the responsibilities for risk management at operational management level
AC 1.3: Explain a risk management model
AC 2.1: Develop and justify risk management criteria against which risk can be assessed
AC 2.2: Identify and evaluate techniques to specify risk and risk interdependencies
AC 2.3: Analyse a risk management model to quantify risk
AC 3.1: Evaluate the level of risk against pre-established criteria
AC 3.2: Select and evaluate activities to eliminate, mitigate, deflect or accept risk
AC 3.3: Determine a process for implementing and managing a disaster recovery plan
Solution/Answer:
A.C. 1.1
Risk:
Risk is a term that has multiple definitions; an apt way to describe it is“the uncertainty that surrounds futureevents and outcomes.”
Types of risks that can occur in an organization:
Reputational Risk: reputation is everything to an organization and if it is lost it could lead to: losing revenue, losing customers, employees become demoralized and may leave. It will affect the suppliers and sponsors and future partners. Reputational risk can be a major lawsuit, negative publicity, criticism of services and products recall.
Compliance risk: these are the threats related to legal or policy noncompliance or ethical misconduct. Some of these risks are specific to an organization or industry such as manufacturers’ work safety regulations………………………………………………………………………………………………………………………….Please contact our team to receive guidance, support and tutorial services on this assessment in full and based on your expectation level
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