26 Apr CASE STUDY: DRAFT ASSIGNMENT INSTRUCTIONS OVERVIEW Strictly use the attached PDF document for this assignment to solidify your recitation of the facts surrounding our chosen risk event (S
CASE STUDY: DRAFT ASSIGNMENT INSTRUCTIONS
OVERVIEW
Strictly use the attached PDF document for this assignment to solidify your recitation of
the facts surrounding our chosen risk event (See attached). The better your understanding and articulation of the
facts, the better your analysis will be in your final submission.
INSTRUCTIONS
The student will submit a draft of at least 6 pages of the Case Study. The draft must include the
following sections: Introduction and Thesis Statement, Risk Event, Risk Mitigation, and Analysis.
Review the Case Study Instructions and Case Study Guide. There are no page requirements for
each individual section of the Draft, but the total page count must be at least 6 pages. This
assignment should demonstrate the beginning stages of your drafting and must represent a good
faith effort. Students should aim to have nearly completed their Introduction and Thesis Statement,
and Risk Event sections. Students must submit portions of their Risk Mitigation and Analysis
sections, but the expectation is that these sections are in their earliest stages. All citations must be incorporated and follow current Bluebook format.
The student will write 6 pages.
The assignment must be in current Bluebook format.
All citations must be in Bluebook format.
The assignment must be written in 12-point, Times New Roman font with 1-inch margins.
You must submit the paper as a Microsoft Word file.
Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.
Do not use AI, please provide an TURNITIN AI REPORT.
RISK MANAGEMENT RESPONSE 1
Risk Management Response
Froydan Deleon Torres
JURI 635
Prof. Hopkins
4/14/2024
RISK MANAGEMENT RESPONSE 2
Abstract
It is common to portray risk management failures as caused by chance, carelessness, or
poor decision-making. However, a more thorough investigation reveals that numerous risks come
from systemic issues that may have been remedied by implementing an enterprise risk
management (ERM) program that is both proactive and continuous. Individuals should stay away
from these nine typical mistakes in risk management. People employ various methods and
approaches to lessen the impact of potential dangers. The goal of risk avoidance is to keep
oneself from being exposed to potentially dangerous circumstances or activities. The main
emphasis of risk reduction is implementing control measures to minimize the likelihood or
impact of recognized hazards. Insurance is one example of a risk transfer mechanism that shifts
the financial risk to an outside entity. An organization's interests can only be adequately
protected by implementing suitable risk management strategies. The study will employ thematic
analysis to identify the successes and failures in risk management response.
RISK MANAGEMENT RESPONSE 3
Outline
I. Risk Identification
A. Identifying the hazards that the firm could encounter is the initial stage in
properly managing risk.
B. It entails looking at all the potential internal and external issues that could affect
the company's operations (Deubelli & Mechler, 2021).
C. To help identify these risks, doing regular risk assessments, having brainstorming
meetings, and using data analytics is helpful.
II. Risk Assessment
A. After identifying possible risks, the following stage for risk analysts is to evaluate
the likelihood and severity of such risks.
B. In doing so, managers can rank potential dangers according to their likelihood and
severity (Karunathilake et al., 2020).
C. To help risk managers allocate resources wisely, risk managers can use a risk
matrix or a similar tool to rank the severity of potential threats.
III. Risk Assessment
A. Risk mitigation aims to lessen the severity of potential negative outcomes.
B. This may involve taking precautions, making backup plans, or insuring against
potential problems (Olson & Wu, 2023).
C. Management of risks is an ongoing activity that necessitates regular evaluation.
RISK MANAGEMENT RESPONSE 4
References
B. G. Tavares et al., A risk management tool for agile software development, 61 J. Comp. Info.
Sys. 561-570 (2021), https://www.tandfonline.com/doi/abs/
10.1080/08874417.2020.1839813.
D. L. Olson & D. Wu, Enterprise risk management in supply chains, in Enterprise Risk
Management Models: Focus on Sustainability 1-14 (Springer Berlin Heidelberg, 2023),
https://link.springer.com/chapter/10.1007/978-3-662-68038-4_1.
F. A. AlNoaimi & T. A. Mazzuchi, Risk management application in an oil and gas company for
projects, 1-30, International J. Bus. Ethics & Governance (2021), https://
onlinelibrary.wiley.com/doi/abs/10.1111/jfr3.12664.
F. Ullah et al., Risk management in sustainable smart cities governance: A TOE framework, 167
Technological Forecasting & Soc. Change 120743 (2021), https://
www.sciencedirect.com/science/article/pii/S004016252100175X.
G. Glowka, A. Kallmünzer & A. Zehrer, Enterprise risk management in small and medium
family enterprises: the role of family involvement and CEO tenure, 17 Int'l
Entrepreneurship & Mgmt. J. 1213-1231 (2021), https://link.springer.com/article/
10.1007/s11365-020-00682-x.
H. Karunathilake et al., Decision making for risk management: a multi-criteria perspective, in
Methods in Chemical Process Safety (Vol. 4, Elsevier, 2020), 239-287, https://
www.sciencedirect.com/science/article/pii/S2468651420300040.
H. S. Munawar et al., Post-flood risk management and resilience building practices: A case study,
11 Applied Sci. 4823 (2021), https://www.mdpi.com/2076-3417/11/11/4823.
RISK MANAGEMENT RESPONSE 5
M. Pournader, A. Kach & S. Talluri, A review of the existing and emerging topics in the supply
chain risk management literature, 51 Decision Sci. 867-919 (2020), https://
onlinelibrary.wiley.com/doi/abs/10.1111/deci.12470.
O. Rodríguez-Espíndola et al., Analysis of the adoption of emergent technologies for risk
management in the era of digital manufacturing, 178 Technological Forecasting & Soc.
Change 121562 (2022), https://www.sciencedirect.com/science/article/pii/
S0040162522000944.
T. M. Deubelli & R. Mechler, Perspectives on transformational change in climate risk
management and adaptation, 16 Envtl. Res. Lett. 053002 (2021), https://
iopscience.iop.org/article/10.1088/1748-9326/abd42d/meta.
- Abstract
- Outline
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