The Risk Management Plan

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What needs to be completed is PHASE THREE

RUBRIC IS ATTACHED AS WELL

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. The Risk Management Plan has a required minimum of 10 pages, and should include legal, ethical, safety, environmental, cultural, political, and financial factors. You need to include references and a cover page. You will need to include a minimum of 5 properly cited, scholarly sources in your risk management plan.

Risk Management Plan Project Phase III

Due Week 10

Your final submission is your Risk Management plan. Your plan should be no less than 10 pages answer the following question: What specific challenges must the

HR department address to mitigate organizational risk situations? The risk management plan should address the following ciritical elements:

  1. Ethical and Legal Risks—Identify ethical and legal challenges that were taken into account when analyzing the two public cases, such as positive and/or

negative impacts on key stakeholders (e.g., employees, their families, shareholders, and the communities involved).

  1. What are some approaches your company could take to ensure legal compliance? Explain the probable impacts of those approaches.
  2. What methods could your company use to mitigate ethical and legal risks? Provide specific examples.
  3. Potential Impact—Evaluate the impacts of legal, safety, environmental, and financial risks that were encountered in the two public cases.
  4. What was the impact of the legal, safety, environmental and financial risks to the organizations in the public cases? Provide specific examples to

illustrate. Use these examples to forecast potential impacts for your company in the risk management plan.

  1. Considering that the executive team is having you take a proactive approach by creating a risk management plan to organizational risk, what are

some of the costs associated with these risks?

 

  1. Public Relations—Identify the challenges associated with the cases going public.
  2. What factors were considered when society as a whole either supported or opposed the decisions made in the public cases? How important is

societal support, and what factors will you consider to produce positive societal support?

  1. What factors were considered with regard to cultural support or opposition in the public cases? How might you apply these factors to your

company?

  1. Were there political influences affecting management’s decisions in the public cases? Give examples of possible political issues and explain how

they are relevant to your company’s decisions.

 

  1. Trends—Describe current and projected trends regarding workplace health, personal safety, and security in the public cases. Based on those current and

projected trends, address the following:

  1. What are the implications for workplace health and safety of the risk situations in the public cases? Why should these factors be considered in

the risk management plan?

  1. Why would an employer be concerned with the personal safety and security of workers in these risk situations?
  2. Employment Laws
  3. Identify the applicable federal laws and acts and the possible impacts of each law on current employees at your company.
  4. Propose methods that could be used to ensure compliance with all identified regulations.

Answer preview

Chiu, Fischer, and Friedman (2019) conducted a case study to evaluate gender equality in corporate governance at the Coca-Cola Company. From their study, they were able to identify a possible legal challenge the company faces. The clamor for gender diversity within the corporate world has increased over the last decade or so, with numerous laws getting enacted to prohibit gender-based discrimination within the workplace. Many Fortune 500 companies like Coca-Cola have come under intense criticism for the lack of adequate representation of women within their human capital and the limited number of women occupying leadership positions. Even though the company has an acceptable number of women sitting on its board, the company is still lagging behind when it comes to gender diversity and inclusivity in its audit and finance committees (Chiu et al., 2019). Such a situation presents a legal risk for the company, considering it violates the established laws and regulations pertaining to gender diversity within the workplace and the avoidance of gender-based discrimination.

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The Risk Management Plan