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ISQA 8820 Project Risk Management

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ISQA 8820 Project Risk Management

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ISQA 8820 Project Risk Management

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Course Code: ISQA8820
University: University Of Nebraska Omaha

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Country: United States

Question:
Topic: Methods of management of the enterprise risks
Now that you have conceptualized your papers, developed a clear argument outline for your paper, conducted research on your topic and provided your annotated bibliographies, now it is time to create your final papers.
Overall Comments:
You must do the “thinking through” of the paper before you simply start writing your final paper:It was clear that many of you still struggle with the difference between presenting information and creating an argument that uses literature to substantiate the argument that you are making. 
Answer:

Methods Of Enterprise Risk Management
In a business setting, not everything occurs as planned. Some risks may arise during the operations. Risk management is an integral part of enterprise planning. The first move is identifying the risks that the organisations stand to face after which risk control methods are designed. The method chosen should be in line with the business structure, and this gives rise to different approaches to risk management.
Risk monitoring. This includes containing the risk to an acceptable level in the enterprise. Garvey P.R in the Analytical Methods for Risk Management states that “one can Periodically revisit the basic assumptions and premises of the risk”. This may involve a thorough scan of the environment to see if there are changes that can affect the operations of the business. Fred Schenkelberg states that ” If it is not possible to reduce the occurrence or severity, then implementing controls is an option”. He further says that when the roots of future risks are fast detected the risk can be dealt with in advance. Plans should be put in place to deal with the reduction of common dangers.
Risk transfer. The risk is transferred to another party. Michael Herrera states that gives an excellent example that numerous companies outsource certain operations such as customer service and payroll services.  This proves to be beneficial to the company as managing the risks is not its core competence. The task of risk mitigation is given to another specialised party. Garvey, P.R. in the Analytical Methods for Risk Management states that in as much as it provides the organisation to entirely focus on the needs of the customers, transferring risk to another party may bring about dependency as well as reduced control of the operations.
Risk acceptance and retention. In some cases, the value of the resources required to mitigate the risks is higher than the amount of the risk. Fred Schenkelberg states that when the risks in the organisation are at an acceptably low level than accept it. However, he warns that enough research and monitoring should be done to gauge the tolerance level of the business to the risk so that to avoid great damages once it occurs. Garvey in the Analytical Methods for Risk Management states that one should provide the stakeholders with the facts of the risks as this will help them to understand its nature.
Risk avoidance. It involves not doing an activity to avoid the risk that is included. The Owner’s Role in Project Risk Management chapter five states that the risks can be mitigated by changing the parameters of the project. The project is reconfigured in a way that it becomes of less value to the organisation. However this move is reported to have its share of demerits as some unknown risks may arise in that process (Söderblom , Samuelsson & Mårtensson. (2015). pp8). In  David Gefenn’s business familiarity as risk mitigation in software development outsourcing contracts, the article says that to avoid operational risks hypothesis tests are done to determine the party that is only best in providing the service failure to which the operation is kept at bay.
In general, the risks should be minimised to prevent loss of property as well as maintaining good health of the staff of the organisation.
References
 Söderblom, A., Samuelsson, M., & Mårtensson, P. (2015). A longitudinal investigation of business angel relationship risk mitigation strategies within investments: a three-dimensional approach. Frontiers of Entrepreneurship Research, 35(1), 8.
Garvey, P.R. (2008). Analytical Methods for Risk Management: A Systems Engineering Perspective, Chapman-Hall/CRC-Press, Taylor & Francis Group (UK), Boca Raton, London, New York, ISBN: 1584886374.
Gefen, D., Wyss, S., & Lichtenstein, Y. (2008). Business familiarity as risk mitigation in software development outsourcing contracts. MIS Quarterly, 531-551.
Article by Fred Schenkelberg: CRE preparation notes 

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