Risk Management Plan Project Paper
In order to understand the process of how an organization responds to a risk situation, you will need to find two public cases of risk mitigation. In examining the two public cases, you will pay special attention to the legal, ethical, safety, environmental, cultural, political, and financial factors addressed by both.
Your goal will be to create a compare and contrast assessment of the two cases regarding the aforementioned considerations. The result of the two case comparisons will allow you to extract best practices while developing a risk management plan for the company you work for.
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Requirements of Submission: Written components of your project must follow these formatting guidelines when applicable: double spacing, 12-point Times New Roman font, one-inch margins, and APA format for all elements. 2- to 3-page analysis of the Executive Summary by Ernst and Young Business Pulse 2013. (in attachment)
Running a business is no easy feat, and some huge companies have experienced the intricacies involved in the commercial landscape firsthand. The troublesome nature of the business landscape explains why risk management has become integral in running any organization. The term risk management contemplates the various steps taken to identify, evaluate, and control the factors that threaten an organization’s sustainability or earning capacity. Risk mitigation takes matters further by creating the necessary framework to make an entity more resilient or reduce the impact of adverse occurrences on an organization. While risk mitigation is an instinct that arises whenever people face unfavorable prospects, the process is a lot more complicated than many would admit. Multiple factors guide an organization’s decision-making when crafting risk mitigation strategies. They include legal, ethical, safety, environmental, cultural, political, and financial considerations. This paper discusses common risks in risk management processes and the opportunities realized through risk mitigation.