[SOLVED] Respond to peers
I dont understand this Management question and need help to study.
Please respond to each student and the required word count for each student is 200 or more. Please use scholarly sources , cite sources and required sources 3.
Original question -Through the use of the Top 10 list, tell us how you would assess risk in your organization. Which methods would you use from page 176 to gather information and why?
In Chapter 12, pick two risk tools that you found useful to apply within your organization. Describe them and how they contextually serve current needs of your organization.
Student 1 Fatina,
A top 10 list profile provides a ranked listing of the most significant risks facing an organization and likely to impact the organizations ability to meet its stated objective (Fraser & Simkins, 2010, p. 175). In my organization which is the Army because we are so geographically dispersed we use formal surveys a lot to gather information on risk. Just as the book stated this can cover a large number of participants and is well documented. However the disadvantages are major these include the quality of responses and the fact that a conversation does not happen, there is no open dialogue (Fraser & Simkins, 2010). If I could do it my way I would have to go with a risk workshop although there may be many workshops because of the numerous locations. I just believe the advantages have a higher upside then that of a formal survey. In chapter 12 the two risk tools I found most useful in my organization is identify and quantify risk as well as develop mitigation for key risk (Fraser & Simkins, 2010). I think the identify piece is key in any organization I think there has to be a level of knowledge and proficiency to be able to identify risk. To expound on that I also believe identifying a risk isnt enough there has to be controls in place to mitigate that risk to the point where it is extremely low or low enough that higher ups will assume the risk (Jacoby, 1981).
Student 2 Connie
Directors/managers and decision-makers must be ready to contemplate risk in a beneficial means if they are to manage it. Therefore, a measurable classification of risk must focus consideration on three essential components: avoiding events that are considered the source of consequences; the possibility of these events occurring; and the value of the consequences (Wall, 2009). By aligning with the strategy and goals of an organization, the risk profile should prevent the acceptance of risks that do not add to the organizational mission. To create a risk profile, one must define risk tolerance, quantification, and arrangement of risk events and identify risk event causes, risk event consequences and key risk indicators (Lewis & Cummings, 2017).
Using the Top 10 list to create a profile, risks would be assessed in our organization by scheduling interviews and gathering background information, creating a summary and prioritizing the risk that was assessed. Our program serves thirteen counties in rural West Tennessee; therefore, it would be imperative to visit all the sights and meet with the department heads to determine what risk they have experienced or foresee. Therefore, the best method for us to utilize would be the formal survey because we could gather documented feedback that is compiled from a variety of participants. However, I would still like to utilize a structured interview in maybe a follow-up meeting once the profile is created to discuss with department heads one on one and face to face (Fraser & Simkins, 2010).
Management systems are designed to self-assess their strengths and drive continual improvement of the organizations values and expectations. The running of essentials such as training, risk assessments and inspections create measurable data. This data must be evaluated to limit its worth in assessing the current state against possibilities and the organizations ability to forecast (Susca, 2019). Therefore, the tools that would be used within our agency would be conducting ongoing training for all staff in ensuring that they are knowledgeable enough for continual improvement of our processes. Secondly, we would provide monitoring on all IPs to ensure assessment accurateness and consistency throughout the organization to guarantee the implementation of internal controls (Fraser & Simkins, 2010). Due to our organization is fully funded through grants, we must not falter within our processes. We cannot afford to have a deficiency; therefore, all risks must be avoided at all cost or we would be in jeopardy of losing our funding and closing our doors.
