RISK PAPER 2

RISK PAPER 2 - I/ INTRODUCTION The business is assessed to...

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I/ INTRODUCTION The business is assessed to be of high risk in terms of organization’s ability to deliver the mission objectives and vision. Initial risk assessment will be performed during the company initiation phase and all operational risks will be documented in the company’s risk/issues register. A detailed impact analysis will also be undertaken to assess the impact of the organization on the industry. In this essay, I would like to discuss about two phases of risk assessment. Those are Risk Baseline and Tenders. II/ BASELINE RISK AND REVIEW OF TENDERS 1/ Baseline Risk Assessment The first risk performed on the program is known as the baseline risk assessment which is an eight step process. The baseline risk assessment essentially is a “once-off” exercise and serves an extremely important role of “combing” the entire organization in order to identify and assess each and every risk exposure of the organization. The baseline risk assessment contains limited detail, as the primary objective is to identify each and every risk exposure in order to determine a risk value for it. The Baseline Risk Assessment also establishes the risk register for the organization. The Baseline risk also does a better job at identifying risk because a baseline set of risks shall be identified and entered as risk statement in the risk form. Risk statements shall be written concisely and clearly, citing only one risk condition, and one or more consequences of that condition. All other relevant information shall be captured as
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RISK PAPER 2 - I/ INTRODUCTION The business is assessed to...

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